25 Mar 2020

Emerging Geopolitical Threats from Covid-19

Dryad Global has said that Covid-19 will be “the defining threat trend of the year”, and that it will shape commercial and security trends within shipping, both this year and in the future. Dryad said it was key that vessels, vessel owners and the maritime community...
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20 Mar 2020

Marine Insurance Markets open for business

The outbreak of COVID-19 has become a pandemic, and most of us are affected in one way or another. But as we take the necessary precautions to weather this new and unfamiliar situation, there are crucial functions to society that cannot stop. The shipping industry is very much...
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20 Mar 2020

Lloyd’s Underwriting Room closes in response to COVID-19 outbreak

Lloyd’s Executive Committee is meeting on a daily basis to ensure quick response to developments in the COVID-19 outbreak. Last Friday, 13 March, Lloyd’s closed the Underwriting Room to test that the market could trade electronically via PPL or the emergency trading protocols....
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07 Jan 2020

Neon goes into run-off as AFG pulls out of Lloyd’s

American Financial Group, Inc. has announced that it is pulling out of underwriting in the Lloyd’s marketplace, with its Neon business there set to go into run-off. American Financial Group (AFG) said that it plans to exit the Lloyd’s of London insurance market in 2020. To...
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18 Nov 2019

AGCS to quit marine hull and liability in North America and Asia

Allianz Global Corporate & Specialty SE (AGCS) is pulling out of marine hull and liability business in North America and Asia in its marine line of business, the Allianz SE unit announced last week. The move is being taken to improve probability, the commercial insurance arm...
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20 Sep 2019

Lloyd’s Marine contraction – continued losses

Lloyd’s has reported an H1 pre-tax profit of £2.3bn, with a combined ratio of 98.8%, for the first half of 2019. This compares with a pre-tax profit of £0.6bn and a combined ratio of 95.5% for the same period last year. Gross written premiums for the first half wer...
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13 Sep 2019

Of the nine currently seized vessels, six are not in high-risk zones

There are currently nine cases of vessels that are being detained in places like Venezuela, the Stena Impero in Iran, a case in Egypt, two cases in Indonesia, Bulgaria, Ukraine and Russia, and of the countries where the current vessel seizures are taking place, six of them...
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03 Sep 2019

ArgoGlobal Syndicate 1200 to exit most hull underwriting globally

Lloyd’s insurer and Argo Group subsidiary ArgoGlobal yesterday (September 2nd) announced plans to exit most of its hull underwriting business within Syndicate 1200. It said that recently recorded combined ratios were unsustainable. Matt Harris, group head of international...
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30 Aug 2019

Britta Winkler appointed Managing Director of Edge Versicherungsmakler GmbH

We are pleased to announce that Britta Winkler has been appointed as Managing Director of Edge Versicherungsmakler GmbH with effect from 1st September, 2019 and will replace Jörn Keller. Britta joined us in 2017 as Head of Claims after working as a Senior Claims Executive for a...
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25 Jun 2019

Heightened Risk in the Gulf of Oman, the Strait of Hormuz and the Persian Gulf

On 12 May 2019 four oil tankers were attacked at anchor off Fujairah. According to a press release from the Missions to the UN of the United Arab Emirates, the Kingdom of Norway and the Kingdom of Saudi Arabia of 7 June 2019, preliminary findings from that investigation indicate...
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05 Mar 2019

Skuld moves non-P&I business from syndicate 1897 to corporate paper

Norway-based marine insurer Skuld is to move the underwriting of all its hull and offshore energy business from Skuld syndicate 1897 to the corporate paper of Skuld Assuranceforeningen through Skuld UK in London and SMA in Oslo. It said that the transfer of business from Lloyd’s...
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08 Feb 2019

B ATLANTIC style detention claims – confirmed covered under NMIP

During the latest revision of the Nordic Marine Insurance Plan, it was agreed to restrict the war risk cover to politically motivated interventions, with state interventions falling outside the war risk cover included in the marine insurance cover. The Nordic Marine Insurance...
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04 Feb 2019

Turkey accedes to IMO HK Convention on recycling

Turkey, which is one of the world’s five major ship recycling countries, has acceded to the IMO Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships 2009, which covers the design, construction, operation and maintenance of ships, and...
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