Reinsurance News
marine insurance
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
Japanese insurers in talks with reinsurers to resume coverage in Russian waters
29th December 2022
Japanese insurers, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance, which are all set to halt marine coverage of risks related to the war in Ukraine starting next month, are in talks with reinsurers to resume those operations. The three insurers told shipowners that they would ... Read the full article
Reinsurers pull Ukraine ship cover for American Club
28th December 2022
The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) has announced that its reinsurers have served a notice to cancel certain war risk exposures related to the conflict between Russia and Ukraine. The American Club, a US-domiciled mutual protection and indemnity club, says that it in turn ... Read the full article
Marcato Marine Insurance Services sets sail
14th December 2022
Beat Capital Partners and industry figure Kevin Wolfe are teaming up to launch specialty marine underwriting agency Marcato Marine Insurance Services. The pair said in a joint statement that Wolfe would be the president and CEO of the company, with the rest of the executive team being comprised by Marq Wolfe, ... Read the full article
Reinsurance market expected to cause Hull insurers difficulties at renewals: Gallagher
29th November 2022
According to the Divisional Director of Marine at Gallagher, Mike Ingham, the reinsurance market is expected to present Hull insurers with a new set of difficulties at the forthcoming January renewals. Ingham notes that the market is already suffering from large potential losses on Aviation War and War on Land policies. He ... Read the full article
AGCS report highlights key trends driving marine insurance claims activity
23rd November 2022
A number of factors are leading to ever larger claims for the global shipping industry despite total losses having more than halved over the past decade and seeing a persistent long-term positive safety trend, according to an Allianz report. The Allianz Global Corporate & Specialty (AGCS) industry loss analysis, revealed that ... Read the full article
Ascot expands US marine team with new hires
9th November 2022
Specialty insurer and reinsurer Ascot has appointed Jon Mosby to be its new senior vice president and head of inland marine. The firm said in a statement that Mosby will report to Tom Nasso, executive vice president and head of US marine, and will be be responsible for managing Ascot’s US ... Read the full article
Marine markets facing large total loss claims from ships trapped in Ukraine
7th November 2022
With a number of ships trapped in Ukraine due to the country’s conflict with Russia, the marine market is expected to face a large number of “total loss” claims early in 2023, according to a recent report. Ukrainian ports have been closed for vessel entry and exit since February 25, 2022, ... Read the full article
QBE Intl. makes two senior appointments within US marine team
18th October 2022
QBE International Markets has made two appointments within its US marine insurance team. The company has announced that Sean Dollahon has been appointed as Vice President, US Marine Manager, and Katie McCord has been appointed as Vice President, Senior Marine Underwriter. Dollahon brings nearly twenty years of industry experience towards his new ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
