Reinsurance News
marine insurance
Red Sea attacks heighten risks for marine insurers, war risk premiums surge: Moody’s
6th February 2024
In recent developments, ongoing attacks on Red Sea shipping lanes have prompted a surge in war risk premiums, posing challenges for marine insurers worldwide, according to a Moody's report. The disruptions to shipping routes have raised concerns about potential losses, prompting shipping companies to reassess their coverage in the face of ... Read the full article
Falvey Insurance Group appoints Tom Nasso as Chief Underwriting Officer
28th November 2023
Maritime risks insurer, Falvey Insurance Group has appointed Tom Nasso to its executive team as its new Chief Underwriting Officer. Nasso had accepted the position in May but was on gardening leave until his start date with Falvey this week. Mike Falvey, President & Chief Executive Officer of Falvey Insurance Group, commented ... Read the full article
IUMI Stats Report shows positive growth for marine insurers
20th November 2023
The International Union of Marine Insurance (IUMI) has unveiled its annual analysis of the global marine insurance market in the 2023 IUMI Stats Report. The report offers insights into the state of the marine insurance sector within the broader context of the global economy, trade, and shipping. Global marine insurance premiums in ... Read the full article
QBE expands marine offer in Europe seizing growth opportunity
13th November 2023
Australian insurer QBE has expanded its marine offer in Europe, with products now available in Germany as well as France and the Nordics. While growth in the marine insurance market in Asia appears to be slowing, it has seen a strong performance in Europe, according to the latest statistics from the ... Read the full article
RELA unveils claims adjustment proposition for marine market
7th November 2023
Renewable Energy Loss Adjusters (RELA), has launched a new claims adjustment proposition dedicated to the marine market. According to RELA, the new proposition will provide independent average adjusting services by a qualified average adjuster, which will be supported by a global network of surveyors and adjusters. At the same time, RELA Marine ... Read the full article
Aston Lark acquires insurance broker Curtis Marine
30th August 2023
Aston Lark, a Howden company, has announced the acquisition of Curtis Marine, a Plymouth-based marine insurance broker. Trading under the Haven Knox-Johnston name, Curtis Marine will become part of Howden’s rapidly expanding marine practice. The business will join Euromarine, A-Plan Marine and Howden Fastnet to collectively form part of Haven Knox-Johnston, which ... Read the full article
Concirrus partners with Insurity to develop data models for marine insurers
28th July 2023
Insurtech Concirrus has partnered with Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs to develop and deliver predictive data models for enhanced cargo risk management and pricing insights. London-based Concirrus helps commercial insurers to accelerate digital strategies using artificial intelligence (AI). Its global base of customers includes underwriters, ... Read the full article
Marine loss from Russia-Ukraine conflict insignificant compared with aviation loss: Miller
18th July 2023
At around $400m, marine loss from the Russia-Ukraine war seems insignificant compared with the aviation loss, where more than 400 aircraft worth almost $10bn, have been stuck in Russia after lessees did not return the jets, according to Miller’s marine insurance market report. The marine insurance market expects to be impacted ... Read the full article
Nexus Underwriting drives Middle East footprint with Spectrum acquisition
11th April 2023
Nexus Underwriting, an independent specialty MGA, has announced that it has completed its acquisition of a majority stake in Spectrum Risk Management, a specialist MGA headquartered in Dubai that primarily focuses on Marine and Property insurance and reinsurance. This marks Nexus’ 16th acquisition since the company formed in 2008, and the ... Read the full article
Skuld continues growth in “highly successful” 2023/24 renewal
23rd February 2023
Marine insurance provider Skuld has reported a highly successful renewal of its protection and indemnity (P&I) policies for 2023/24, with mutual P&I gross tonnage increasing by 7.8% to a record 103.3 million. The firm states that all mutual P&I renewal targets set by the board were met, alongside substantial growth in ... Read the full article
Marine hull “off Lloyd’s naughty step” as capacity enters market: Miller
6th February 2023
The marine hull line is finally “off the Lloyd’s naughty step” as profitability has returned to the sector following a period of remediation, and is now starting to see capacity growth, according to a recent report by broking group Miller Insurance Services. Hull capacity growth is now evident in some of ... Read the full article
New marine hull model launched by AI insurtech
20th January 2023
AI insurtech Concirrus, has announced the launch of its new Marine Hull Market Model, which it describes as its most sophisticated marine insurance risk model yet. According to the announcement, the Market Model uses the insights derived from Concirrus’ growing cohort of clients to deliver a view that could not be ... Read the full article
Anna Erlandsen named VP, Underwriter of Skuld Hull
4th January 2023
Marine insurance provider, Skuld, has appointed Anna F. Erlandsen as vice president, underwriter, Skuld Hull. Erlandsen’s appointment will come into effect on April 3, 2023. Overall, Erlandsen brings nearly two decades of global marine insurance experience towards the role. Most recently, she served as head of the Oslo office for Norwegian Hull Club. ... Read the full article
Japanese insurers resume Russian coverage after restoring reinsurance
30th December 2022
Some of Japan's largest non-life insurers look set to continue providing marine war insurance coverage in a major policy U-turn, following negotiations with reinsurers, and after pressure from the Japanese Government not to drop the business. Insurers including Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance ... Read the full article
Quarter of Russian crude oil shipments in December used western insurance
29th December 2022
According to a Financial Times analysis of shipping and insurance records, around a quarter of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western companies. Based on an analysis of data from Kpler, the Financial Times report states that 18 Russian crude oil cargoes have ... Read the full article
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