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.
Ports and terminals sector entices new entrants
Navium, IQUW and Volt attracted to niche that is now making money, while Pen Underwriting’s BBM expands in North America
Import tariffs will mean higher cargo premiums
Correlation could substantially top one-to-one in worst cases, underwriters say
P&I clubs only got two-thirds of headline rate hikes, brokers claim
Tardiness in issuing renewal documentation ‘particularly egregious’ in some cases, Lockton PL Ferrari argues
Markel appoints Johnson as transport and logistics senior underwriter
Johnson joins from Travelers Syndicate Management where he was ports and terminals underwriter
Regulation tops worries for transport sector
Geopolitical disputes prompt concerns about business disruption, WTW survey finds
NorthStandard and Gard declare 10m-plus gross tonne gains in entries
Protection and indemnity clubs doing well, brokers contend
Pool deficit of $750m hangs over renewal round feast
Combined ratios could leave some clubs paying out $6 for every $5 received, broker predicts
West of England gains Vafias vessels and DP World account at renewal
Britannia derisks under pressure from S&P Global rating downgrade
P&I market to continue tightening: AM Best
Investment income remains strong for big P&I clubs
P&I clubs turning down ‘singletons’ and ‘old ladies’
Pool deficit for 2024 now confirmed as exceeding 2022 and 2023 put together, with more likely to come
IQUW launches ports and terminals product
Specialty re/insurer brings in Ali Welchman, who was previously senior underwriter for transport and logistics at Markel, to lead new product
Amwins Global Risks restructures and launches Contour
London-based underwriting business launches specialty managing general agent that will initially write marine cargo business
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