Reinsurance News
marine
AXA XL partners with US MIG to expand Inland Marine insurance offering
2nd August 2024
AXA XL and U.S. Marine Insurance Group (US MIG) have entered into an underwriting agreement to expand its Inland Marine insurance offerings in the supply chain and transportation sectors. Founded in 2015, U.S. Marine Insurance Group is an underwriting firm and licensed Managing General Agent that provides comprehensive insurance solutions for ... Read the full article
Lockton appoints Sung Wook Han as Regional Head of Marine for Asia
1st August 2024
Independent insurance broker Lockton has announced the appointment of Sung Wook Han as Regional Head of Marine for Asia. Sung started his new role on August 1st, having joined Lockton from WTW, where he most recently served as Head of International Hull, based in London. During his 15-year tenure with WTW, Sung was ... Read the full article
Risk assessments could help reduce claims for Asian marine businesses: QBE
3rd July 2024
By conducting risk assessments insurers can help businesses in the Asian marine industry to understand their existing operations and ways in which they can reduce claims as they navigate a sector full of challenges, QBE analysts state. The marine sector has a significant presence in Asia. In 2023, it contributed a ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
AM Specialty Insurance Group acquires Pinpoint Insurance Solutions
13th June 2024
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has announced the acquisition of Pinpoint Insurance Solutions, a national programme administrator, managing general agency (MGA), and surplus lines brokerage. Brad J. Sickinger, President of Pinpoint US, said: "We are thrilled to join AM Specialty ... Read the full article
Vessel Protect appoints James Kent as Senior Business Development Underwriter
12th June 2024
Vessel Protect, a specialist war risk underwriter and part of Pen Underwriting, is enhancing its marine capabilities with the appointment of industry veteran James Kent as Senior Business Development Underwriter. Chris Goddard, Co-Managing Director of Marine at Pen Underwriting and CEO of Vessel Protect, expresses his enthusiasm for Kent’s appointment, stating, ... Read the full article
LMA revises marine insurance policy clauses
10th June 2024
The Lloyd’s Market Association (LMA), representing insurers and reinsurers in the London insurance market, has issued revised versions of the hull and cargo oil price cap clauses. These updates simplify the language to accommodate recent modifications in the oil price cap mechanism, adapting to changes in sanctions regulations. Arabella Ramage, Legal Director ... Read the full article
Arch UK Regional Division welcomes new Claims Relationship Manager
22nd May 2024
Adam Waterstreet, equipped with vast insurance claims expertise, takes on the role of Claims Relationship Manager, effective immediately, as announced by Arch Insurance UK Regional Division. In his new position, Waterstreet assumes responsibility for supervising account management efforts for brokers throughout the UK regions, fortifying client connections, and identifying avenues to ... Read the full article
India approves three Russian insurers to provide marine cover after state-owned reinsurer backing: report
25th April 2024
Sources have told Reuters that Russian National Reinsurance, the country's state-owned reinsurer, has given financial backing to three insurers, enabling the Russian carriers to seek Indian approval to provide marine cover to tankers. The news comes as Russia looks to facilitate trade with India following Western sanctions related to its ongoing ... Read the full article
DUAL strengthens European marine capability with acquisition of Swiss Re team
16th April 2024
DUAL, the specialist underwriting arm of Howden Group Holdings, has significantly strengthened its European marine capability by acquiring Swiss Re's Genoa-based Marine team, and has authority to write marine business for the global reinsurer going forward. The transaction is in line with DUAL’s ambitions of becoming a leading player in the ... Read the full article
Baltimore bridge collapse a major but manageable marine loss event: S&P
2nd April 2024
S&P Global Ratings has said that although the Francis Scott Key Bridge collapse in Baltimore could cause the largest marine insurance losses recorded since Costa Concordia in 2012, it will be a manageable earnings event for the global reinsurance sector. The ratings agency states that if the International Group of P&I ... Read the full article
Alta Signa unveils European Marine underwriting unit
19th January 2024
Alta Signa, the European boutique managing general agent (MGA), has launched a new European Marine underwriting business, which is set to focus on core marine lines of business, backed by the firm's panel of insurance partners - Axeria IARD, SiriusPoint and Sompo International. The unit's team bring a deep level of ... Read the full article
AXA XL and Oversea Insurance Agency launch new Marine Artisans product
20th December 2023
AXA XL has announced it is partnering with Oversea Insurance Agency, an EPIC company, to provide specialised Marine General Liability insurance coverage for Marine Artisans in the U.S. As per AXA XL's description, Marine Artisans are contractors who specialise in various areas of boat construction, maintenance, and repair including fibreglass repair, ... Read the full article
RELA unveils claims adjustment proposition for marine market
7th November 2023
Renewable Energy Loss Adjusters (RELA), has launched a new claims adjustment proposition dedicated to the marine market. According to RELA, the new proposition will provide independent average adjusting services by a qualified average adjuster, which will be supported by a global network of surveyors and adjusters. At the same time, RELA Marine ... Read the full article
Vessel Protect reaffirms support for commercial operators looking to export Ukrainian grain
5th October 2023
Vessel Protect, a specialist war risk underwriter and part of Pen Underwriting, has reaffirmed its commitment to supporting commercial operators who are looking to export Ukrainian grain, as the new maritime corridor "begins to gain traction". Munro Anderson, Head of Operations at Vessel Protect, noted that the firm is seeing renewed ... Read the full article
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