Reinsurance News

Marine reinsurance

Miller adds Choo Cai Ling to Asia marine team

2nd December 2022

Specialist re/insurance broker Miller has announced the appointment of Choo Cai Ling in a production and broking role, joining its Singapore based Marine team. She will begin the role on 1 December 2022 and report into Nick King, Head of Marine (Singapore). Cai Ling brings 15 years of specialised Marine underwriting and ... 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

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

WTW appoints Oliver Scarr to senior cargo role in Asia

7th November 2022

WTW has said that it is appointing Oliver Scarr to be its new head of cargo in Asia in its marine team within its corporate risk and broking business. The firm said in a statement that Scarr will be based in Singapore and report to Lewis Hart, head of marine Asia. ... Read the full article

Dale Underwriting makes appointments amid marine reinsurance entry

2nd November 2022

Dale Underwriting Partners has confirmed the appointments of Matthew Sims and William Taylor to underwrite a new marine reinsurance line of business for its Syndicate 1729 at Lloyd’s. Matthew Sims, who will take on the role of Head of Marine and Energy Reinsurance, will be responsible for driving the development of ... 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

SCOR to use Concirrus’ Marine Hull Market Model

20th July 2022

Global insurer and reinsurer SCOR has adopted the Marine Hull Market Model from insurtech Concirrus to improve loss ratios within its marine line of business. Concirrus’ Model - delivered via its data and analytics platform, Quest - leverages the insight of multiple data sources for a market-wide perspective on valuing an ... 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

Premiums up twofold for Ukraine-exposed specialty business: reports

31st May 2022

Insurance premiums are being hiked to double or more than their pre-conflict levels for some aviation and marine businesses with exposure to the war in Ukraine, industry sources have reported. Reports from the Financial Express of India suggest that aviation war cover premiums have doubled globally, despite coverage already having been ... Read the full article

Ukraine conflict industry loss could exceed $20bn: PCS

18th April 2022

The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article

Marine liability market unlikely to be impacted by Ukraine: Miller

13th April 2022

Specialist re/insurance broker Miller had previously explained that differentiation had become more achievable which remained the case through the 20th February P&I reinsurance renewals, particularly for accounts that have shown better performance and long-term profitability for the market. Since the beginning of 2021, the increases sought by leaders in the general ... 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

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

Markel Intl. makes two leadership changes

18th January 2022

Markel International, a subsidiary of the Markel Corporation, has appointed Louise Foley as head of marine and energy liability, and Holley Higgins as head of transport and logistics, both reporting to Andrew Carter, head of liability at Markel International. Foley will hold responsibility for all marine liability and energy liability writings, ... Read the full article

Howden to utilise hull & cargo solutions from Concirrus

3rd December 2021

International insurance broker Howden is planning to utilise the Quest Marine Hull and Quest Cargo solutions by insurtech Concirrus as part of a digital transformation program. Howden will be the first company in the broker market to utilise Quest Cargo to inform the development of xTrade Cargo, its new digital platform ... Read the full article