Reinsurance News

Marine reinsurance

Skuld achieves 5.5% growth in 2021 P&I renewals

24th February 2021

Marine insurer Skuld has announced that its mutual P&I gross tonnage (G) increased by 5.5% to 101 million following its renewals for the 2021 period. The company also increased its market share across all other lines of business, including hull and energy and all aspects of its commercial P&I operations. "We are ... Read the full article

The Standard Club forecasts underwriting deficit for 2021

23rd February 2021

Specialist marine and energy insurer The Standard Club has completed its renewal negotiations for 2021, renewing 95% of its expiring portfolio. But while the Club expects the 2020/21 policy year to perform better than the previous one, it still anticipates that it will result in an underwriting deficit. This is mainly due ... Read the full article

Optio enters specialty marine market with senior hire

12th February 2021

Specialty MGA Optio Group has appointed Angus Bailey to lead its expansion into the marine specialty market. With an initial focus on Marine War and Kidnap and Ransom risks (K&R), Bailey will be responsible for developing Optio’s new marine specialty proposition. He previously led Seacurus, a trading name of Castel Underwriting Agencies ... Read the full article

Concirrus automates digital portfolio management for marine

8th December 2020

Insurtech firm Concirrus has announced that it will automate its digital portfolio management for marine insurance business with a new algorithmically driven underwriting application. The application will focus on high-volume, transactional business, thereby freeing up time for conventional underwriters to focus on more complex risk. “Innovation is solving complex problems within Marine ... Read the full article

Victor names Richard Turner as International Head of Marine

4th December 2020

Managing general underwriter Victor Insurance has announced the appointment of Richard Turner as International Head of Marine, effective immediately. In this newly created role, Turner will be responsible for driving Victor’s international marine business with a specific focus on data and analytics driven insurance products and solutions. He currently serves as President ... 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

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

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