The Swedish Club loses appeal over $15mn Renos lossA cohort of hull and machinery underwriters led by the Swedish Club have lost an appeal looking to dodge a $15mn loss after a freighter ship the MV Renos was destroyed by fire six years ago.
IG reinsurance cover incepts as group mulls broker changeAs the clock ticks over this evening into the 20 February there will likely be a few celebrations ringing around the marine P&I world as the International Group’s (IG) $3bn cover for the coming year finally incepts.
Mariners brace for $100mn+ Sanchi pollution lossThe marine P&I market is facing hundreds of millions of dollars in environmental pollution losses from the sinking of the Iranian-flagged Sanchi ship which went down with around 1 million barrels of crude oil onboard in the East China Sea last month, re-Insurance.com understands.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
Lloyd’s yacht market in deep water after 2017 lossesSky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.
BHSI moves into Dubai with AIG energy hireBerkshire Hathaway’s specialty operation BHSI is set to open shop in Dubai after receiving regulatory approval and hiring AIG’s global head of energy and engineered risks Alessandro Cerase.
Brit expands US marine operationsBrit has made two appointments to its US marine business and it continues to build out its yacht and cargo books in the wake of catastrophe losses incurred in the second half of last year.
Mike MacColl takes over as XL Catlin’s global hull bossXL Catlin has promoted Mike MacColl to the position of global practice leader for hull after just over a year as head of hull for the UK.
JLT hires AIG’s marine and aviation big hitter Joe TrottiJLT has hired AIG’s former head of global marine and aerospace Joe Trotti, Re-insurance.com can reveal.
London market broker SSL in exclusive sale talksThe independent London market marine broker SSL has entered into a new set of exclusive takeover talks with a private equity firm that - if successful - will lock in co-founder Andrew Sturdy and his colleagues for a minimum of three years, Reinsurance can reveal.
Kea Trader loss to cost marine (re)insurers at least $170mnMariners have been notified that losses from the Kea Trader are expected to cost the industry upwards of $170mn which means at least $70mn falling into the first layer of the giant International Group XoL reinsurance programme, Reinsurance can reveal.
Ed hires Clarkson-led marine teamHeather Clarkson, a senior London market Aon marine executive, joins the private equity backed wholesaler Ed in early 2018 to become the managing director of the broker’s marine practice, Reinsurance can reveal.
Sirius Syndicate 1945 places marine book into run-offSirius has placed its marine cargo, treaty and yacht books of business at Lloyd’s into run off, Reinsurance can reveal.
London market marine merry-go-round continuesThe changes in the London market marine underwriting classes have continued this week with two significant departures.
Enderby to leave Marsh in London efficiency driveDominic Enderby, Marsh’s Marine UK Placement Leader, is one of the most prominent market figures likely to leave the broking giant following a recent restructuring, Reinsurance understands.
Lloyd’s needs to share data to improve market efficiencySenior industry executives gathered at Reinsurance’s ‘The Future of Cargo Insurance and Risk’ roundtable have called on Lloyd’s to do more to improve the distribution of data across the market.
London needs to be more ‘inventive’ to lure business away from local marketsThe London insurance market must innovate in order to win marine business over local markets, senior industry executives have said.
UK P&I insurer facing $1bn total limit loss from Prestige spillThe London Steam-Ship Owners’ Mutual Insurance Association, also known as the London Club, is facing a $1bn damages claim following a Spanish court order yesterday (15 November) in relation to the tanker Prestige sinking and oil spill in 2002.
Neon to launch Nordic platform Orca following JLT hiresLloyd’s insurer Neon will launch a Nordic platform, Orca Insurance Services, in 2018 following the hiring of an eight-strong marine team from the Swedish-headquartered underwriting agency Lavaretus Underwriting AB.
Piracy numbers continue to fall in 2017Despite the number of maritime piracy attacks continuing to decline, the International Maritime Bureau (IMB) has urged vigilance and greater collaboration from agencies and shipping companies to tackle the continued threat in a number of hotspots.