Reinsurance News

Marine reinsurance

Lloyd’s performance review to drive better marine energy results: analysts

18th April 2019

The intervention of the Lloyd’s Performance Management Directorate is expected to support better underwriting results for marine energy classes throughout 2019, according to analysts at Lloyd & Partners. The firm noted in its April 2019 quarterly energy newsletter that the performance review was not a one off event, with all syndicates ... Read the full article

Aon partners with software firm Skytek on marine risk accumulations

5th March 2019

Insurance and reinsurance broker Aon plc has partnered with software firm Skytek to provide real-time monitoring of re/insurers’ marine risks and to identify accumulations for enhanced underwriting and reinsurance programs. As part of the collaboration, Aon has established a new consultancy based on the Skytek system that uses real-time satellite tracking ... Read the full article

TT Club appoints Andrew Peers as Senior Underwriter

14th February 2019

TT Club, a provider of insurance and risk management services for the international transport and logistics industry, has appointed Andrew Peers as Senior Underwriting for its UK, Benelux and Nordic underwriting team. Peers joins the Club from RSA, where he has spent the last 17 years, most recently leading a team ... Read the full article

Pioneer hires Corton from Pembroke as cargo underwriter

13th February 2019

Pioneer Underwriters (Pioneer), part of Minova Insurance Holdings Ltd., has announced the hiring of Andrew Corton as a project cargo underwriter. Corton joins Pioneer as of March 1st from his most recent role with Pembroke Managing Agency where he held the role of divisional director for cargo underwriting business. At Pioneer, Corton ... Read the full article

London marine energy market “chaotic” but hardening: JLT

15th January 2019

The London marine energy re/insurance market continues to exhibit “chaotic and undisciplined” underwriting practices but finally seems to be emerging from a prolonged period of softening rates, according to analysts at JLT. The firm’s latest quarterly energy report observed that the predominately younger workforce in the London and Lloyd’s markets has ... Read the full article

Gard renews P&I reinsurance for 2019 through the International Group

14th January 2019

Gard, a shipowner-controlled protection and indemnity (P&I) marine and energy insurer, has outlined the terms of its 2019 reinsurance program, which it arranged through the International Group of P&I Clubs (IGP&I). The structure of the cover reinsured through the pool includes club retention of $10 million, general excess loss cover of ... Read the full article

International Group of P&I Clubs reduces reinsurance costs in 2019 renewal

19th December 2018

The International Group of P&I Clubs (IGP&I), a provider of protection and indemnity (P&I) insurance to the global shipping industry, has renewed its reinsurance program for the 2019/20 year with rate reductions across all of its vessel categories. The $3.1 billion reinsurance program included a number of changes to its structure ... Read the full article

RKH appoints JLT Re’s Julian Franzman as Asia Pacific marine head

29th November 2018

RKH Specialty, part of the Hyperion Insurance Group, has appointed Julian Franzman as Head of Marine Cargo, Hull and Liabilities for Asia Pacific. Franzman has over 30 years’ marine re/insurance experience and since 1997 has worked across the Asia Pacific region. He joins from JLT Re Asia Pacific, where he was Managing ... Read the full article

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