Reinsurance News

Marine reinsurance

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

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