Reinsurance News

Marine reinsurance

TransRe to partner with insurtech Concirrus on marine reinsurance programs

26th November 2018

Transatlantic Holdings, the reinsurance arm of the Alleghany Corporation, is to partner with London-based insurtech Concirrus on the development of data-driven reinsurance programs for marine insurers. To better assess risk across its portfolio TransRe will be leveraging Concirrus’ Quest Marine insurance software. Quest provides a single web application to allow commercial ... Read the full article

Markel forms new Marine and Energy divisions, names heads

5th November 2018

Specialist insurer and reinsurer Markel International has created two new standalone divisions for Marine and Energy, and has appointed Chris Fenn and Julian Samuel as Managing Directors of the businesses. The formation of the new divisions reflects the growth of Markel’s Marine and Energy business, which has become the single largest ... Read the full article

Troubled London marine energy market remains in flux: Lloyd & Partners

15th October 2018

The marine energy re/insurance market in London, and Lloyd’s in particular, remains in a ‘state of flux’ at 3Q 2018 as the class struggles to break even, according to a report from Lloyd & Partners. The report noted that the recent ‘Performance Management Directorate’ at Lloyd’s has forced re/insurers to contend ... Read the full article

PCS designates Lürssen shipyard fire, as market braces for major loss

21st September 2018

Property Claim Services (PCS) has designated the recent Lürssen shipyard fire as an event under its PCS Global Marine & Energy product, triggering the process to monitor, aggregate and report on the insurance and reinsurance industry loss. PCS launched its Global Marine and Energy loss aggregation solution in April 2017, ... Read the full article

Sedgwick integrates Cunningham Lindsey marine division

17th September 2018

Sedgwick has expanded its global marine practice through the integration of both Sedgwick and Cunningham Lindsey’s marine divisions, following the completion of its acquisition of Cunningham Lindsey in April 2018. Sedgwick said that the integration would continue to strengthen the claims services and solutions of its marine practice, which currently ... Read the full article

New professional body launched by the LMA’s Joint Rig Committee

5th September 2018

The London Market Association’s Joint Rig Committee (JRC) is to launch The Society of Offshore Marine Warranty Surveyors (SOMWS), a non-profit professional body with a variety of objectives across the field, on September 18. SOMWS is to initially focus on upstream construction projects but will expand to include mobile offshore drilling ... Read the full article

Joint Hull Committee appoints AXA’s Paul Newton as Chairman

23rd August 2018

Paul Newton has been appointed as the new chairman of the London market’s Joint Hull Committee (JHC), succeeding Peter Townsend, who stepped down in June. Newton has over 30 years’ experience in the marine insurance sector and has served as Head of London Marine Hull & Liability Underwriting at AXA Corporate ... Read the full article

Ed appoints Patrick Jordan as Divisional Director of Marine

31st July 2018

Ed, the global reinsurance speciality broker, has announced the appointment of Patrick Jordan as Divisional Director of Marine to its London office. Jordan’s appointment is effective immediately and will see him reporting to Heather Clarkson, Managing Director of Marine. “Patrick is a fantastic addition to the team, with longstanding and extensive experience ... Read the full article

Headwinds curb positive marine rating movement: Willis Re

5th July 2018

Abundant capital across the marine space and continued pressures from both attritional losses and 2017’s hurricane trio Harvey, Irma and Maria is curbing pressure for upwards rating movement, according to Willis Re in its latest 1st View report. Additionally, regional catastrophe loss experience and specialism-specific performance have influenced renewal terms in ... Read the full article

Lockton appoints Jerry Ridge as Global Head of Marine & Energy Reinsurance

2nd July 2018

Insurance broker Lockton has announced the appointment of Jerry Ridge as Global Head of Marine and Energy Reinsurance. Ridge brings 37 years’ reinsurance industry experience to his new role at Lockton, which will see him manage the company’s fast-growing international Marine and Energy business group. Most recently, Ridge served as Chairman of ... Read the full article

AmTrust exits marine underwriting at Lloyd’s after strategic review

25th June 2018

Insurer AmTrust is exiting its marine lines of underwriting business in order to focus on more profitable areas of its book, following a strategic review. With the Lloyd's marine book known to be under pressure and one of the lines of business that the market itself has been analysing in its ... Read the full article

International Group announces new reinsurance broking arrangements

13th June 2018

The International Group of Protection & Indemnity Clubs has restructured the broking arrangements for its General Excess Loss and Hydra reinsurance programmes following the completion of its previous tender process in June 2018. London-headquartered Miller Insurance Services has been appointed flag broker for both programmes with Aon Benfield set to serve ... Read the full article

Willis praises revolutionary Insurwave blockchain platform

5th June 2018

Insurance and reinsurance broker Willis Towers Watson has described the recently launched Insurwave, a blockchain platform to support marine hull insurance, as a "game changer", urging carriers and brokers to adopt the technology. In May 2018, EY, Guardtime, A.P. Møller-Maersk, Microsoft, Willis Towers Watson, XL Catlin, MS Amlin and ACORD announced that members of ... Read the full article

Markel expands marine team with new Senior Yacht Underwriter

1st May 2018

Markel International has expanded its marine team with the appointment of Debbie O’Sullivan as Senior Yacht Underwriter. O’Sullivan will join existing Senior Yacht Underwriter Mark Wimbridge and Assistant Yacht Underwriter Chris Lytton to form a team of three that handles Markel's global demand for large yacht risks. She will operate out of ... Read the full article

Markel adds new Assistant Marine Underwriter to Singapore office

19th April 2018

Specialist insurer and reinsurer Markel International has expanded the Marine Underwriting team in its Singapore office with the appointment of Wanshi Lin as Assistant Marine Underwriter. Lin will work closely with Marine Underwriter Gustaf Kristiansson to build Markel’s marine hull, liability, and cargo business in the Asia-Pacific region, and will report ... Read the full article

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