Reinsurance News
Marine reinsurance
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
Louise Nevill joins Marsh JLT Specialty as CEO, UK Marine & Cargo
29th October 2019
Global re/insurance broker Marsh has announced the appointment of Louise Nevill as Chief Executive Officer (CEO) of Marsh JLT Specialty’s UK Marine & Cargo business. Nevill is due to join the firm early next year, arriving from Gard (UK) Ltd, where she has led the marine underwriting team as Vice President. She ... Read the full article
North P&I enters fixed premium market
14th October 2019
UK-based marine mutual liability re/insurer North P&I Club has entered the fixed premium business for smaller vessels up to 10,000 gross tonnage. Deployed under the Sunderland Marine trading name, the products’ policies will be secured by North, with certificates, blue cards and guarantees issued by North. “Diversification is a significant feature of ... Read the full article
Marine market is still adjusting to ongoing Lloyd’s efforts: Marsh JLT Specialty
10th October 2019
The Marine market continues to adjust to the efforts of the Lloyd's of London market to improve profitability, and as dedicated marine syndicates continue to close, Marsh JLT Specialty has questioned what is at stake should pricing remain at current levels. In response to falling profits driven in part by underperforming ... Read the full article
PCS to improve granularity on marine & energy loss estimates
9th September 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article
Hiscox develops new coverage for ships seized by foreign governments
23rd July 2019
Hiscox, the specialist global insurer, has developed a new insurance product that provides coverage for ships seized by a foreign government. The product, called Malicious Vessel Seizure, will provide Loss of Hire costs and the services of Control Risks, a crisis management consultancy. The announcement follows the seizure of a British-flagged ... Read the full article
Iran tanker seizure could negatively impact premiums, says DWF
22nd July 2019
The recent seizure of a British-flagged oil tanker by Iran in the Persian Gulf could have a knock-on effect on global fuel prices and insurance premiums, according to analysts at global law firm DWF. The Stena Impero was captured by the Iranian Revolutionary Guard on Friday as it passed through a ... Read the full article
Liberty Mutual Re announces Marine & Energy hire from AXA ART
20th June 2019
Liberty Mutual Reinsurance, the reinsurance unit of Liberty Specialty Markets, has announced the appointment of Jens Voges as Senior Underwriter and Product Leader for Marine & Energy within its London Market Risk (LMR) team. Voges joins Liberty Mutual Re from AXA ART Insurance, where he has served as Senior Reinsurance Specialist ... Read the full article
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