Reinsurance News
marine insurance
IGI hires Neon’s James as Class Underwriter for Cargo
18th August 2020
International General Insurance Holdings Ltd. has announced the appointment of Brian James as Class Underwriter for Cargo. James will be bringing more than 30 years of experience in the cargo insurance industry, and joins from his most recent position with re/insurer Neon Underwriting, where his role was also a Class Underwriter. Prior ... Read the full article
North P&I partners with insurtech Concirrus
24th January 2020
North P&I Club, the UK-based marine mutual liability re/insurer, has partnered with insurtech Concirrus as it looks to bolster its loss prevention and risk assessment capabilities. Concirrus platform Quest Marine P&I brings together billions of rows of dynamic marine and customer data into a single web application. Furthermore, the predictive risk modelling ... Read the full article
Capacity retraction & rate increases define marine renewals: Marsh JLT Specialty
7th January 2020
The key themes for the marine re/insurance market at the January 2020 renewals were a retraction of capacity, rate increases, job losses, and a keen approach to risk selection, according to Marsh JLT Specialty. Analysts noted that a major feature of the market last year was the speed at which a ... Read the full article
Yacht insurer Safewaters in underwriting agreement with Nationwide
19th December 2019
SafeWaters Underwriting Managers, a specialist in yacht insurance solutions, has announced a new delegated authority underwriting agreement with insurance and financial services firm Nationwide. Safewaters is a subsidiary of RSG Underwriting Managers, which is itself a unit of international specialty insurer Ryan Specialty Group. The company provides physical damage coverage and P&I ... Read the full article
LMA cyber clauses provide clarity for property and marine
15th November 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has published a number of new clauses for the property and marine markets that aim to provide clarity for cyber coverage under first-party property damage policies. The publication comes as part of a push ... Read the full article
Everest Insurance recruits Head of Inland Marine from AIG
23rd October 2019
Everest Insurance, a division of global reinsurer Everest Re Group, has announced the appointment of Michelle Sipple as Vice President and Head of Inland Marine. She joins the company from American International Group (AIG), where she most recently served as Senior Vice President and Global Head of Inland Marine. In this position, ... Read the full article
Marine market is still adjusting to ongoing Lloyd’s efforts: Marsh JLT Specialty
10th October 2019
The Marine market continues to adjust to the efforts of the Lloyd's of London market to improve profitability, and as dedicated marine syndicates continue to close, Marsh JLT Specialty has questioned what is at stake should pricing remain at current levels. In response to falling profits driven in part by underperforming ... Read the full article
PCS to improve granularity on marine & energy loss estimates
9th September 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article
Hiscox develops new coverage for ships seized by foreign governments
23rd July 2019
Hiscox, the specialist global insurer, has developed a new insurance product that provides coverage for ships seized by a foreign government. The product, called Malicious Vessel Seizure, will provide Loss of Hire costs and the services of Control Risks, a crisis management consultancy. The announcement follows the seizure of a British-flagged ... Read the full article
Iran tanker seizure could negatively impact premiums, says DWF
22nd July 2019
The recent seizure of a British-flagged oil tanker by Iran in the Persian Gulf could have a knock-on effect on global fuel prices and insurance premiums, according to analysts at global law firm DWF. The Stena Impero was captured by the Iranian Revolutionary Guard on Friday as it passed through a ... Read the full article
Tokio Marine HCC adds Paul Knighton to Marine Liability division
10th June 2019
Tokio Marine HCC (TMHCC) has announced the appointment of Paul Knighton as a Marine Liability & Logistics Underwriter in its Marine Liability division. Knighton joins TMHCC from Skuld, where he most recently served as Head of Marine Cargo & Property. He has 18 years’ experience in the London Market, and has previously ... Read the full article
Shipping losses at record low, but incident frequency remains high: Allianz (AGCS)
7th June 2019
Large shipping losses are currently at their lowest level this century, according to a report by Allianz Global Corporate & Specialty SE (AGCS), although the overall number of reported incidents shows little decline. In 2018, AGCS recorded 46 total losses of vessels around the shipping world, down from 98 in the ... Read the full article
Lloyd’s performance review to drive better marine energy results: analysts
18th April 2019
The intervention of the Lloyd’s Performance Management Directorate is expected to support better underwriting results for marine energy classes throughout 2019, according to analysts at Lloyd & Partners. The firm noted in its April 2019 quarterly energy newsletter that the performance review was not a one off event, with all syndicates ... Read the full article
Chaucer enters marine insurtech partnership with Concirrus
19th March 2019
Chaucer, the specialty international (re)insurance group, has announced a new partnership with insurtech firm Concirrus, which is focused on driving technological change in the marine insurance market. The partnership will enable Chaucer to benefit from the use of Concirrus’ Quest Marine platform, which analyses billions of historical and real-time data to ... Read the full article
TT Club appoints Andrew Peers as Senior Underwriter
14th February 2019
TT Club, a provider of insurance and risk management services for the international transport and logistics industry, has appointed Andrew Peers as Senior Underwriting for its UK, Benelux and Nordic underwriting team. Peers joins the Club from RSA, where he has spent the last 17 years, most recently leading a team ... 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.
