Reinsurance News
Marine reinsurance
The Standard Club forecasts underwriting deficit for 2021
23rd February 2021
Specialist marine and energy insurer The Standard Club has completed its renewal negotiations for 2021, renewing 95% of its expiring portfolio. But while the Club expects the 2020/21 policy year to perform better than the previous one, it still anticipates that it will result in an underwriting deficit. This is mainly due ... Read the full article
Optio enters specialty marine market with senior hire
12th February 2021
Specialty MGA Optio Group has appointed Angus Bailey to lead its expansion into the marine specialty market. With an initial focus on Marine War and Kidnap and Ransom risks (K&R), Bailey will be responsible for developing Optio’s new marine specialty proposition. He previously led Seacurus, a trading name of Castel Underwriting Agencies ... Read the full article
Concirrus automates digital portfolio management for marine
8th December 2020
Insurtech firm Concirrus has announced that it will automate its digital portfolio management for marine insurance business with a new algorithmically driven underwriting application. The application will focus on high-volume, transactional business, thereby freeing up time for conventional underwriters to focus on more complex risk. “Innovation is solving complex problems within Marine ... Read the full article
Victor names Richard Turner as International Head of Marine
4th December 2020
Managing general underwriter Victor Insurance has announced the appointment of Richard Turner as International Head of Marine, effective immediately. In this newly created role, Turner will be responsible for driving Victor’s international marine business with a specific focus on data and analytics driven insurance products and solutions. He currently serves as President ... Read the full article
Marine market sees modest recovery but future uncertain: IUMI
18th September 2020
The International Union of Marine Insurance (IUMI) has noted a modest recovery in the marine re/insurance market during the 2019 underwriting year, but warns that the future of the market remains uncertain due to the COVID-19 pandemic. IUMI estimates that marine underwriting premiums totalled $28.7 billion in 2019, representing a 0.9% ... Read the full article
PCS: Market sees hurricane Laura offshore energy loss at up to $250m
8th September 2020
Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article
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