Reinsurance News

Marine reinsurance

AXIS Capital hires Christopher Gray as Global Head of Marine Reinsurance

7th March 2023

AXIS Capital, a global specialty underwriter and provider of re/insurance solutions, has appointed Christopher Gray as Global Head of Marine Reinsurance. Based in London, Gray is a very well respected leader within the marine protection and indemnity (P&I) market. He joins AXIS from Canopius Group, where he most recently served as the ... 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

International Group details reinsurance structure for 2023

16th January 2023

The International Group of P&I Clubs has completed its pooling and GXL reinsurance contract structure for 2023/24, securing coverage with only a “small increase in rates” for shipowners, despite challenging market conditions. To date, the IG has seen a benign pool claims environment for its 2022/23 program, but it notes that ... 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

Atrium Underwriters exits Marine Reinsurance

23rd December 2022

Atrium Underwriters Limited, the MGA for Lloyd’s Syndicate 609, has announced that it has come to the decision, together with the Marine Reinsurance Underwriter, that it will exit the Marine XL Reinsurance book of business. The exit will come into effect as of January 1, 2023. In a press release, it stated ... Read the full article

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