
Specialty

Western insurers cover two-thirds of Russia’s Baltic and Black Sea oil exports
Greek shipowners and insurers have limited presence on Russia’s eastern seaboard, where oil is selling above the Western price cap, driving trade bifurcation and rise of ‘dark fleet’ of anonymously owned, vintage tankers

Steamship Mutual returns to underwriting surplus
Marine mutual becomes latest International Group affiliate to bring combined ratio below 100%

NorthStandard plans specialty lines push
Doubling lines such as offshore energy, strike and delay, hull and machinery, coastal and inland and fishing and aquaculture will provide diversification away from pure P&I book, joint managing directors argue

Shipping losses fall to lowest level in 12 years: AGCS
Ukraine conflict fallout will challenge shipping in year ahead, with threat of collateral damage on civilian shipping in or around war risk area remaining high, insurer warns

Axa XL names Roberts-Mills head of energy transition
Roberts-Mills will develop Axa XL’s global energy transition strategy to help clients transition to net zero

Hiscox overhauls London market energy leadership team
Specialty insurer promotes Mackey and Cozon to lead the business’s London market energy offering

Tokio Marine HCC International restructures London market teams
Marine, energy and renewables will be brought under one operating structure led by Ben Kinder

Munich Re targets green insurance with new London market unit
Green Solutions portfolio will focus on sectors with proven and emerging technologies in areas such as photovoltaic, wind, and carbon capture and energy storage

Canopius launches aviation reinsurance business
Specialty re/insurer swoops on Axis Capital's Hartley to lead new London-based unit that will initially write non-proportional business

Viewpoint: The aviation sector faces an increasing threat from weather-related perils
Extreme weather has long been a costly issue for aviation insurers, yet in recent years the combination of mass groundings and more extreme weather events has significantly increased parked aircrafts’ exposure to extreme weather

Aviation reinsurance 'to remain hard' amid reduced proportional appetite
Reinsurers concerned about future profitability amid prior-year loss deterioration and claims stemming from the war in Ukraine, as capacity for war risks cover slashed by one third, Gallagher warns

HDI Global Specialty extends aviation platform to Canada
Specialty insurer will initially offer general aviation policies through brokers via Aviation IQ platform

Everest appoints Browne head of international corporate strategy
Insurer hires former Chubb Asia-Pacific executive Glen Browne to support international expansion strategy

SiriusPoint names Masojada board chair
Former Hiscox chief executive Bronek Masojada is assuming the chair at a pivotal stage in the Bermuda-based carrier’s development

AM Best upgrades Convex to A rating
Upgrade reflects Bermuda-based re/insurer’s improved business profile assessment, supported by ‘continued enhancement’ of its product diversification, scale and profitability

Markel Specialty names chief wholesale and retail officers
Positions created to address the ‘unique needs’ of insurer’s wholesale and retail business models

Political risk becoming a higher frequency peril
Nine out of 10 businesses reported a political risk loss in the last year, up from one third in 2020, a survey by WTW found

Chaucer tracks increasing demand for political risk insurance
Specialty re/insurer says there has been a sharp fall in foreign exchange reserves that has ‘raised the spectre’ of governments failing to pay foreign suppliers

Building resilience in South Africa’s political violence insurance market
The riots in South Africa in July 2021 resulted in significant property damage that took a heavy toll on Sasria, the state-backed political violence insurer, and also spread into the international political violence markets. With national elections looming in 2024, could the political violence market cope with another potential outbreak of civil unrest?

CPRI capacity grows to record levels: WTW
Contract frustration notional capacity up 20% year-on-year to $4bn, while political violence capacity climbs 15% to $4bn, survey by WTW finds

Lockton names Bannister global head of war and terrorism
Broker continues expansion of crisis management practice with hire of Aon’s executive director of North American terrorism

Rokstone launches $255m US and Caribbean terrorism facility
London market-backed facility is a more flexible alternative to the US government’s backstop programme, MGA says

Arch swoops on Chaucer for head of terrorism
Andrew Bauckham described as 'one of the most respected figures in the terrorism insurance market'

Pool Re members back Treasury review
Review provides a roadmap for the strategic direction of the terrorism mutual
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