Reinsurance News
Marine reinsurance
Marine underwriters face growing challenges: IUMI
13th April 2017
The International Union of Marine Insurance (IUMI) said marine insurers last year faced growing challenges as energy claims rose against a reducing premium base and cargo accumulation risk and the frequency of major vessel casualties continued to increase. Donald Harrell, Chairman of IUMI’s Facts & Figures committee, commented that marine risks continue ... Read the full article
PCS launches Global Marine & Energy loss data services
5th April 2017
Property Claims Services, a Verisk Analytics business, has for the first time ventured away from the property-catastrophe sector as it kicks-off its Global Marine and Energy loss aggregation solution services. The PCS Global Marine and Energy risk model index is set to provide industry loss estimates for ocean marine and offshore energy events ... Read the full article
Beazley appoints Stephen Vivian as new head of U.S. marine
22nd March 2017
Specialist insurer Beazley has appointed long-time marine insurance expert Stephen Vivian to head up its U.S. marine business. Vivian most recently served as Managing Director of new business production and marketing for reinsurance brokerage Guy Carpenter, in New York. He boasts a distinguished career of over 30 years’ as a marine insurance ... Read the full article
International Group of P&I Clubs experience favourable reinsurance renewal: A.M. Best
7th March 2017
Members of the International Group of P&I Clubs, which dominate the marine protection and indemnity (P&I) industry, experienced a favourable reinsurance renewal for the 2017/2018 policy year, according to international rating agency, A.M. Best. Both within the International Group and an expanding fixed premium market, rates in the marine P&I sector ... Read the full article
Marine lines added to London’s PPL trading platform
6th March 2017
Marine lines of business are now available on the London Market Group's PPL electronic trading platform. The PPL platform has been steadily expanding, with specialty lines of insurance business being added lately and soon reinsurance business set to join it as well. David Ledger, Chairman of the PPL Board commented; "The ... Read the full article
Argo Group announces new agreement with Marine Underwriters of America
27th February 2017
International specialty insurer and reinsurer Argo Group International Holdings, Ltd. has announced a new partnership with Marine Underwriters of America (MUA), enabling Argo Group U.S. to underwrite a suite of physical damage and liability solutions for recreational marine businesses. The book of business will be reinsured by ArgoGlobal Syndicate 1200, and ... Read the full article
Marine P&I Clubs benefit from cheaper reinsurance
27th February 2017
Marine protection and indemnity (P&I) insurers do face pricing pressure in the competitive and softened rate environment, but at the same time are benefiting from access to cheaper reinsurance, Standard & Poor's (S&P) says. The segment has also benefited from a lower claims experience in recent years, which has helped to ... Read the full article
Premium volumes stagnant as global trade levels shrink: Munich Re
21st February 2017
Reinsurance giant Munich Re has pointed to how a two-year drop in global trade levels has hit insurance premium income, over fears this downturn could be exacerbated by an era of nationalism that pushes the globe towards economic decline. After several decades of global trade moving towards steady growth, 2015 and 2016 ... Read the full article
Andy Wakefield joins reinsurance broker Ed from Willis Re
8th February 2017
Global reinsurance broker Ed has appointed Andy Wakefield as Managing Director of its Marine and Energy Reinsurance business. Wakefield will take up the new position later in the year, reporting to Kieran Angelini-Hurll, Chief Executive Officer (CEO) of Reinsurance, Ed. Commenting on the appointment, Angelini-Hurll said; "Andy is an excellent addition to our ... Read the full article
Soft marine reinsurance market savings passed on to shipowners
27th January 2017
The current low cost of marine reinsurance, due to the softening of global reinsurance rates, is now resulting in direct savings for shipowners as protection and indemnity clubs pass on the benefits. The main shipping insurance renewals are just weeks away, when the P&I clubs tend to close the majority of ... Read the full article
International Group won’t renew €100m “fall back” reinsurance in 2017
25th January 2017
Marine re/insurer the International Group of P&I Clubs has said that it will not renew its €100 million of fall-back reinsurance protection in 2017, after changes to its reinsurance program meant the risk of shortfall has been reduced. Recently the International Group changed its reinsurance panel, dropping U.S. based reinsurers, ... Read the full article
International Group avoids U.S. reinsurance to cover Iran oil exports
17th January 2017
According to a report, the marine re/insurer International Group of P&I Clubs has avoided the use of U.S. domiciled reinsurance in its 2017 program, which enables it to cover Iranian exports such as oil. Reuters reported this morning that the global shipping insurance and reinsurance market has come up ... Read the full article
Barbican reveals launch of marine insurance division
6th January 2017
Barbican Protect, the UK insurance arm of Barbican Insurance Group, has today reported the launch of a new marine insurance division. London-based Sarah Joiner has been appointed as marine underwriter, she will be reporting to Stuart Kilpatrick, managing director of Barbican Protect. Barbican underwrites both marine insurance and marine reinsurance, as well ... Read the full article
Polar waters standards for marine re/insurance underwriters released
29th December 2016
A new set of industry standards have been launched for marine insurance and reinsurance underwriters offering "critical risk mitigation directives and support" to those writing marine risks in the polar waters of the Arctic or Antarctic. POLARIS, an initiative led by London-based lawyer Michael Kingston, a representative of the International Union ... Read the full article
International Group cites “favourable” marine reinsurance market renewal
15th December 2016
The International Group of Protection & Indemnity Clubs cited the "current favourable state" of the marine reinsurance market at its latest renewal for the 2017/18, saying that has taken opportunity of pricing conditions to save itself money on premiums paid. The International Group said that arrangements for the renewal of its ... Read the full article
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