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.
Slow but steady renewals see P&I clubs make rate hikes stick
Chinese New Year and owner hesitancy could hold things up, as International Group affiliates budget for record pool scheme deficit
Steamship Mutual heading for underwriting loss
Record-breaking pool deficit likely to hit all International Group affiliates
India authorises third sanctioned Russian P&I provider
Depth of cover unclear, market sources say
Fidelis syndicate confirms International Group private placement
International Group inks first private placement in Lloyd’s market for its mammoth reinsurance programme through newly established Fidelis syndicate
NorthStandard offers one-stop shop P&I and hull cover to smaller vessels
Move will heighten competition with fellow International Group affiliate Shipowners’ Club
Hull and machinery rates to stay stable in 2025: Gallagher
After several years of hard market conditions, buyers now have the benefits of increased choice and competition
West of England to expand war risk offering in wake of ceasefire in Gaza
Richard Turner anticipates slow resumption of Red Sea and Israel trade as networks and schedules are rearranged
Türkiye draws up list of ‘respectable P&I clubs’ for Turkish Straits transits
List includes all International Group affiliates and best-known fixed premium outfits
War risk underwriters wait for definitive Houthi stance on Gaza ceasefire
Brokers confirm pricing is shading down, but say matters could take ‘weeks and months’ to pan out
Arch promotes Hamilton to head of energy and marine liability
Executive will be responsible for combining the insurer's energy and marine teams as part of a restructure of its casualty division
Red Sea war risk rates fall as insurers ponder Gaza peace deal
Competition and softening market are pushing down prices, market sources say
West of England set to take full control of Nordic Marine
Deal will enhance marine mutual’s offer on specialist covers
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