Specialty
Hull war insurers imposing covenants for Saudi-linked vessels
Underwriters remember Galaxy Leader, Sounion, Magic Seas and Eternity C casualties between 2023 and 2025
Hormuz war risk premiums surpass 10%
Renewed US-Iran hostilities and Houthi attacks are driving insurers to reassess Middle East Gulf exposure, with a growing number now reluctant to cover Saudi-linked vessels
Second Standard & Poor’s upgrade expected, says Japan Club
Sole Asian affiliate books lowest combined ratio in International Group, with no pool claims in last policy year
LMA wording excludes Hormuz toll payments
Under the model wording, insurers will not cover fees, tolls or other payments made to facilitate passage through Iranian waters
MNK International launches energy division
New division will target emerging and specialist markets across Africa, the Middle East, Europe, Asia and the Americas
McGill launches South African renewables product
Specialty intermediary partners with South African broker GIB on suite of coverage for developers, lenders and owners involved in South Africa’s energy transition
Consiluim names Outram managing partner for energy risk solutions
Broker continues build-out of energy platform with senior hire
Aviva and Axis launch £200m renewables consortium at Lloyd’s
Consortium will focus on UK onshore renewable energy construction and operational risks
Aviation insurance claims costs continue to rise
Cost of major repairs jumps nearly 11% year-on-year amid labour shortages and increased cost of parts and materials, McLarens Aviation data shows
Retro markets ‘push back’ on aviation rate pressure
Aviation retrocession markets are becoming cautions of rising losses amid a ‘changing view of risk’, Gallagher Re reports
Systemic risk of growing concern for aviation underwriters
Underwriters are becoming more concerned about the systemic impact of risks originating from outside the aviation sector, IUAI research finds
Understanding aviation risk in Brazil’s agricultural sector
The seasonal concentration of losses, the variability of pilot quality, the constraints of the local repair environment and the expected emergence of autonomous platforms present challenges for the insurance market
Munich Re starts Japan earthquake parametric cover
New parametric insurance solution uses the Lloyd’s Japan platform and is supported by Munich Re Capital Partners
Hormuz war risk premiums surpass 10%
Renewed US-Iran hostilities and Houthi attacks are driving insurers to reassess Middle East Gulf exposure, with a growing number now reluctant to cover Saudi-linked vessels
Cinven and La Caisse acquire majority stake in Optio
Transaction aims to support further product development, international expansion and the MGA’s specialist underwriting and acquisition strategy
Second Standard & Poor’s upgrade expected, says Japan Club
Sole Asian affiliate books lowest combined ratio in International Group, with no pool claims in last policy year
The political violence market must respond to growing grey zone threat
Political violence risk can no longer be assessed only through the lens of war or terrorism — it must also account for disruption that sits below the threshold of open conflict
Political risk ‘no longer confined to traditional hotspots’
Insurers and their clients will need to treat political risk as a permanent feature of the operating environment, warns WTW’s Sam Wilkin
Middle East conflict could become costliest PV loss on record
Insured political violence and terror losses arising from the conflict could reach $3bn, Howden Re estimates
BPL launches reinsurance division
BPL Re will focus on credit, political risk and surety business
Increasing unrest creates PV&T opportunity in Asia
Coverage exclusions and demand for higher limits are creating opportunities for the international specialty carriers, Markel’s Henry Ang says
Markel appoints Ang head of terrorism in Singapore
Ang will be responsible for developing Markel’s political violence and terrorism portfolio in the Asia-Pacific region
Middle East conflict could become costliest PV loss on record
Insured political violence and terror losses arising from the conflict could reach $3bn, Howden Re estimates
War overtakes civil unrest as biggest political violence threat
Political violence and terrorism claims arising from Iran conflict could be higher than from the war in Ukraine, Allianz warns
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