Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Lloyd’s insurer Neon, which is part of The Great American Insurance Group, launched a new marine and offshore construction consortium. The consortium went live in February and aims to provide bespoke insurance coverage to shipyard clients. The consortium is underwritten by Mireille Dolonen and offers $70m capacity for shipyard construction and $55m for rig construction. Neon leads the consortium and…

Cost of P&I insurance to fall as competition mounts say rating agencies

Cost of P&I insurance to fall as competition mounts say rating agencies

Cost of P&I insurance to fall as competition mounts say rating agencies

Rating agencies predict that the cost of protection and indemnity (P&I) cover will come down as clubs face pressure from hard-up ship owners and react to benign losses. In recent weeks, several P&I clubs announced the results of P&I renewals in February. They were marked by flat rates and risk selection. However, AM Best and Standard & Poor’s (S&P) have…

RSA states aim to ‘outperform’ market as profits rise 25%

RSA states aim to ‘outperform’ market as profits rise 25%

RSA states aim to ‘outperform’ market as profits rise 25%

RSA said 2016 marked a “turnaround” in its fortunes as the insurer reported a 25% increase in operating profits to £655m, drawing a line under three years of restructuring. Group chief executive Stephen Hester said RSA “took major strides forward” last year reporting a 73% surge in underwriting profits to close 2016 at £380m from £220m in 2015. The group’s…

Reinsurance prices fall further at renewal but pace of decline slows

Reinsurance prices fall further at renewal but pace of decline slows

Reinsurance prices fall further at renewal but pace of decline slows

Reinsurance buyers saw further price reductions at the January 2017 renewal, although the rate of reductions slowed, according to brokers. Willis Re said that many insurers managed to achieve improved terms when buying reinsurance programmes at the January renewal. Sizeable reductions were obtained on international business, although there was more stability in the US. “While there are signs that reinsurers…

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