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Marine reinsurance

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

PCS: Market sees hurricane Laura offshore energy loss at up to $250m

8th September 2020

Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article

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

Newly launched Astaara gets investment from West of England P&I Club

17th June 2020

Astaara, a newly launched insurer focusing on cyber threats in the maritime industry, has received a significant investment from the West of England P&I Club. Based in Guernsey, Astaara functions as an integrated insurance services and risk management advisory business, supported by a dedicated analytics capability. Chief Executive Officer (CEO) Robert ... Read the full article

Willis Towers Watson launches new cyber cover for shipowners

1st May 2020

Re/insurance brokerage Willis Towers Watson has announced the launch of CyNav, a new type of cyber insurance cover designed specifically for shipowners. The new product aims to provide a solution that specifically addresses ship-operators’ needs, rather than trying to amend existing cyber products to fit marine exposures. Notably, CyNav includes crisis management ... Read the full article

Liberty Specialty Markets expands marine team

15th April 2020

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Rachel Watkinson to Head of Underwriting, Marine Transportation and Logistics. At the same time, Alex Becker has joined the division and will lead the Hull account as Underwriting Manager for Marine Hull, reporting to Watkinson. In her new role, Watkinson ... Read the full article

Zurich expands roll out of marine insurance platform

25th March 2020

Global insurer Zurich is accelerating the broader roll-out of a new marine insurance platform for small and medium cargo. The Zurich Swift Insurance Platform provides web-based access to insurance that users can tailor to their needs. The platform leverages automation technologies to allow marine insurance brokers and intermediaries to manage the full ... Read the full article

Marine sector faces huge exposure to economic slowdown: analysts

24th March 2020

Analysis by Russell Group has shown that the marine re/insurance sector could face huge exposure to a slowdown in the Chinese economy, induced by the coronavirus (COVID-19) outbreak. The firm found that just six global shipping companies, representing roughly 35% of industry, had a collective $114 billion exposure to this kind ... Read the full article

UK P&I Club adds Tom Starr as Senior Claims Executive

8th January 2020

The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services to the international shipping community, has appointed Tom Starr as a Senior Claims Executive. Starr joins the UK Club from Reed Smith, where he worked as a solicitor and Master Mariner. At Reed Smith, he practised in ... 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

Louise Nevill joins Marsh JLT Specialty as CEO, UK Marine & Cargo

29th October 2019

Global re/insurance broker Marsh has announced the appointment of Louise Nevill as Chief Executive Officer (CEO) of Marsh JLT Specialty’s UK Marine & Cargo business. Nevill is due to join the firm early next year, arriving from Gard (UK) Ltd, where she has led the marine underwriting team as Vice President. She ... Read the full article

North P&I enters fixed premium market

14th October 2019

UK-based marine mutual liability re/insurer North P&I Club has entered the fixed premium business for smaller vessels up to 10,000 gross tonnage. Deployed under the Sunderland Marine trading name, the products’ policies will be secured by North, with certificates, blue cards and guarantees issued by North. “Diversification is a significant feature of ... 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

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