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Marine reinsurance

Markel adds ex-Munich Re marine underwriter Fordham to Singapore team

18th April 2017

Markel International Singapore, a specialist insurance office of the global insurer and reinsurer, has hired Colin Fordham from Munich Re to be a senior marine liability underwriter based from the Singapore office. Fordham had most recently worked for the Munich Re syndicate on the Lloyd’s Asia Platform in Singapore, also underwriting ... Read the full article

Marine underwriters face growing challenges: IUMI

13th April 2017

The International Union of Marine Insurance (IUMI) said marine insurers last year faced growing challenges as energy claims rose against a reducing premium base and cargo accumulation risk and the frequency of major vessel casualties continued to increase. Donald Harrell, Chairman of IUMI’s Facts & Figures committee, commented that marine risks continue ... Read the full article

PCS launches Global Marine & Energy loss data services

5th April 2017

Property Claims Services, a Verisk Analytics business, has for the first time ventured away from the property-catastrophe sector as it kicks-off its Global Marine and Energy loss aggregation solution services. The PCS Global Marine and Energy risk model index is set to provide industry loss estimates for ocean marine and offshore energy events ... Read the full article

Beazley appoints Stephen Vivian as new head of U.S. marine

22nd March 2017

Specialist insurer Beazley has appointed long-time marine insurance expert Stephen Vivian to head up its U.S. marine business. Vivian most recently served as Managing Director of new business production and marketing for reinsurance brokerage Guy Carpenter, in New York. He boasts a distinguished career of over 30 years’ as a marine insurance ... Read the full article

International Group of P&I Clubs experience favourable reinsurance renewal: A.M. Best

7th March 2017

Members of the International Group of P&I Clubs, which dominate the marine protection and indemnity (P&I) industry, experienced a favourable reinsurance renewal for the 2017/2018 policy year, according to international rating agency, A.M. Best. Both within the International Group and an expanding fixed premium market, rates in the marine P&I sector ... Read the full article

Marine lines added to London’s PPL trading platform

6th March 2017

Marine lines of business are now available on the London Market Group's PPL electronic trading platform. The PPL platform has been steadily expanding, with specialty lines of insurance business being added lately and soon reinsurance business set to join it as well. David Ledger, Chairman of the PPL Board commented; "The ... Read the full article

Argo Group announces new agreement with Marine Underwriters of America

27th February 2017

International specialty insurer and reinsurer Argo Group International Holdings, Ltd. has announced a new partnership with Marine Underwriters of America (MUA), enabling Argo Group U.S. to underwrite a suite of physical damage and liability solutions for recreational marine businesses. The book of business will be reinsured by ArgoGlobal Syndicate 1200, and ... Read the full article

Marine P&I Clubs benefit from cheaper reinsurance

27th February 2017

Marine protection and indemnity (P&I) insurers do face pricing pressure in the competitive and softened rate environment, but at the same time are benefiting from access to cheaper reinsurance, Standard & Poor's (S&P) says. The segment has also benefited from a lower claims experience in recent years, which has helped to ... Read the full article

Premium volumes stagnant as global trade levels shrink: Munich Re

21st February 2017

Reinsurance giant Munich Re has pointed to how a two-year drop in global trade levels has hit insurance premium income, over fears this downturn could be exacerbated by an era of nationalism that pushes the globe towards economic decline. After several decades of global trade moving towards steady growth, 2015 and 2016 ... Read the full article

Andy Wakefield joins reinsurance broker Ed from Willis Re

8th February 2017

Global reinsurance broker Ed has appointed Andy Wakefield as Managing Director of its Marine and Energy Reinsurance business. Wakefield will take up the new position later in the year, reporting to Kieran Angelini-Hurll, Chief Executive Officer (CEO) of Reinsurance, Ed. Commenting on the appointment, Angelini-Hurll said; "Andy is an excellent addition to our ... Read the full article

Soft marine reinsurance market savings passed on to shipowners

27th January 2017

The current low cost of marine reinsurance, due to the softening of global reinsurance rates, is now resulting in direct savings for shipowners as protection and indemnity clubs pass on the benefits. The main shipping insurance renewals are just weeks away, when the P&I clubs tend to close the majority of ... Read the full article

International Group won’t renew €100m “fall back” reinsurance in 2017

25th January 2017

Marine re/insurer the International Group of P&I Clubs has said that it will not renew its €100 million of fall-back reinsurance protection in 2017, after changes to its reinsurance program meant the risk of shortfall has been reduced. Recently the International Group changed its reinsurance panel, dropping U.S. based reinsurers, ... Read the full article

International Group avoids U.S. reinsurance to cover Iran oil exports

17th January 2017

According to a report, the marine re/insurer International Group of P&I Clubs has avoided the use of U.S. domiciled reinsurance in its 2017 program, which enables it to cover Iranian exports such as oil. Reuters reported this morning that the global shipping insurance and reinsurance market has come up ... Read the full article

Barbican reveals launch of marine insurance division

6th January 2017

Barbican Protect, the UK insurance arm of Barbican Insurance Group, has today reported the launch of a new marine insurance division. London-based Sarah Joiner has been appointed as marine underwriter, she will be reporting to Stuart Kilpatrick, managing director of Barbican Protect. Barbican underwrites both marine insurance and marine reinsurance, as well ... Read the full article

Polar waters standards for marine re/insurance underwriters released

29th December 2016

A new set of industry standards have been launched for marine insurance and reinsurance underwriters offering "critical risk mitigation directives and support" to those writing marine risks in the polar waters of the Arctic or Antarctic. POLARIS, an initiative led by London-based lawyer Michael Kingston, a representative of the International Union ... Read the full article

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