Marine
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Ian Gooch will be stepping down as CEO after 15 years leading the P&I club.
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The carrier said it has “moderate exposure” to the bridge collapse.
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The IG said that around 800 tankers have left group clubs because of the cap.
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The MGA can also offer cargo war risk coverage of up to $100mn.
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There is a high likelihood the property claim will be subrogated.
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Liberty Specialty Markets is recruiting for its hull team following a number of staff exits.
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Insurers claim that damage from the “detonation of an explosive” is also excluded.
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The MSC Aries was seized on Saturday by the Islamic Revolutionary Guard Corps.
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Ulrich Kadow will become global head of product management and underwriting transformation.
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The facility will offer up to $50mn of coverage per insured vessel.
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Insurance Insider revealed this deal in January.
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Alex Mott and Henry Brown worked in the hull and liability team at Price Forbes.
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Underwriters said there was some cause for concern around reinsurance coverage.
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The expansive carrier has hired heads of marine for France and Spain.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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A claim on that scale would test the market in ways it has never seen.
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He was previously head of underwriting management and deputy CUO for Axa XL’s marine segment.
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The complexity of the incident and US location point to one of the largest-ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
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The business will leverage technology from Clearwater Dynamics.
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Nord Stream has named Lloyd’s Insurance Company and Arch among the defendants.
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The marine hull market is looking to retain rating robustness in 2024.
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The growth was spread across all classes of business, sources said.
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The facility was launched in November for grain shipments.
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Tysers has been regulatory principal for the MGA since its 2018 launch.
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Slipstream will be available to marine, cargo and logistics UK clients.
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The business will be led by Alex Kirkby, new head of marine and energy.
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The marine insurer said it fulfilled all mutual P&I renewal targets.
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The carrier issued notice of cancellation on certain war risks on Monday.
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Plus all the latest executive moves and the top news of the week.
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Underwriters are pushing for rate rises, but competition is increasing.
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The carrier has been hiring after the launch of a new specialty practice.
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Firms issued notice in respect of some commercially reinsured war risks.
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The ratings agency said most P&I clubs had achieved pricing adequacy.
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