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The marine entry will be backed by Axeria IARD, SiriusPoint and Sompo International. -
The carrier confirmed that coverage will renew on 20 February 2024.
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High staff turnover in the cargo market is continuing this year, following elevated movement in 2023.
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Price Forbes has been hiring across specialty lines, and recently appointed Howden’s cargo head Jonathan Eaton.
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An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
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The senior underwriter has 35 years’ experience in marine business.
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The Build consortium will target sectors including renewables, power, waste to energy, infrastructure and innovation.
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Prices are surging as a result of heightened risk but coverage remains readily available for shipowners.
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Tom Fulford-Smith and Charles D’Alton previously founded and led marine intermediary Latitude Brokers in Hong Kong in 2014.
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Gallagher said higher-than-normal war premiums in some cases may "help to paper over the cracks”.
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The underwriter has spent the past 12 years working as a senior marine underwriter at RSA.
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Insurance Insider reported in November that the first layer of the deal had secured a 7.5% rate reduction.
