Marine Insurance
Marine insurance is experiencing a period of rapid change, with a prolonged struggle to deliver underwriting profit forcing companies to reevaluate their proposition and the need to modernise. The class of business on which Lloyd’s was founded, the marine market is now navigating through a transitional period as it embraces technological reform and looks to rebuild its profit margin against a challenging operational backdrop.
Rise of dark fleet capping growth of P&I clubs, Roppestad says
Marine insurance giant clocks up second-best financial results in its history
Owners have legal duty to seek release of ransomed crews
War risk, hull and machinery or kidnap and ransom cover will normally foot the bill, with cargo contributing through general average, experts say
Marsh names van Leuven Netherlands marine broking director
Global broker hires Talbot Underwriting and AIG UK head of marine
Somalia piracy resurgence makes kidnap and ransom cover necessary
When vessels are hijacked, the human beings on board are not always as well insured as the contents of a bulker’s holds
Vivace Insurance Partners launches US logistics MGA
Los Angeles-based managing general agent will provide marine and logistics insurance across North America
Navium had 100% of war risk on True Confidence
Clive Washbourn-led marine MGA will be on the hook for bulk carrier’s hull value, estimated at $17.6m, but could be protected through sidecar arrangement with reinsurer Fidelis
Viewpoint: Black flag on the high seas
Supply chains are at increased risk of interruption by hostile actors, with Houthi attacks in the Red Sea forcing shipowners to reroute vessels
Red Sea war risk rates unmoved by Rubymar sinking
Bulk carrier sinking is first total loss caused by Houthi attacks but ‘if anything, the market is starting to flex downwards’, underwriter says
Fixed-premium P&I insurer Hydor acquires CMS
Second deal in a year cements Oslo-based outfit’s niche in growing market
Commons committee will probe Russia insurance sanctions enforcement
Lloyd’s and company market bodies to provide information to committee as chair vows to ‘deal a fatal blow to Kremlin’s war chest’
RSA targets $350m capacity for new project cargo consortium
The insurer launched the Build consortium with Brit at the start of this year and is aiming to become a market leader in the global project cargo risks market
Marsh expands Ukraine war risk facility
Ascot-led facility can now provide reduced war risk insurance to all non-military shipping to and from Ukraine ports
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