Reinsurance News
Marine reinsurance
Marine reinsurance is essentially insurance for marine insurers, although the marine line of business does often encompass other types of on and offshore risk.
Reinsurance for marine shipping related risks typically covers hull, cargo, specie, liability and other risks such as political exposures.
Read all our marine reinsurance news below.
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
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
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