Cargo

Cargo rates stabilise as new capacity continues to enter and competition intensifies

The influx of capacity into the London marine cargo insurance market and pressure to secure accounts is leading to a slowdown in rate rises following a sustained period of upward pressure, The Insurer understands.

Parsyl pays out “record-breaking” temperature-linked insurance claim

Supply chain insurtech Parsyl settled a temperature-linked marine cargo insurance claim in under eight hours at a time when unprecedented hot weather continues to grip the northwestern US and western Canada.

CV Starr hires Marsh’s O’Brien to lead London marine

Cargo insurance specialist John O’Brien has left Marsh and joined CV Starr to lead its marine offering in London.

Loadsure launches international per-shipment cargo insurance API

Cargo insurtech MGA Loadsure has launched what it has said is the first API for international per-shipment coverage for clients to secure up to $2mn of all-risk coverage when transporting US freight.

Port of Houston hurricane damage would have major impact across US

A new report has highlighted the huge knock-on effect the US economy would face if the Port of Houston suffered severe destruction from a hurricane.

PCF completes third acquisition in May with TRG deal

HGGC-backed PCF Insurance Services has announced its third acquisition in May and its 15th of the year after agreeing a deal for US custom bonds and ocean marine cargo specialist Trade Risk Guaranty Brokerage Services (TRG).

Ascot, insurtech Parsyl and Munich Re partner on $75mn Aon Covid-19 cargo facility

Aon has launched a cargo insurance policy that provides up to $75mn of coverage for the transportation and shipment of Covid-19 vaccines in partnership with insurtech Parsyl and a host of carriers.

Corvus and Skyward Specialty partner on cargo and property lines

Corvus Insurance has announced a partnership with Skyward Specialty Insurance Group to expand the insurtech’s Smart Cargo + Cyber offering.

Shipping companies re-route cargo as Suez Canal disruption continues

The stricken Ever Given remains grounded in the Suez Canal this morning with efforts to refloat the giant container ship having now entered a fourth day.

HDI Global UK enters marine cargo with RSA’s Foreman

The UK arm of HDI Global SE has entered the marine cargo market with the appointment of former RSA European cargo leader Steve Foreman as its director of marine cargo underwriting.

Fears grounded container ship in Suez Canal will hit IG program

The marine market faces the prospect of losses in the triple-digit dollars as a result of a grounded container ship in the Suez Canal if delays occur in its removal, with losses expected to be passed on to the International Group (IG) program, The Insurer understands.

Falvey Cargo Underwriting recruits Intact’s Jackson

Falvey Cargo Underwriting has hired Danielle Jackson from Intact Insurance Company as the specialist marine MGA looks to further develop its broker relationships.

Cargo market on hook for ~$150mn after spate of recent container losses

The cargo insurance market is bracing for losses in the region of $120mn to $150mn after an unprecedented run of container spills in recent months, The Insurer understands.

Hiscox hires Canopius’ Nolan to lead London cargo team

Hiscox has recruited Aimee Nolan from Canopius to head up its London market cargo underwriting team.

Oxford continues London expansion with cargo and logistics launch

Oxford Insurance Brokers, a London-based subsidiary of US Risk Insurance Group, has launched a cargo and logistics division with the appointment of Jonathan Stafford.

NMU launches dedicated cargo and freight liability underwriting team

Specialty insurer NMU has formed a new underwriting team to handle cargo and freight liability enquiries from brokers across the UK.

Cargo market braced for UK Covid freight blockade fallout

The cargo insurance market is poised for claims as new lockdown measures cause delays to goods held in storage or in transit entering and exiting the UK, The Insurer understands.

Cargo market facing sizeable losses from ONE Apus containership

The marine cargo market is braced for losses in the high double-digit millions as a result of the damage sustained by Japanese-flagged containership ONE Apus last week, The Insurer understands.

Berkley Offshore launches ocean cargo line with AmWINS hire

Berkley Offshore Underwriting Managers has launched a new ocean cargo product line within its marine division, with Mark Bernas joining from AmWINS to take responsibility for the offering.

Beirut port claims total $425mn so far: Lebanese govt

Insured losses emanating from the massive explosion at the Port of Beirut have so far reached $425mn, according to the Lebanese minister of economy and trade.

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