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The Norwegian marine insurer said that rates on the mutual book needed to rise to counter inflation. -
The broker has been re-stocking its talent base following staff departures linked to the failed Aon merger.
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Corton has worked at Hiscox since the end of 2020 and is the chair of the LMA’s Joint Cargo Committee.
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The club argued that proposed rules on transporting crude through the Turkish Straits would have been punitive to members.
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Underwriting agency Marcato Marine is based in Charlotte, North Carolina and will specialise in project cargo.
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Specialty reinsurance is facing a similarly fraught and last-minute renewal as that seen in property cat.
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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.
