Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…

Insurance rates increase for Red Sea vessels: Reuters

Insurance rates increase for Red Sea vessels: Reuters

Insurance rates increase for Red Sea vessels: Reuters

Attacks against commercial ships in the Red Sea are driving drive higher prices for insurance cover, according to a Reuters report. In particular, breach rates have increased to cover the risk of vessels entering the Red Sea, which is considered a high-risk area. Speaking to Reuters, Gallagher’s Mike Ingham said the broker’s clients are seeing higher rates for commercial vessels…

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

A new joint venture between Seventeen Group, which owns London-based brokerage James Hallam and MGA Touchstone Underwriting, and German broker MRH Trowe has been launched to create a Lloyd’s broker in Germany that will allow clients of all firms to better access UK and EU markets. The new European Lloyd’s broker London Re will be based in Duesseldorf and have…

Survey reveals dissatisfaction with marine claims

Survey reveals dissatisfaction with marine claims

Survey reveals dissatisfaction with marine claims

Only 48% of maritime claims managers are happy with the claims process, finds a new survey from AI marine insurance platform Marine Judge. Some 44% of claims managers complained that the biggest challenge is the sheer length of time the process takes. Another 32% think the cost of processing a claim is the biggest problem and 20% cited poor communication…

IUMI president Turner joins Victor Insurance

IUMI president Turner joins Victor Insurance

IUMI president Turner joins Victor Insurance

Managing general underwriter Victor Insurance has appointed the current head of the International Union of Marine Insurance (IUMI), Richard Turner, as its international head of marine. Mr Turner will take up the role with immediate effect. He has previously worked as CEO of RSA Luxembourg and director of Global Risk Solutions. At Victor Insurance, Mr Turner will be based in…

New (re)insurer Vantage launches with $1bn capital

New (re)insurer Vantage launches with $1bn capital

New (re)insurer Vantage launches with $1bn capital

The former CEO of AXA XL, Greg Hendrick, has launched a new (re)insurer with former CEO of Arch Capital, Dinos Iordanou, backed by private equity. Vantage Group will house carrier Vantage Risk to write property catastrophe reinsurance in North America, Europe, Japan and Australia. It will also provide specialty reinsurance across the P&C classes, including marine, energy, aviation, crop, workers’…

Arthur J. Gallagher acquires US marine insurance broker

Arthur J. Gallagher acquires US marine insurance broker

Arthur J. Gallagher acquires US marine insurance broker

Arthur J. Gallagher & Co has acquired North Star Insurance Services, a full-service marine insurance broker serving clients throughout the US, and North Star Marine Insurance Services. Gallagher said North Star’s expertise spans nearly all facets of the marine industry, including hull, machinery, marine liabilities and cargo for commercial fishing, tugs and barges, shipyards and oceangoing cargo vessels. Terms of…

North P&I Club declares 10% general increase in P&I rates

North P&I Club declares 10% general increase in P&I rates

North P&I Club declares 10% general increase in P&I rates

North P&I Club will seek a 10% general increase in P&I rates for the 2021/2022 policy year, to deliver what it described as a necessary “rating correction”. It said “rapid escalation” in pool claims managed by the International Group of P&I Clubs and “unsustainable premium rates” have driven its general increase. In a pre-renewal report, North P&I Club said claims…

Gallagher urges P&I clubs to limit premium increases at renewal to around 5%

Gallagher urges P&I clubs to limit premium increases at renewal to around 5%

Gallagher urges P&I clubs to limit premium increases at renewal to around 5%

The drive from P&I clubs to push through double-figure premium increases at upcoming renewals should be tempered by the financial dire straits of many shipowners hit by Covid-19, according to Gallagher. In a review of the P&I market ahead of February 2021 renewals, Gallagher said mutual clubs looking for premium increases of between 5% and 12.5% cannot make up for…

IUMI sees early signs of recovery in marine insurance

IUMI sees early signs of recovery in marine insurance

IUMI sees early signs of recovery in marine insurance

The marine insurance market is showing early signs of recovery from the impact of Covid-19 on trade and shipping, but the pandemic continues to cause huge uncertainty, according to the International Union of Marine Insurance (IUMI). “The impact of Covid-19 on world trade and shipping in general has ruled out a simple extrapolation of past experience,” IUMI said. “The outlook…

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