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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit. -
The Ever Given ran aground in the Suez Canal, cutting off a crucial trade artery for days, but is now finally free.
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The claims outlook for liabilities stemming from the massive disruption remains highly uncertain.
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Containership Ever Given is lodged in the waterway, and sources said that the largest impact is expected to be felt by the P&I market.
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The marine hull and war underwriter will rejoin former colleague Chris Goddard, who launched the start-up last year.
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There has been a spate of movement in the marine class this week amid improving conditions.
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The cargo market is anticipating average 15% rate rises in 2021, compared with 20% last year.
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The appointment follows the departure of Atrium underwriters Richard Tomlin and Kelly Gallagher for Convex.
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The latest loss figure has climbed by more than $300mn in the past year as the pandemic has delayed clean-up operations.
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The broker sees the new capacity in the wider insurance sector as unlikely to enter the hull market.
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The P&I club says it increased its market share across all other lines, including hull and energy.
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The sector is trying to secure better underwriting terms amid a financially challenging period for shipowners.
