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The carrier will maintain a hull book and continue to insure physical damage, including bluewater fleets.
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The P&I club will acquire the shareholding currently owned by Nordic insurer Alandia.
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His exit comes as insurers continue to pull back from the global marine market.
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Market sources said the carrier was no longer accepting submissions across those classes of insurance. -
The International Group originally notified reinsurers of a $115mn loss.
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The marine insurance union predicts coronavirus will be “small black swan event”.
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Samantha Constantinou has joined the carrier’s ocean marine team in New York.
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Gordon Browne will take over as interim head of global specialty following the executive’s departure.
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The broker will work to develop Aon’s global yacht book.
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The agreement for an undisclosed sum expands N&G’s appetite in the marine trade sector.
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Only FI, international property fac, marine and cat reinsurance teams are still writing.
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Pricing had previously slipped back after spiking following attacks on vessels last May.
