Reinsurance News
P&I
Who’s insuring Russia’s shadow fleet?
2nd December 2025
Since Western P&I clubs and reinsurers largely withdrew from underwriting sanctioned oil shipments, an informal and opaque re/insurance ecosystem has emerged to keep Russia’s shadow fleet trading. What was once dominated by London and the International Group of P&I clubs is now sustained by a narrow set of domestic and offshore ... Read the full article
London P&I Club delivers strong H1’25 results, targets 6% average rates increase for 2026/27
20th November 2025
The London P&I Club, a provider of protection and indemnity (P&I) insurance for global shipowners, has reported positive financial results for the first half of the financial year. Premium revenues saw an increase during this period, a result of both rating discipline and volume growth. The club projects 9% tonnage growth for ... Read the full article
Miller appoints Nick Taylor as Head of Direct P&I
6th October 2025
Miller, the independent specialist insurance and reinsurance broker, has announced the appointment of Nick Taylor as Head of Direct P&I. In his new role, Taylor will lead the development of Miller’s Direct P&I broking team, strengthening the firm’s proposition to marine clients. He will report to Nick Summers, Head of Direct ... Read the full article
MSIG Singapore expands marine capabilities
1st September 2025
MSIG Singapore, a subsidiary of MS&AD Insurance Group, has partnered with MSIG Specialty Marine and appointed the firm as its underwriting agent to expand its marine capabilities. The move aligns with MSIG's strategic growth ambitions and aims to enable the carrier to underwrite Protection & Indemnity (P&I) risks directly from its ... Read the full article
UK P&I Club introduces UK fixed to support small vessel owners with tailored coverage
5th August 2025
The UK P&I Club, a provider of Protection & Indemnity insurance to the global shipping industry, has introduced UK Fixed, a Fixed Premium Protection & Indemnity (P&I) product specifically designed for owners of smaller vessels. This launch follows the integration of Thomas Miller Specialty Marine (TMS) into the Club’s operations. UK Fixed ... Read the full article
Gallagher expands marine P&I team with key appointments
25th November 2024
Insurance and reinsurance broking group Gallagher has expanded its marine P&I team with several key appointments. James Giles has been named Divisional Director. In his new role, he will be seconded to Gallagher Singapore, where he will work with the firm’s clients, support new regional offices, and focus on expanding its ... Read the full article
P&I clubs expected to raise rates by 5% amid rising claims in 2025: S&P
25th October 2024
S&P Global Ratings, a provider of credit ratings, research, and analytics, forecasts that most Protection and Indemnity (P&I) clubs will achieve near-breakeven results for the financial year ending February 20, 2025. The 12 P&I clubs in the International Group (IG), which collectively underwrite approximately 90% of the global oceangoing fleet's liability ... Read the full article
Skuld continues growth in “highly successful” 2023/24 renewal
23rd February 2023
Marine insurance provider Skuld has reported a highly successful renewal of its protection and indemnity (P&I) policies for 2023/24, with mutual P&I gross tonnage increasing by 7.8% to a record 103.3 million. The firm states that all mutual P&I renewal targets set by the board were met, alongside substantial growth in ... Read the full article
West of England P&I Club reports improved operating results
6th October 2022
For the first time in five years, the West of England P&I Club, an insurance provider to the global maritime and offshore industries, has reported that it has returned an underwriting surplus in its 20 August financial results, with a combined ratio of 97.9% at the mid-year point. West of England ... Read the full article
West P&I Club addresses market underrating at renewal
22nd February 2022
The West of England P&I Club has released details of the targeted strategy it used at renewals to counter the challenges posed by what it sees as consistent underrating in the P&I market and the growth of unpredictable major claims. With these difficulties compounded by a weak investment market, the Club ... Read the full article
P&I clubs likely to make underwriting loss in 2021/22: AM Best
17th February 2022
Analysts at AM Best expect that with the cost of pooled claims at a record high for the first half of the year, protection & Indemnity (P&I) clubs are likely to return another combined underwriting loss in 2021/22. For the third consecutive year, the majority of clubs have announced general increases ... Read the full article
West P&I Club to increase rates by 15%
18th October 2021
The Board of the West of England P&I Club, an insurance provider to the global maritime and offshore industries, has announced a 15% general increase for mutual P&I and FD&D Members. The increase reflects another challenging year for the P&I industry, as record IG Pool claims and pandemic-related liabilities remain a ... 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
West of England P&I Club adds senior underwriter to London team
9th April 2020
The West of England P&I Club has announced the appointment of Sumit Madhu to the Club’s London Underwriting Team as a Senior Underwriter, effective April 14, 2020. Madhu previously served as a Captain on LNG vessels with a major Japanese shipowner, and later joined the claims department of another International Group ... Read the full article
Skuld achieves 4.6% growth in 2020 P&I renewals
27th February 2020
Marine insurer Skuld has achieved a 4.6% net increase in mutual P&I tonnage from 2019 to 2020, following the renewals that completed on February 20th. Skuld’s continued growth at the renewals brings its mutual P&I tonnage to 95.3 million gross tonnes (GT). In addition to the mutual P&I business, growth was also ... Read the full article
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