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Personnel displacement is high in the cargo market amid improving conditions in the sector. -
Personnel displacement is high in the cargo sector following several years of rating correction.
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The Suez Canal Authority has asserted the March grounding was entirely the fault of the ship’s captain.
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The sinking of the vessel will cause claims across the P&I, hull and cargo markets.
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The carrier aims to “revolutionise’ writing of marine war and breach call risk.
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The company appoints Muriel Birre Julvécourt, who has more than 25 years’ industry experience, as head of marine.
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The veteran marine underwriter highlighted “strong” cargo rates but acknowledged the structural challenges facing hull pricing.
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The resignation comes amid an uptick of competition in the class after four years of positive rate development.
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The area has historically attracted low additional premiums because of Israel’s strong defence capabilities.
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The former Beazley marine chief launched the MGA through Fidelis’s Pine Walk platform with $100mn of capacity.
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Mounting wreck removal costs have been passed on to P&I insurers, with the latest claim notification rising to $788mn.
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The Prestige oil spill caused major damage to the Spanish and French coasts in 2002 and has been subject to long-running litigation.
