AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

American International Group (AIG) is shuttering all underwriting activity in Iran due to the reimposition of US sanctions by the Trump administration. The majority of the US insurer’s Iranian activities were inherited from its acquisition of Bermuda-based reinsurer Validus Holdings for $5.56bn in July. Validus’s non-US subsidiaries provide marine hull, war and cargo insurance to shipping companies that transport cargo…

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA Group is exiting three lines of specialty business and scaling back its London market premiums by one third. Following a review of its specialty and wholesale business written through RSA Global Risk Solutions, the insurer will withdraw from international construction, international freight and fixed price marine protection and indemnity insurance with immediate effect…

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh has announced it will create a new specialty unit following the acquisition of JLT. Marsh-JLT Specialty will combine the specialty teams of both businesses when the deal closes, although notably it will retain the JLT name and key JLT executives will head up the new business…

Standard Club partners with Ping An for Chinese P&I underwriting

Standard Club partners with Ping An for Chinese P&I underwriting

Standard Club partners with Ping An for Chinese P&I underwriting

Mutual insurance association Standard Club Asia, managed by Charles Taylor Mutual Management, has teamed up with China’s Ping An Property & Casualty Insurance to jointly offer professional and indemnity (P&I) cover for Chinese shipowners. China is currently ranked as the world’s second-largest shipowning country, behind Greece, and has the largest share of general cargo ships. The partnership will focus on…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

A sea change: how technology is revolutionising risk management in the marine cargo industry

A sea change: how technology is revolutionising risk management in the marine cargo industry

A sea change: how technology is revolutionising risk management in the marine cargo industry

When goods are being transported, by land, sea or air, there are physical damage risks along the way. Goods can be damaged during loading or unloading, as well as during transit and even while in storage. Madeleine Griffiths, UK and Ireland cargo underwriter* at XL Catlin, now part of AXA XL, a division of AXA, explains how cargo coverage works…

Tokio Marine Kiln to close HK office

Tokio Marine Kiln to close HK office

Tokio Marine Kiln to close HK office

Tokio Marine Kiln (TMK) is to close its Hong Kong office with immediate effect, citing challenging market conditions for marine and cargo insurance. Meanwhile, fellow insurer Chubb is launching a cargo insurance product aimed at Hong Kong exporters and importers. Tokio Marine’s primary Asian base will now be in Singapore, with a supporting office in Shanghai. The Hong Kong office…

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

No dominant post-Brexit hub is emerging for London company firms, as the market delivered a 16% premium jump in 2017 and its statistics begin to reflect changing dynamics bought about by the UK’s EU exit, according to a report by the International Underwriting Association (IUA)…

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