Reinsurance News
Marine reinsurance
Baltimore bridge an opportunity for us to show the value of insurance: Lloyd’s CEO
28th March 2024
John Neal, Chief Executive Officer (CEO) of the specialist Lloyd's insurance and reinsurance marketplace, said this afternoon that the Baltimore bridge event provides an opportunity for the industry to show the value of insurance. "I've been saying in different conversations this morning that actually the good news there is we are ... Read the full article
Baltimore bridge insured losses could total as much as $4bn, says Morningstar DBRS
28th March 2024
Depending just how long the Port of Baltimore is blocked for after the collapse of the Francis Scott Key Bridge, and the nature of the Port's business interruption coverage, insured losses could land between $2 billion and $4 billion, according to analysts at Morningstar DBRS. Even at the low-end of the ... Read the full article
Baltimore bridge may be largest example of port blockage seen by insurers in years: Horn, McGill and Partners
27th March 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday's collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner - Ports & Terminals and Logistics at broker McGill and Partners, "this may be the largest example of ... Read the full article
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best
27th March 2024
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship ... Read the full article
Red Sea attacks placing pressure on war insurance premiums: DBRS Morningstar
21st December 2023
Following Houthi rebel attacks on cargo vessels in the Southern Red Sea and the Gulf of Aden, DBRS Morningstar has warned of "upward pressure on war insurance premiums" alongside disruptions to global supply chains and shipping lines. DBRS Morningstar's analysts noted that several major shipping lines have suspended their services through ... Read the full article
Hijacking of Galaxy Leader has broader implications for marine war underwriters: Skytek
23rd November 2023
According to Skytek, the recent hijacking of the reportedly Israeli-linked ship, Galaxy Leader, has "worldwide implications for Israeli shipowners and ultimately the marine war underwriters." Outlining the particulars of the event, Skytek said that Galaxy Leader passed near the Iranian flagship, Behshad, in the early morning of November 19th. A few ... Read the full article
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