Marine
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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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Scor’s Nicola Hannay has been appointed head of power generation.
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Paul Western has been promoted to head of hull underwriting.
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The marine market has had several new MGAs launch into the sector.
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Coverage is still available, but large losses could “move the dial” on pricing.
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The carrier has also hired Craig Bedford as specie underwriting manager.
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The carrier is expanding its marine footprint in 2024 through its Lloyd’s and London branch.
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Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.
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Sources said that the market was not sufficiently profitable to concede ground on pricing.
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The marine entry will be backed by Axeria IARD, SiriusPoint and Sompo International.
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The carrier confirmed that coverage will renew on 20 February 2024.
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High staff turnover in the cargo market is continuing this year, following elevated movement in 2023.
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Price Forbes has been hiring across specialty lines, and recently appointed Howden’s cargo head Jonathan Eaton.
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An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
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The senior underwriter has 35 years’ experience in marine business.
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The Build consortium will target sectors including renewables, power, waste to energy, infrastructure and innovation.
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Prices are surging as a result of heightened risk but coverage remains readily available for shipowners.
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Tom Fulford-Smith and Charles D’Alton previously founded and led marine intermediary Latitude Brokers in Hong Kong in 2014.
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Gallagher said higher-than-normal war premiums in some cases may "help to paper over the cracks”.
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The underwriter has spent the past 12 years working as a senior marine underwriter at RSA.
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Insurance Insider reported in November that the first layer of the deal had secured a 7.5% rate reduction.
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Rebel attacks on vessels have led insurers to hike pricing.
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Major shipping lines are diverting ships away from the Red Sea following numerous attacks.
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Director of aerospace David Godley had been at Nexus since its acquisition of aerospace MGA Altitude in 2018.
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Howden was the most active acquirer as people-move activity peaked in Q2, this publication’s data showed.
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Barr’s resignation from his previous role as head of marine at CNA Hardy was first revealed by this publication in July of this year.
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The class exit comes after it emerged in November that Brit had withdrawn from the space market.
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The former Argo executive will join the MGA on 1 January, pending regulatory approval.
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The broker’s global marine team services global premiums of $3.9bn across marine classes.
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Current marine head Laurence Humberstone is set to retire after 19 years at the carrier.
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The line of business entry will be via its AdA SPA 2024, which will begin underwriting in 2024.
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The carrier has made numerous hires across its marine team as part of an international insurance buildout.
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Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.
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Competition for talent has led to high levels of staff displacement in the marine hull market.
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The appointment comes following the resignation of Jo Reynolds, who is joining Axis.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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Stuart Williams, currently war practice leader, will become head of new business.
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Carr has spent over 20 years in the market, holding several leadership positions at Tokio Marine HCC, Axis and others.
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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
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The carrier has been in hiring mode in recent months after staff exits earlier this year.
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Plus this week’s people moves and all the top news from this week.
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Meanwhile, war premiums for calls into Israeli waters are expected to rise substantially from a low base.
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Richard Burnett will take up the strategic position as head of cargo underwriting.
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The marine build in London is part of the carrier’s primary insurance expansion strategy.
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The MGA has hired MS Amlin’s Aram Stoop and Pim de Pooter for its marine hub.
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Staff movement in the marine class exceeds that in all other lines of business.
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Carriers achieved sweeping changes in pricing, terms and coverage in a hectic renewal at 1 January 2023, in a reset that sources hope isn’t reversed.
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The broker has partnered with maritime data firm Clearwater Dynamics to provide advanced vessel-tracking solutions.
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He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.
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Despite a return to profitability in marine classes, the market is operating in an increasingly uncertain environment.
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All lines of business reported premium increases driven by inflation, post-pandemic trade rebounds and rising rates.
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The carrier is looking to expand its marine offering through its London and Lloyd’s branch.
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The marine insurer said it benefited from benign claims and investment gains.
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The consortium is supported by 11 other Lloyd’s businesses.
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Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.
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Mariners are watching electric vehicle risks closely following a number of car carrier fires.
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The marine insurer said its investments had started to recover after an “exceptional period” last year.
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Staffing upheaval continues in the marine class of business, as companies battle to hire and retain talent.
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The hires come as part of a restructure of the marine and energy segment of the business.
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As part of the changes, Skuld made several appointments within its Skuld Hull business unit.
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The carrier is looking to increase its presence in the marine market segment.
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The carrier has strengthened its cargo team following the departure of two underwriters.
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The underwriter will join the company following the departure of underwriters David Axtell and Ryan Godfrey.
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AGCS confirmed that hull underwriter Ashley Hammond is staying with the business.
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The underwriters will focus on UK marine cargo and transport and logistics business.
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A fire aboard a car carrier last week raised fresh concerns about the transportation of lithium-ion batteries in electric vehicles.
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She will join the team headed up by Stella Tomlin, who launched the Lancashire marine liability book in 2021.
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The underwriter specialises in business including commodity traders, petrochemical risks and African business.
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Staff turnover remains elevated across marine classes amid a battle to secure talent.
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The initiative allowed crucial foodstuffs to be shipped out of Ukraine, with the London market stepping in to insure the vessels.
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Carr also works as the chair of the Lloyd’s Market Association Joint Liability Committee.
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The broker said that rates were largely flat thanks to insurer appetite and competition.
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Staffing turmoil is ongoing in the marine market as companies vie to secure talent.
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The deal adds a further £14mn of GWP to the business, following the recent purchase of Tay River Holdings.
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Pen’s marine war MGA Vessel Protect has hired maritime security expert Munro Anderson.
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The underwriter has worked at Swiss Re, Ironshore and Alize during his insurance career.
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The underwriter joined Scor in 2020 having previously led the cargo and specie operation at Starstone.
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The broker said increased reinsurance costs had not been passed onto customers.
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The cargo market is undergoing staffing turmoil as firms vie to secure talent.
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The underwriter led the division specialising in marine and energy liability.
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Whitehouse’s departure from AGCS was announced earlier this year.
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Previous marine chief Nick Holding resigned from the carrier earlier this year.
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Plus the latest executive moves and all the top news of the week.
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The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.
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Miller has made a string of senior hires in its marine team in the past few months.
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The scale of the loss has yet to become clear following the blaze on Friday, although the fire is under control.
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Neil Roberts, head of marine and aviation at the LMA, has called for a Plan B to Russian sanctions to help the marine sector.
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The Club posted an investment loss of 3.8%, as fixed income assets were hit.
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The carrier is looking to boost specialty income to around 40% of overall premium.
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A variety of challenges remain, including the operation of Russia’s ‘shadow fleet’ for oil transport.
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Emily Taylor joined Hiscox as a senior underwriter in 2020.
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Andrew Moulton becomes executive underwriter for marine, and Jessica Pearson is now cargo class underwriter.
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The broker is targeting to double its revenues to £400mn by 2025.
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The broker has hired Tom Summers and Tyler Walsh from Marsh and Adam Carr from Howden.
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Pene Reuben joins as senior client executive focusing on P&I Club client relationships and business growth.
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The carrier has also hired Paul Cunningham from Talbot to lead the claims function of its newly launched marine team.
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Plus this week’s Q1 results and the latest executive moves.
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Marine war underwriters charge additional premiums for ships sailing in listed areas.
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A prolonged soft market spell up to 2018 has created a ‘generation gap’ in the class, sparking competition for top practitioners.
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The news comes after it emerged last week that RSA was launching into the superyacht class of business.
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The underwriter moves to NorthStandard following the recent merger of North and Standard Club.
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Personnel movement in the class remains elevated as carriers look to secure top talent while underwriting conditions are profitable.
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The next destination of the underwriter is not known and comes following a change in Ascot’s leadership.
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MS Amlin has added ex-JLT broker Lacy Lighterness to its cargo team.
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The move is the latest indication of talent turmoil in the marine cargo class.
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Chubb has experienced high turnover within its marine team in the past year.
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It has increased its limit based on market demand and feedback from customer base across the port and shipping sectors.
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Aviva said he left the marine book in “fantastic shape” and it will appoint a successor in due course.
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The carrier has made significant investments towards launching in numerous primary specialty classes in London.
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The Gallagher-owned MGA is slightly ahead of target as it looks to hit £1bn GWP by 2025.
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Adam Lait is joining as senior underwriter, marine liability & ports, UK & Lloyd’s after a near-10-year tenure at Marsh.
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Following the retirement of Mark Watters, Jason Page will be responsible for managing marine and hull underwriting activities the carrier’s worldwide portfolio.
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Panellists discussed the competition between the London and Nordic marine markets.
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Ross Taylor headed the Liberty Specialty Markets marine liability book, which was placed into run-off earlier this year.
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The executive is well known in the marine market through his work leading Iumi.
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The executives said the P&I market needs to be “very careful” about underwriting conditions.
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The appointment of Chris Jones comes amid wider staff movement among Ardonagh’s intermediary firms, as the group consolidates its array of brands.
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Gard’s best underwriting results in 15 years was driven by the “extraordinary” lack of large losses in its commercial marine and energy business last year, according to CEO Rolf Thore Roppestad.
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The results covered a period of around 10 months after the marine insurer changed its reporting calendar.
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The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums.
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Hamilton non-renewed its cargo binder with the MGA at the beginning of March.
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The appointment comes following the departure of Stephen Haynes, who has joined Argenta.
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The marine expert worked for Ed for five years, after a career working with Marsh, Miller and Aon.
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The executive said the low claims of 2022 and the large losses of 2021 were anomalous.
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24 February marks the point when blocking and trapping claims can be lodged against war risk insurers, against ships stuck waters around Ukraine.
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Gard CEO Rolf Thore Roppestad said the renewals went “right to the wire” after the late announcement of IG reinsurance rates.
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S&P Global has confirmed an enhanced A rating with a stable outlook for the business.
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TMK already writes a book of specialist regional cargo business out of Singapore, and backs cargo MGA Loadsure.
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The appointment comes soon after the broker hired Louise Rothschild from Price Forbes.
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The income figure makes the MGA amongst the largest marine underwriters in London in its first full year of underwriting.
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The Iumi president said there were hundreds of millions of dollars’ worth of vessels still stranded in Ukraine.
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The broker said the line of business has experienced 22 straight quarters of rate increases to reach “some degree of profitability”.
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Apollo said the appointment will further diversify its marine, energy and transportation division.
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It emerged in August that Philip Graham was leaving Chaucer after more than two decades at the company.
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Liability business has been impacted by rising claims costs, driven by social inflation trends.
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The appointment comes after senior cargo underwriter Caroline Monnickendam left Brit for Munich Re Syndicate.
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Former SSL chairman Andrew Sturdy’s MGA has hired staff from AGCS, Qatar Re and Trust Re.
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IG increased the percentage of its first layer placed in the open market, after not renewing one of two 10% multi-year placements.
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Cargo movement has been elevated following a sustained period of rate hardening.
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Specialty reinsurers clamped down on Ukraine coverage at 1.1, with the one-year anniversary of the invasion threatening claims.
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The executive has worked at the Norwegian Hull Club for more than 18 years in underwriting and management positions.
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The carrier is re-staffing its hull team following three personnel exits last year.
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Specialty reinsurers are insisting on exclusionary language in order to clear their books of further exposure to the conflict.
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The hire comes after the carrier recently appointed AGCS’ Chris Turberville to lead the hull team.
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Andrew Hedges – who writes the book – will leave the business after a transitional period to oversee the run-off.
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Charlie Jenkins is leaving Travelers after a brief spell, having previously worked as a broker at WTW.
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The Norwegian marine insurer said that rates on the mutual book needed to rise to counter inflation.
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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.
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AGCS said fire and explosion incidents have caused the most expensive insurance claims in the marine industry, while cargo damage is the most frequent cause of loss.
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Mosby will be responsible for managing Ascot’s U.S. Inland Marine portfolio and advancing the market strategy for this business.
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The Norwegian insurer posted a loss of $49mn, driven by losses in its bond portfolio.
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The broker said rate rises on IG reinsurance could be up to 10% following the impact of Hurricane Ian.
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The facilitation ban includes insurance, one of the key services allowing movement of oil by sea.
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The insurer resumed underwriting on the grain corridor after Russia announced it would resume participation in a UN shipping agreement.
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Chubb has seen several exits from its marine team this year and restructured its leadership.
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The insurer is hopeful it can recommence quoting once it has clarity on the situation in the Black Sea.
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The underwriter has more than 40 years’ experience in the market and was global head of marine and energy reinsurance at Axis Re.
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Paul Evans joins from Tokio Marine Kiln and will report to Malcolm Barnes, head of marine reinsurance.
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Staff movement remains high in the class of business, which has seen a turnaround in performance.
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The carrier is pursuing a strategic expansion in primary insurance lines, and has also made several marine appointments.
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Pedro Mairos is moving up from heading marine in the UK and Ireland and will remain based in London.
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The carrier has merged its marine and energy units as it looks to improve service and achieve growth.
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The unit is led by marine veteran Ricardo Castro, who joined the firm from Marsh and has over four decades of experience in the industry.
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Inflation and reinsurance costs are among the key challenges that marine underwriters face.
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The union has also appointed Tokio Marine & Nichido Fire’s Kosuke Hashimoto as vice president.
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Offshore energy chairman Frank Streidl said margins are tight and upstream had not hardened like other insurance lines.
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Marine lines continued to report healthy loss ratios after a period of extensive remediation.
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The Ryan Specialty CEO said that loose wordings were contributing to the surging size of claims
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Staff movement is high in the cargo space as carriers look to expand in an improved rate environment.
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The OS 35 has P&I coverage in place with QBE’s British Marine, which will shoulder clean-up costs from the incident.
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The carrier retains its appetite for the class of business - which has undergone a substantial re-rating since 2018.
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Meaningful capacity is returning to the marine market, increasingly via delegated authority underwriting.
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The move represents a return to WTW, where the broker spent the beginning of his career.
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The carrier is launching into marine as part of a strategic buildout in primary insurance.
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Chaucer’s global head of marine Philip Graham also chairs the influential facts and figures committee of the International Union of Marine Insurance.
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The industry deserves praise for facilitating trade out of Ukraine, but the future is highly uncertain.
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Class underwriter for marine hull and war at Talbot AIG, Hugo Lewis, has resigned to take up a position in the marine team at Fidelis, Insurance Insider can reveal.
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The move follows the establishment of safe corridors through a treaty signed by Russia and Ukraine.
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Martin Cook is joining the mutual as it embarks on a change of leadership, with long-serving CEO Joe Hughes standing down.
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The market is concerned about potential claims from the Hellenic War Risks mutual, which has ships worth around $350mn stuck in the Black Sea.
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Improved pricing is attracting new capacity to the hull market, although questions remain about market-wide rating adequacy.
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Personnel movement in marine has remained buoyant all year, as new market entrants build their headcount.
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Before joining MS AUL, he was head of marine treaty at Canopius, until April.
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The underwriters are tasked with implementing “ambitious growth plans” across the lines of business.
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The loss comes as rate rises decelerate in the class after several years of compound rate rises.
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The resignations follow the exit of hull chief James May, who is joining Convex.
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Claims inflation and the risk of a major marine war loss crystalising in March 2023 is looming over an otherwise buoyant marine market.
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Andrew Davies is leaving Fidelis after a short spell, having joined in June of last year.
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The underwriter will service a full suite of liability products and assist with training junior underwriters.
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The Spanish government has been locked in a dispute with the London P&I Club over a 2002 oil spill.
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The move follows a restructure of the broker’s London reinsurance unit last year.
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The move is part of a wider Ascot strategy that will see the imminent launch of an MGA platform headed up by David Leathem.
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The newspaper reported that the US is urging European capitals to ease the ban in a bid to tame inflation.
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The latest round of sanctions against the rogue state banned the insurance of ships carrying Russian oil.
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Pressure to grow portfolios may ‘put the brakes’ on premium growth, despite pricing adequacy concerns.
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The appointment comes after the MGA brought new capacity to the cargo market last year with a $18mn facility.
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The broker leads a team specialising in the placement of various subsea technology risks.
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The merger of the two clubs, announced in March, will form one of the largest mutuals in the sector.
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Plus latest people moves and all the top news of the week.
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A lack of income opportunities in the region has triggered speculation about how pricing models may have to change.
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The executive will take up the role of global head of marine at AIG.
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Piraeus Bank bought the action against Antares over the detention of a vessel in Venezuela in 2015.
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Matthew Sims and William Taylor will launch a book from November as the market moves away from composite covers.
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Marine and energy-focused MGA Thomas Miller Specialty has partnered with Send Technology Solutions to streamline and automate its operations using the InsurTech’s software.
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CEO Rolf Thore Roppestad said all parts of the business grew well and highlighted renewables as a significant opportunity.
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Howden said the platform improves efficiency and data capture for both carriers and brokers, with savings passed on to clients.
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The insurer warned that claims could arise beyond the immediate war threat in the Black Sea.
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The executive has worked at AIG for more than 14 years, heading up global marine since 2016.
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The carrier is pursuing a strategic pivot towards insurance and a reduction in reinsurance growth.
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The underwriter worked at the carrier for six years before joining Atrium in 2014 and replaces Malcolm Barnes.
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The carrier announced its entry into the London marine hull and machinery market in November 2021.
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Rate increases appear to be tapering across the market, except for loss-making accounts, which have experienced restructuring and substantial increases.
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Political violence and aviation coverages had been thrown into marine composites as the market softened.
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Once a location is listed, marine underwriters are entitled to charge additional premiums for ships sailing in the area.
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The MGA has had a major impact on the marine market since its launch, writing a substantial amount of business.
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The broker said the market was flattening but that large losses in the first quarter would sustain pricing levels.
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Under standard marine war coverage, blocked or trapped ships become total losses after 6-12 months.
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Lloyd’s 2021 results have revealed significant improvements in virtually all lines of business as well as rocketing premium growth in reinsurance and primary casualty business.
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AIG’s global specialty head Paul Greensmith spoke on a panel at the Marine Insurance London conference, which explored how the capital’s marine market can arrest its declining status.
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The marine underwriter first joined the carrier in 2020 after leaving long-standing employer Atrium.
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Dorothea Ioannou will become the first female CEO of an International Group P&I club in the 167-year history of marine mutuals.
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Excess layers of the Marsh-brokered stock throughput policy are led by QBE and spread around the London market.
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The deal, due to complete next February, will create one of the largest mutual marine insurers in the world.
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The appointment comes after underwriter Matthew Wells left AGCS to join Axa XL.
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The market fears that stranded vessels could result in claims, while coverage to enter the Black Sea is scarce and expensive.
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More than 15 countries have called for a special meeting with the International Maritime Organisation (IMO) to discuss the safety of ships sailing through the Black Sea and Sea of Azov during Russia’s invasion of Ukraine.
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Product launches in Asia helped drive growth at the P&I club, which now insures 158 million gross tonnes.
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The new marine head will oversee the underwriting of BHSI’s full line of marine products in Germany.
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A major conflagration aboard Felicity Ace has damaged high-value VW, Porsche and Lamborghini vehicles.
-
The Norwegian insurer added 14 million gross tonnes to its total tonnage and retained 99.6% of existing business.
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The ship was carrying more than 4,000 cars at the time of the fire, including Volkswagen, Porsche, Audi and Lamborghini vehicles.
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The broker said new entrants were “holding their nerve” and that clients should not expect insurance spend to be slashed.
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Tim Pembroke will retire at the end of March after more than 24 years with QBE.
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The full-limits loss on the placement has raised alarm as a stark example of the impact social inflation in the US is having on claims severity.
-
Two of the carrier’s underwriters were hired by new entrant IQUW to build its book of business.
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Southgate worked at the likes of Canopius, Swiss Re, Aon and Sturge Syndicate during his career.
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The broker said that the there was an increased differentiation in pricing compared to 2021.
-
King is joining Miller as part of its Asian expansion strategy, with the independent broker hiring Ron Whyte as its head of strategic development in Singapore just a few months ago.
-
The landmark reinsurance contract provides protection and indemnity coverage for around 90% of ocean-going tonnage.
-
The likes of Swiss Re and Scor are supporting the sector-specific methodology linked to broader decarbonisation efforts.
-
Matt Griffiths’ resignation follows the departure of the Harry Simpson-led Tysers terror and political violence team, which has joined BMS.
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The major marine classes have undergone substantial remediation, which has attracted new capital to the space.
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Both underwriters used to be colleagues in the marine hull team at RSA prior to Stuart Forsyth’s departure.
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The broker saw several exits from its marine team in the run-up to its aborted merger with Aon.
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Amelie Keeble-Buckle and Ellie Barr are set to join the Stephen Catlin-led carrier.
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Autonomous shipping and complex supply chains make the maritime industry vulnerable to cyber disruption.
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The appointment follows the departure of underwriter Alex Harris, who has joined Antares.
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Allianz Global Corporate & Specialty (AGCS) hull underwriter Matthew Wells has resigned to join Axa XL, Insurance Insider can reveal.
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Marsh marine cargo brokers Kevin Brown and Lee Lockyer have resigned to join Lockton’s expanding marine team, Insurance Insider can reveal.
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Insurance Insider first reported the carrier’s plans to enter the marine market in August.
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The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal.
-
Johnny Shannon will work alongside MS Amlin colleague Scott Heeley to build a book of cargo business.
-
The appointment follows a period of substantial expansion in marine by the Richard Brindle-led carrier.
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The marine specialty unit will include marine PI and transport logistics and freight forwarder business.
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The broker said that market speculation pointed to rate increases of up to 30% on the International Group reinsurance contract.
-
The coverholder has also expanded its product offering and now underwrites marina business.
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Sources said that the incident near Huntington Beach had the potential to exhaust the $1bn oil pollution reinsurance tower.
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Since launching last year, the coverholder has amassed a premium income of $30mn.
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The Richard Brindle-led carrier has undergone a major expansion in specialty lines.
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In his new role, Michael Cusition will report to David Sankey, head of Marine at Atrium.
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The takeover will strengthen Lockton’s presence in Norway.
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Stuart Forsyth will start in his new position in mid-October and report directly to Laurence Humberstone, head of marine.
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The company said its new identity would better communicate its strengths as a specialist cargo and freight underwriting business.
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The well-known underwriter has held similar positions at Sompo International and Partner Re.
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The stock throughput specialist has worked in the London market for more than 35 years.
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Stephen Clark will also keep his responsibilities as North America hull and liabilities practice leader, a role he has held since 2017.
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The former security chief also highlighted the threat posed by cyber risk to increasingly autonomous ships.
-
Dyer will work as head of logistics, while Adams will support Greek clients with insurance and risk management.
-
The Covid-19 slowdown in shipping has helped several sub-classes to reduce loss ratios.
-
Incoming capacity to the marine market over the past year has led to an easing in rating momentum.
-
The broker has also expanded its Dubai office with three hires.
-
The QIC Global-backed business’s cargo team is leaving to join Clive Washbourn’s MGA Navium Marine.
-
Arsonists attacked a chemical warehouse owned by Indian manufacturer UPL last month, amid social unrest in the country.
-
The group has made its third revision to the catastrophic shipping loss, after initially pegging the loss at just $115mn.
-
The hull market has seen multiple years of positive rating momentum following a period of prolonged soft conditions.
-
The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.
-
The underwriter will be responsible for managing the existing portfolio and pursuing strategic growth.
-
The carrier previously identified cargo as a target class in the business’s specialty build-out.
-
The carrier’s global head of hull Mike MacColl resigned from the business earlier this year to join Atrium.
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Sources estimated the settlement would have had to exceed $200mn to hit the lower layers of the tower.
-
The consortium, understood to have a limit of $30mn, is targeting mid-market business.
-
The carrier has been rebuilding its team after Alasdair Butler and Lee Aspinall left to launch an MGA.
-
The marine market is expecting a sizeable claim from the ship, which sunk last month off Sri Lanka.
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The executive joins after 16 years at Mar Risk Services.
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A total of 13 companies, including five brokers and eight insurers, will now be able to trade digitally across the (re)insurance lifecycle without geographical limits.
-
There has been an influx of capacity in the cargo market after several years of improved pricing conditions.
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The rebrand follows a last-minute acquisition of the firm by Aquiline-owned Lloyd’s syndicate ERS, in December of last year.
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The business recently expanded into the cargo market with an underwriting cell headed by Nick Derrick.
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The carrier has reshaped its hull leadership team since the departure of global head of hull Mike MacColl.
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Sources raised concerns about a consistent trend in claims inflation and the long-term prospects of profitability.
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Rates are beginning to taper in cargo as new capacity enters and staff displacement continues to be high.
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Negotiations have been ongoing since the ship blocked the Suez Canal in March.
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The appointment follows the departure of Richard Spencer to marine war MGA Vessel Protect.
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The Suez Canal Authority has received a new compensation offer from the ship’s owners and insurers.
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The marine market fears a multi-hundred-million-dollar loss to result from the sinking of the ship.
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The move follows a reduction in MS Amlin’s Lloyd’s hull appetite, and the departure of underwriter Andrew Davies.
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Staff movement has been high in the sector, as new capacity returns to the market after years of correction.
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Personnel displacement is high in the cargo market amid improving conditions in the sector.
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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.
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The club said the reduction was not reflected in court and that it had still seen no evidence to support a claim of such size.
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Maria Grace had been with Everest since 2016, and was previously an executive within AIG’s Lexington unit.
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There is increasing optimism about rating adequacy, but sustained underwriting discipline is essential.
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The experienced underwriter joins from the UK War Risks Club, where he was underwriting director.
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The move comes as Aon and Willis race to receive regulatory approval for their merger.
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He has spent nearly a decade at the broker and is due to start at his new role in October.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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The market veteran is launching the business via Fidelis’s Pine Walk platform with $100mn of capacity.
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Plus in-depth analyses of the accident and health and airlines markets.
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The Suez Canal Authority has detained the ship as parties discuss a disputed $916mn claim.
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The underwriting veteran returns to the market with an MGA hosted on the Pine Walk platform.
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The insurer has been expanding its marine presence in London.
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The $350mn follow-capacity solution will cover cargo, specie, terror, financial products, healthcare and marine.
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Twelve people remain unaccounted for after the vessel capsized on Tuesday afternoon.
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The club says the P&I aspects of the claim were “modest”, with the exception of a disputed loss of reputation claim.
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Much of the delay caused by the blocking of the Suez Canal is likely not insured, although any claims process will be long and complex.
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The former Asia Pacific head of marine will relocate to London.
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The resignation comes as Willis moves towards completion of the mega merger with rival Aon.
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The Dell warehouse loss pushed the Lloyd’s cargo market to a 179% loss ratio in Q2 2020, the broker says.
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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
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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.
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The appointment follows the expected departure of Phil Furlong to expansive insurer ERS.
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The Norwegian mutual says pricing achieved a balance between owners’ needs and underwriting profitability.
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Bailey will write marine war and kidnap and ransom business out of London.
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Since December, double the average number of containers have been lost overboard compared to an average whole year.
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The newcomer had joined Lancashire as an underwriter only in October.
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The London market is believed to have a maximum $70mn exposure written through Japanese treaties.
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Sea Traders’ Ioanna Procopiou becomes vice-chair.
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The appointment follows the departure of a team of marine brokers to BMS to work on a US wholesale buildout.
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The Newman Martin and Buchan co-founder will lead the team alongside Guy Pierpoint.
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The recruit, who was previously Catlin’s cargo class underwriter, will join the company on a temporary basis as it builds in London.
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His predecessor left the business following his conviction for assaulting his then-partner.
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Marine insurance and reinsurance are target business areas, the project partners said.
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Carriers sought rate hikes of between 12.5% and 15% in the final quarter of the year.
-
Message will write lines including upstream energy as the motor syndicate expands into specialty classes.
-
The international yachting company has a dedicated in-house insurance team.
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Rate rises continue but market withdrawals have opened up opportunities for marine underwriters.
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The new recruit will run SI’s UK and international property team.
-
Rumours of the cause of the incident have been circulating for months in the marine insurance market.
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The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
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The losses stem from the Barzan gas plant in Qatar and a Tullow facility off the coast of Ghana.
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Her departure will leave the Atrium hull team significantly depleted after Richard Tomlin also joined Convex earlier this year.
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Delegates at the Marine Insurance London conference said that the sector needed to embrace data and innovation.
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The executive joins the start-up after working at Axa XL since 2007.
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Howard Burnell was reportedly convicted at Wimbledon Magistrates Court of assaulting his then-partner.
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Early calculations suggest a potential quantum of $72.6mn-$90.8mn following a Pacific storm, although uncertainty remains high.
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The appointment follows the hire Canopius’ Aimee Nolan and the departure of the carrier’s previous cargo team.
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The latest hire follows the appointment of fellow Guy Carpenter marine and energy broker Andy Massingham last month.
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The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
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Nick Hocking, Tony Cuthbertson and Joshua Robertson will join after their restrictions expire.
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The decision marks further reshaping of MS Amlin’s marine appetite, as the carrier continues its turnaround efforts.
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The move comes as conditions continue to improve for hull underwriters following years of losses.
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The former global head of marine, aviation, transport and offshore energy will be a partner and starts on 19 November.
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The boards of the companies moved one step closer to an agreement for the proposed acquisition.
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The broker says ample free reserves are available to defer premium rises.
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The carrier will continue to provide capacity for the business, which will rebrand as Haven Knox-Johnston.
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The executive will lead the marine and energy mutual, agency and captive reinsurance solutions practices.
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The expansive broker continues to upsize its team in London following the appointment of Dominic Riley.
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Rate movement is positive and sustained, but has been overshadowed by a string of major losses.
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The Andrew Corton-led book of business transferred to the company from Pioneer Underwriters.
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The commercial lines-focused InsurTech will use the round to improve its platform features.
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The carrier will continue to write reinsurance treaty and crisis management business in the territory.
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The broker said that club members had suffered in both a business and personal sense during the pandemic.
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Work is underway to develop contracts that respond in real time to client needs.
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Stinging energy losses could be added to a slew of painful marine and aviation losses in August.
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The executive will report to marine class underwriter Mark Trevitt.
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The market fears environmental clean-up and wreck removal will result in a fresh hit to the IG programme.
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The resumption of cruising is likely to present additional risks which could result in losses.
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The broker highlights industrial and commercial buildings as the likely source of international property market exposure.
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Satellite imagery from the damaged port suggests that several ships including CMA CGM Lyra escaped with minor damage.
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The London D&F market is expecting minimal exposure, but there is also potential for political violence and trade credit losses, sources said.
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This publication previously revealed that he had joined the company from Great American.
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The MGA platform has acquired the renewal rights for a book of cargo, hull and liability policies.
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Crew fatigue, maintenance and inspection disruption and curtailed incident response services could all push up claims, the carrier warns.
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A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.
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The upstream energy market is unlikely to face a claim for the hijacking of a floating production, storage and offloading (FPSO) vessel off the coast of Nigeria earlier this month.
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Insurers for BW Offshore’s Sendje Berge FPSO may have dodged a bullet following a pirate attack on the vessel, but the ordeal may only be beginning for the nine crew members kidnapped in the raid.
-
But concerns remain over the aggregation of cruise liner risks as hurricane season looms.
-
Concerns over crew liability claims have led carriers to change wordings and tighten underwriting criteria.
-
The new office follows the MGA’s expansion into the Californian market last year.
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Munich Re Syndicate has appointed Rob McAdams as its new head of marine, replacing Simon Parnell, who is retiring after 21 years at the company.
-
Peter O’Neill and Lorena Gallagher join the energy team, while Richard Tomlin heads up marine property and war.
-
The marine cyber MGA and risk manager was launched last year by ex-Standard Syndicate 1884 active underwriter Robert Dorey.
-
A $300mn Dell loss is among the drivers strengthening underwriters’ resolve.
-
The senior underwriter will lead a new cargo operation at the carrier, sources say.
-
The P&I club said the $400mn-plus Golden Ray loss could be one of the biggest ever for the International Group.
-
Generali, SIAT, Swiss Re, India International and PICC argued that the policies had an exclusive English jurisdiction clause.
-
Travel restrictions and social distancing could hamper vital response efforts in the event of a casualty.
-
The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.
-
Hickey will take up the post of cargo product line officer on 1 June.
-
Sources said the insurer has struck a renewal rights deal with International Marine Underwriters.
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CEO Rolf Thore Roppestad says Covid-19 could lift claims and complicate salvage operations in the current financial year.
-
As hurricane season approaches there is concern about the aggregation of risk in the area.
-
A reduction in world trade is likely to shrink the premium pool, while Covid-19 could also increase losses.
-
The account will focus on larger blue-water vessels and the underwriters will operate from London.
-
More goods left in understaffed storage facilities increases the likelihood of fire or theft.
-
McGill and Partners will introduce marine clients to the Colorado start-up.
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Despite a smooth transition to remote working, Lloyd’s underwriters are focusing on existing clients during the pandemic, the broker warns.
-
Marine insurers are working with tech firms to improve the quality of underwriting data.
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Thomas Boudreau led inland marine and construction business at the carrier.
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Clubs could be hit by passenger liability claims as well as crew repatriation and operator expenses.
-
The book of occupational disease liability is highly volatile and payouts can be significant.
-
The portfolio is understood to give Continental access to over $50mn of new business.
-
Linda Carmona and Curt Browder are understood to have left the insurer.
-
Daniel Leveridge, Rebecca Eagles and George Saunders have joined the broker to work primarily on business emanating from North America.
-
The experienced underwriter left Canopius last year on the eve of the AmTrust merger.
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The carrier will maintain a hull book and continue to insure physical damage, including bluewater fleets.
-
The P&I club will acquire the shareholding currently owned by Nordic insurer Alandia.
-
His exit comes as insurers continue to pull back from the global marine market.
-
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.
-
The marine insurance union predicts coronavirus will be “small black swan event”.
-
Samantha Constantinou has joined the carrier’s ocean marine team in New York.
-
Gordon Browne will take over as interim head of global specialty following the executive’s departure.
-
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.
-
Only FI, international property fac, marine and cat reinsurance teams are still writing.
-
Pricing had previously slipped back after spiking following attacks on vessels last May.
-
The syndicate is being positioned as an entry point to the RITC market at Lloyd’s.
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The decision does not affect the carrier’s main London market marine offering.
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The broker will focus on Turkish, Greek and Cypriot business, as well as global war risks.
-
LMA and Lloyd’s say the exercise will begin around March or April this year.
-
The former AGCS marine chief will be managing director of Willis Re’s international customised reinsurance practice.
-
Karey Vaught has joined Alliant as an executive vice president, serving US energy and marine clients.
-
The structure of the programme remains relatively unchanged, with new private placements.
-
Sources said the transaction would likely add about $5mn to Thomas Miller’s existing book.
-
The experienced figure formerly worked at AmTrust, Swiss Re Corporate Solutions and Aon.
-
The High Court’s award for additional costs comes two months after it dismissed the lender’s claim against the carriers.
-
The experienced underwriter was out of the market after Navigators withdrew from hull in August.
-
The team is led by Graham Gardner and will operate from Seattle and Oregon.
-
The executive warns of a deteriorating investment outlook for next year.
-
The company insider will take up the newly created role in March next year.
-
The company makes the appointment as it prepares to move forward as an MGA only.
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(Re)insurers give pricing a lukewarm reception, but placement proceeding smoothly.
-
Michael McKenna said US carriers must ensure rates and placement terms are sustainable.
-
The move by the insurer accompanies a decline in marine capacity at the marketplace.
-
The mutual said the rise was necessary to ensure financial stability amid rising claims.
-
The Fleet UK product is distributed around 600 brokers and combines risk management services, with telematics and fleet analysis.
-
Lloyd’s has announced it will clamp down on silent cyber in the new year.
-
The capsized car carrier is set to be dismantled as part of the wreck removal operation.
-
The Japanese-owned reinsurer will write one of three private policies that form part of the marine reinsurance programme.
-
The retreat comes as Allianz as it seeks to return its US P&C arm to profitability.
-
The company will also provide consultancy and analytics services.
-
Louise Nevill, who was vice president of underwriting at Gard, will join as CEO of UK marine and cargo next year.
-
Great American replaces Axa-XL as a paper provider for the AJ Gallagher-owned marine managing general agent.
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The peer is already a board member and investor in the marine data and software company.
-
Robert Opitz joins the Fairfax-owned business after 24 years at Chubb.
-
She joins Everest’s marine practice after stepping down from a senior role at AIG.
-
Michelle Sipple has left amid a surge in premiums in the inland marine market.
-
The insurer is partnering with the World Maritime University to provide a variety of insurance courses.
-
Underwriters could push for higher premiums after renewed violence in Middle Eastern waters.
-
Marine and excess and surplus lines (E&S) specialist Jeana Ramos joins the business from US Risk Brokers.
-
Gard, Skuld, the Swedish Club, North and American Club are among the mutuals targeting non-traditional business.
-
The broker said outsized claims experience for the 2019/20 period had left some mutuals struggling.
-
The industry is trying to recruit younger talent as it struggles to replace retirees.
-
A blast on the Stolt Groenland in South Korea is another blow to the stressed segment.
-
Pene Reuben re-enters the market after leaving Allied World in April.
-
Christopher Drake was previously at Barbican Syndicate 1955.
-
The underwriter will join a marine team headed by John Potter.
-
The Chinese shipping giant swaps London for domestic carriers following sanctions.
-
The senior partner is to follow Lloyd & Partners’ founder to the broking start-up.
-
The carrier’s risk appetite in the lines is expected to be unaffected by the departure.
-
The concept of emerging risk continues to dominate insurance boardrooms, with subjects such as opioids, cyber and climate change all topics that are frequently raised.
-
A group of marine experts warned that new technology is not a panacea for insurers and shipowners seeking to cut costs.
-
Broad cargo coverage is failing to match premium volume, Munich Re’s Sean Dalton said at Iumi’s conference.
-
New data show major losses are increasing, although claims frequency is stable.
-
The marine body’s president cites political instability and digitalisation as being among the pressures on the sector.
-
P&I clubs violating sanctions will not be able to cede risk to the group’s reinsurance programme.
-
The clarification relates to an article published yesterday titled "Wrecked Santa Cruz dive boat insured for only $2mn".
-
The Bermuda (re)insurer exits management liability, along with marine hull, power and product recall.
-
Norwegian Hull Club is set to make a large payout from the claim.
-
If successful, the Fritzler family could avoid paying out more than the remaining value of the hull.
-
The mutual’s half-year combined ratio improved by 0.5 points.
-
The Monte Carlo Rendez-Vous undoubtedly grabs the bulk of the industry’s attention in September (and will do even more so this year in light of Hurricane Dorian), but for those active in some of the niche areas of the markets we cover, there are events that are far more relevant.
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Marine liability lawyers said the vessel operator may try to invoke the Limitation of Liability Act.
-
The hull and war specialist’s role at Brit was put under consultation in May.
-
The decision follows the appointment of John Moffatt as active underwriter.
-
Fraser joins the business from Alliant and takes up the role of vice president, energy and marine practice leader
-
Senior underwriting executive Mark Engel will join RB Jones and oversee the marine portfolio.
-
The company becomes the first P&I club to use the InsurTech’s Quest Marine system.
-
London sources reported positive pricing movement, but cautioned international markets pose a threat.
-
The carrier will continue to write hull business in Europe from its Genoa office.
-
Hull and war underwriter James Connell has been made redundant as part of the retraction.
-
A report from the broker said insurers’ tolerance of mediocre results has hit an ‘inevitable bottom’.
-
The pullback is one of several lines to be trimmed as the carrier cuts $900mn of premiums from its portfolio.
-
The class exits follow the closure of the carrier’s Miami office.
-
Cashman Equipment Corp said it believed its five vessels were covered by Lloyd’s of London.
-
The EY-backed InsurTech is the world’s first marine insurance blockchain platform
-
The executive will work to help Ed expand its offering in emerging markets.
-
The executive leaves the AIG-owned business after 18 years.
-
Insurers are looking to cover recent claims and prepare for potential losses.
-
Kevin O’Brien said better training and college engagement would help remedy the loss of industry knowledge.
-
Sources speculated that the final cost could spiral to as much as $100mn depending on the damage sustained and salvage costs.
-
The warehouse fire is the latest stock throughput loss to hit the beleaguered marine market.
-
The executive left StarStone earlier this year.
-
The carrier plans to concentrate its efforts on its Lloyd's entities.
-
Jens Voges will work from the Cologne office.
-
Market sources said most of ITC’s marine liability cover is written by an Aon general liability line slip.
-
Sources said the war policy held by the Front Altair was likely to respond to the incident.
-
The senior management moves come as former aviation chief Mike Hansen prepares to leave for Convex
-
The former Axis underwriter has been at Antares for 12 years.
-
Daniel Tadros will take up the new role on 1 July.
-
Twenty-eight people are presumed to have died in the disaster, which occurred last Wednesday.
-
Some of the largest teams – including fac, marine and non-marine specialty – are in scope.
-
Gard provides hull and machinery cover for the 66,000-tonne vessel.
-
The broker joins McGill’s new venture from Willis Towers Watson
-
A torrid claims year has pushed Gard and the UK P&I club to report losses.
-
The P&I club remains profitable at underwriting level.
-
Executive had been appointed UK and Ireland CEO of Marsh-JLT Specialty.
-
Marine hull defies market correction as cargo, property D&F and aviation surge.
-
EC3 execs described low-to-mid single-digit increases on average, with aviation, property D&F and PI rates pushing higher.
-
The broker’s Marketplace Realities report foresees property and marine rates rising as much as 15 percent, and energy lines jumping up to 20 percent.
-
Axon Re has secured $10mn in backing from “Asian partners” for the new division.
-
The new group will be led by Jonathan Conway, who joined as head of construction for Aon Re earlier this year.
-
Brian Davies, Sebastian Tjornelund and Gustavo Gomez will join the club later this year to spearhead the move.
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