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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.

Marine

The insurance industry should keep an eye on Red Sea attacks

While the Houthi attacks in the Red Sea are being managed there is a real risk to the global supply chain

Middle East and Africa Legal focus

Middle East tensions fail to move dial on war risk rates

MSC Aries hijack and Iranian missile onslaught see little impact on Red Sea premiums and small hardening on Gulf trips

Middle East and Africa Iran

Dual acquires Swiss Re’s Genoa-based marine team

Managing general agent expands its European marine business, adding to operations in Italy and the Netherland 

Europe Swiss Re

Allianz promotes Soja to global head of marine

Insurance giant elevates head of inland marine 

Europe Allianz

BHSI enters US ocean marine market

Global commercial insurers hires Ascot’s Ben Wyatt to lead the new team

United States Berkshire Hathaway

Howden launches Red Sea cargo war facility

The facility offers up to $50m of cover against drone and missile strikes from Yemini-based militia groups

International Specialty

Argo taps Markel for head of inland marine

Julie Saunders joins Bermuda-based specialty carrier

North America Argo

Ship interests succeed in constructive total loss claim

Commercial Court finds for claimants under a war risk policy in relation to a ship detained in Indonesia 

United Kingdom Indonesia

Baltimore bridge collapse owners’ liability limitation bid set to succeed

Incident is likely to reignite the debate on the principle of limitation of liability, which shipowners enjoy to an extent that would be the envy of any other sector

United States Losses

Cytora partners on marine trade data

Insurtech unveils partnership with trade data company TradeAtlas

London Insurtech

Japan Club sees tonnage exodus

Marine mutual describes business environment as ‘not easy’ and premium levels as ‘still inadequate’, hinting at price hikes to come

Japan Marine

Minority of vessels stuck in Baltimore have delay cover

‘Always accessible’ and ‘reachable on arrival’ warranties may come into play on voyage charters, lawyer adds

United States Casualty
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