Reinsurance News
marine insurance
AIG appoints Emma Woolley as Global Head of Marine
7th October 2022
American International Group (AIG) has appointed Emma Woolley as Global Head of Marine. Woolley brings over two decades of experience in the London marketplace, following a number of senior roles across the capital. She joins AIG from Lancashire Syndicates Limited where she served as Chief Executive Officer (CEO) for just under four ... Read the full article
West of England P&I Club reports improved operating results
6th October 2022
For the first time in five years, the West of England P&I Club, an insurance provider to the global maritime and offshore industries, has reported that it has returned an underwriting surplus in its 20 August financial results, with a combined ratio of 97.9% at the mid-year point. West of England ... Read the full article
Markel & Budget Guard partner on equipment maintenance policy
5th October 2022
Budget Guard Holdings, an independently owned insurance agency, has been appointed as the Program Administrator for Markel's stand-alone equipment maintenance insurance policy to its inland marine suite of products. The new equipment maintenance insurance policy offering aims to provide a way for organizations to consolidate multiple equipment service contracts into a ... Read the full article
Marine insurers push for net zero by 2050 with Poseidon Principles
27th September 2022
Marine insurance providers, along with leading banks that finance the shipping industry that have signed on to follow the Poseidon Principles frameworks, have agreed to increase the standards by which they measure climate alignment in the maritime industry. According to a statement from the Global Maritime Forum, the Poseidon Principles have ... Read the full article
Skuld reports positive $18m result for H1 in significant year-on-year improvement
16th September 2022
Marine insurance provider, Skuld, has reported a positive bottom-line result of $18 million for the first six months of its 2022/23 financial year, compared with negative $24.9 million from the same period last year. The company noted that the outcome was mainly driven by a positive technical result, along with a ... Read the full article
Focus should be on loss prevention to tackle risk of battery fires in shipping: Allianz
5th September 2022
With lithium-ion (Li-ion) batteries having an increasing impact on shipping safety, prevention measures are crucial to tackle the risk of battery fires in vessels, according to a new risk bulletin from marine insurer Allianz Global Corporate & Specialty (AGCS). An AGCS analysis of over 240,000 marine insurance industry claims over the ... Read the full article
Allianz AGCS appoints new Head of Marine in Canada
1st September 2022
Allianz Global Corporate & Specialty (AGCS) has announced that Anthony Tramonte will join as Head of Marine for AGCS Canada, effective September 8, 2022. He will be based in Toronto, reporting directly to Rich Soja, North American Head of Marine and Global Head of Inland Marine. In this role, Tramonte will develop ... Read the full article
Demanding and persisting underwriting for marine insurance industry: WTW
27th June 2022
Underwriting discipline persists for marine cargo insurance while underwriting for hull and liability remains demanding, according to the latest market update by WTW. A hard market continues for cargo insurance; however, renewed competition and enhanced growth targets in the marketplace have moderated upward rate movement in 2022. While rate increases are to ... Read the full article
Aon appoints Charles Knight as Global Yacht Manager
16th May 2022
Leading global professional services firm, Aon has named Charles Knight as Global Yacht Manager, Specialist in Yacht, and Pleasure Craft. Knight joined the company on May 3, 2022, and reports to Global Yacht Leader – Emma Carpenter. Within this new role, Knight will drive the development of Aon’s small yacht offering for ... Read the full article
Fidelis joins Poseidon Principles for Marine Insurance
3rd March 2022
Specialty insurer and reinsurer Fidelis has become the latest company to join the Poseidon Principles for Marine Insurance, which sets a framework for responsible insurance practices in the maritime sector. As part of the shipping ecosystem, Fidelis believes that marine insurers have a part to play in promoting responsible environmental stewardship, ... Read the full article
Fire on board Felicity Ace a $155m exposure loss for car brands, says Russell
21st February 2022
The fire that emerged on the Felicity Ace cargo ship is believed to have driven expected losses of at least $155 million for car brands Volkswagen, Porsche, Audi, and Lamborghini, according to analysis by risk solutions firm, Russell Group. The Felicity Ace departed Emden, Germany (where Volkswagen has a large factory) ... Read the full article
Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek
18th February 2022
The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article
AXA XL appoints marine risk control expert Jarek Klimczak
27th August 2021
AXA XL's Marine insurance business has enhanced its Marine risk control expertise in the US with the addition of Senior Risk Consultant Jarek Klimczak. Klimczak previously supported the growth of AXA XL's Cargo and Bluewater Hull books in Asia and Australia. He has more than 32 years of maritime, logistics, Insurance, and ... Read the full article
Brit creates new marine consortium
7th June 2021
Insurer and reinsurer Brit Ltd has created a new marine consortium named Keel, which has been launched to revolutionise the writing of Marine War and breach call risks. Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened, which is an area of ... Read the full article
Marine market sees modest recovery but future uncertain: IUMI
18th September 2020
The International Union of Marine Insurance (IUMI) has noted a modest recovery in the marine re/insurance market during the 2019 underwriting year, but warns that the future of the market remains uncertain due to the COVID-19 pandemic. IUMI estimates that marine underwriting premiums totalled $28.7 billion in 2019, representing a 0.9% ... Read the full article
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