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.
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
West of England brings mutual book back above 100m gt
Informal merger approaches regularly made, West of England P&I Club says following renewal
Amphitrite receives FCA authorisation
Chief executive hails 'pivotal moment' for marine specialist MGA
Ascot launches Bermuda marine and energy treaty business
New business will be led by Alex Kirkby, who joins from Validus Re
More P&I clubs announce renewal outcomes
Higher premiums, stable pool claims and improved investment returns should see most International Group affiliates the right side of the line this year
Marine insurers face extra due diligence in Russia oil price cap crackdown
From February 20 pre-voyage attestations required for all tankers calling at Russia, affecting about 41% of tankers covered by Western insurers, a proxy for price cap compliance, based on January callings
P&I clubs hail renewal tonnage gains
Minimal vessel churn, combined with higher premiums, improved investment returns and modest pool claims, see marine mutuals find sweet spot
P&I clubs getting two-thirds of renewal round headline increases, brokers claim
Gard, NorthStandard and Skuld likely to increase entered tonnage when dust settles, according to market sources
Clubs scramble to restore Red Sea cover for big-name charterers
Oil majors and trading giants forced to pay extra for cover that was effectively a freebie until now
Reinsurance jitters leave clubs forced to drop Red Sea war risk extensions
Buyback mechanism may be announced in the next few days
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