Concerns that the Baltimore bridge collapse could result in the marine reinsurance market's largest ever loss were largely put aside during the January renewals due to prevailing supply-demand dynamics.

Swiss insurance company Helvetia Group has closed its UK marine book to new business after an internal review concluded that a “subdued outlook” for marine hull placed pressure on underlying profitability.

IQUW has bolstered its marine and energy team with a trio of appointments including Chris Touhey as senior underwriter, energy.

Liberty Specialty Markets’ Lloyd’s facility Project Cargo Consortium has increased its capacity to $225mn in 2025.

Amwins International Underwriting has increased the line size of its Amplify facility to up to 20 percent for property, marine cargo and marine hull business, with plans to roughly double premium in 2025 after adding a trio of capacity providers.

Axis’s marine and energy composite excess of loss program has priced down ~15 percent on a pure dollar basis with Swiss Re taking a 25 percent share of the placement as lead, The Insurer can reveal.

Settlements related to Russia-Ukraine aviation lessor claims may reduce the overall loss quantum to $6bn to $8bn, but this would still remain the largest aviation/aviation war loss in the market’s history, according to Howden.

The Baltimore bridge collapse in late March has been one of the year’s major insurance industry talking points, with prospective losses from the event occupying newsrooms and courtrooms alike.

As we wrap up 2024, The Insurer TV has provided a comprehensive look at the evolving (re)insurance landscape.

2024 has again been a busy year for the marine war market with Houthi activity in the Red Sea causing widespread disruption to global shipping along with a number of constructive total losses for insurers.

MGA Amphitrite Underwriting has secured underwriting capacity of $25mn for its marine cargo division.

The International Group (IG) of P&I clubs' pool claims are likely to exceed $650mn for 2024, despite claims associated with the Dali incident expected to be limited to $100mn, according to Gallagher Specialty.

IQUW has appointed Ali Welchman as lead underwriter for its newly-launched ports and terminals product.

The International Group of P&I Clubs has confirmed the structure of its $3.1bn group excess of loss reinsurance contract for the 2025/26 policy year, with the group highlighting a recent uptick in pool claims activity amid a “challenging” year dominated by the Baltimore bridge incident.

The UK government has sanctioned 20 shadow fleet ships involved in the illicit trade and distribution of sanctioned Russian oil.