Reinsurance News
marine
Liberty Mutual Re announces Marine & Energy hire from AXA ART
20th June 2019
Liberty Mutual Reinsurance, the reinsurance unit of Liberty Specialty Markets, has announced the appointment of Jens Voges as Senior Underwriter and Product Leader for Marine & Energy within its London Market Risk (LMR) team. Voges joins Liberty Mutual Re from AXA ART Insurance, where he has served as Senior Reinsurance Specialist ... Read the full article
Salvage underway after Gulf of Oman attacks, but situation still worrisome
17th June 2019
Taiwan's state-owned oil supplier, CPC Corp. has said that it expects last week's attack on oil tanker Front Altair in the Gulf of Oman to drive losses of just NT$ 8 million (USD 253, 968). Chiu Chia-shou, Vice President of CPC Corp., which chartered the Front Altair to deliver naphtha, said ... Read the full article
MS Amlin adds Senior Marine Underwriter to Dubai office
17th June 2019
MS Amlin, the global re/insurance group owned by MS&AD, has announced the appointment of Mary Vogiatzidou as a Senior Marine Underwriter in its Dubai office. In this role, she will be responsible for the continued development and growth of MS Amlin’s marine business across the MENA region, reporting to David Overall, ... Read the full article
Insurers can expect $65m in exposure value from stricken oil tankers: Russell Group
14th June 2019
Risk management company Russell Group has warned that cargo insurance companies can expect to experience a high exposure value following recent attacks on two oil tankers in the Gulf of Oman. The explosions that hit Japanese product tanker, Kokuka Courageous and the Norwegian tanker, Front Altair on Thursday occurred just weeks ... Read the full article
Following Gulf tanker attacks premiums are likely to rise: Jonathan Moss, DWF
13th June 2019
Reports that two oil tankers have been hit by explosions in the Gulf of Oman again brings into question the potential impact political instability and rising tensions in the Gulf region could have on insurance premiums. News today of explosions that hit two oil tankers, the Kokuka Courageous and the Front Altair, ... Read the full article
Allianz (AGCS) appoints new heads of Aviation & Marine
13th June 2019
Allianz Global Corporate & Specialty SE (AGCS) has announced the appointments of Tom Fadden as AGCS Global Head of Aviation and Ulrich Kadow as AGCS Global Head of Marine. Fadden will take over his role with immediate effect from Michael Hansen, while Kadow will succeed current Global Head of Marine and ... Read the full article
Tokio Marine HCC adds Paul Knighton to Marine Liability division
10th June 2019
Tokio Marine HCC (TMHCC) has announced the appointment of Paul Knighton as a Marine Liability & Logistics Underwriter in its Marine Liability division. Knighton joins TMHCC from Skuld, where he most recently served as Head of Marine Cargo & Property. He has 18 years’ experience in the London Market, and has previously ... Read the full article
Shipping losses at record low, but incident frequency remains high: Allianz (AGCS)
7th June 2019
Large shipping losses are currently at their lowest level this century, according to a report by Allianz Global Corporate & Specialty SE (AGCS), although the overall number of reported incidents shows little decline. In 2018, AGCS recorded 46 total losses of vessels around the shipping world, down from 98 in the ... Read the full article
Insurwave and Zhuhai Port Holdings sign MoU on marine insurance
22nd May 2019
An agreement has been signed between Insurwave Limited and Zhuhai Port Holdings Group Co., Ltd. that sees the pair collaborate on shipping logistics and marine insurance to promote "frictionless trade" across the Greater Bay area and beyond. The signing of the agreement between Insurwave Limited, EY and Guardtime's marine insurance blockchain joint venture ... Read the full article
Marine sector profitability more vulnerable to attritional losses: IUMI
16th May 2019
The International Union of Marine Insurance (IUMI) has warned that the continued erosion of the premium base is making underwriting profitability more vulnerable to attritional losses, while all marine sectors are exposed to the increased risk of large, complex risks in 2019. Generally, notes the IUMI, major losses remain stable, with ... Read the full article
Beazley develops affirmative cyber cover for marine risks
15th May 2019
Specialist insurer Beazley has developed a new affirmative cyber insurance product for the marine space, designed to protect vessel owners and operators. The product, called Beazley Cyber Defence for Marine, will provide insurance for physical damage and loss of hire in the event that a cyber incident impacts a vessel’s operational ... Read the full article
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
UK P&I Club’s Rotterdam subsidiary receives licence ahead of Brexit
27th March 2019
The UK P&I Club has received approval from the Netherland's financial regulator for a licence for its Rotterdam domiciled subsidiary, UK P&I Club N.V. (UKNV), ensuring continuity for its clients post-Brexit. Combined with other Thomas Miller managed Clubs for which UKNV is fronting, the new Rotterdam-based unit provides UK P&I Club, ... Read the full article
Chaucer enters marine insurtech partnership with Concirrus
19th March 2019
Chaucer, the specialty international (re)insurance group, has announced a new partnership with insurtech firm Concirrus, which is focused on driving technological change in the marine insurance market. The partnership will enable Chaucer to benefit from the use of Concirrus’ Quest Marine platform, which analyses billions of historical and real-time data to ... 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
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