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Specialty reinsurance is facing a similarly fraught and last-minute renewal as that seen in property cat. -
The Group said the rules “go well beyond” what is normally required by ships transporting oil.
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Inflation and a full post-pandemic return to shipping are expected to impact future claims.
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Rate rises were anticipated by brokers amid inflation and investment market volatility.
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Patrick Tiernan also voiced support for changes in sanctions to support the transport of Russian-origin food and fertiliser.
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Talbot hull underwriters Edward Carpenter and Benjamin Ewen recently resigned to join Everest Re.
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Inflation, rising reinsurance costs and rebounding shipping activity all pose challenges for the market.
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AGCS said fire and explosion incidents have caused the most expensive insurance claims in the marine industry, while cargo damage is the most frequent cause of loss.
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Mosby will be responsible for managing Ascot’s U.S. Inland Marine portfolio and advancing the market strategy for this business.
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The Norwegian insurer posted a loss of $49mn, driven by losses in its bond portfolio.
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The broker said rate rises on IG reinsurance could be up to 10% following the impact of Hurricane Ian.
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The facilitation ban includes insurance, one of the key services allowing movement of oil by sea.
