Cargo and hull markets have ‘bottomed out’ but 2018 premium rise not enough: IUMI

Cargo and hull markets have ‘bottomed out’ but 2018 premium rise not enough: IUMI

Cargo and hull markets have ‘bottomed out’ but 2018 premium rise not enough: IUMI

The marine cargo and hull insurance markets appear to have “bottomed out” and are now showing “modest uplift”, according to the International Union of Marine Insurance (IUMI). But it warned that the 1% rise in global marine premium last year will not be enough to address the sector’s underlying problems. At its annual conference in Toronto, Canada this week, IUMI…

RSA merges global and UK commercial units, with Buckle to stand down

RSA merges global and UK commercial units, with Buckle to stand down

RSA merges global and UK commercial units, with Buckle to stand down

RSA has merged its commercial risk solutions (CRS) and global risk solutions (GRS) businesses in a move that will see the former’s managing director, Tony Buckle, leave the company. The new company focused on corporate risk will be called RSA Commercial Lines. RSA said its creation was driven by changes to its UK business during the past year, including pulling…

French broker Verlingue acquires Groupe Eyssautier

French broker Verlingue acquires Groupe Eyssautier

French broker Verlingue acquires Groupe Eyssautier

Corporate insurance broker Verlingue has acquired fellow French firm brokerage Groupe Eyssautier, adding marine and transport expertise while expanding its international footprint through Groupe Eyssautier’s Lloyd’s operation. Verlingue said the acquisition is in line with its 2022 strategic plan to target innovation and growth. Groupe Eyssautier has offices in Paris, Marseille and London as a Lloyd’s broker specialising in marine…

ArgoGlobal’s Syndicate 1200 to cease underwriting operations in Asia

ArgoGlobal’s Syndicate 1200 to cease underwriting operations in Asia

ArgoGlobal’s Syndicate 1200 to cease underwriting operations in Asia

ArgoGlobal is to exit Syndicate 1200 underwriting operations in Asia and most of its hull underwriting business within the syndicate. ArgoGlobal, a Lloyd’s insurer and member of Argo Group, said that all existing policies remain valid and the company will manage claims handling through its London operation. “Over the past two years, we’ve taken deliberate steps to improve profitability in…

Shipping companies warned as South Africa bans stowaway landings

Shipping companies warned as South Africa bans stowaway landings

Shipping companies warned as South Africa bans stowaway landings

The Swedish Professional and Indemnity Club has warned that South African authorities have banned the landing of stowaways at South African ports. The tougher stance was announced in late August. According to Mike Heads of P&I Associates (Pty) Ltd, the South African Immigration Authority has radically changed its policy when it comes to the landing of stowaways in South African…

French buyers suggest insurance market is at turning point

French buyers suggest insurance market is at turning point

French buyers suggest insurance market is at turning point

French risk managers say the insurance market appears at a turning point but most are yet to feel any real effect of hardening rates and conditions. Speaking to CRE in Paris as part of our Risk Frontiers Europe survey, president of Amrae Brigitte Bouquot said: “We are at a turning point for the market. It has started in aviation and…

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

The Australian Federal Court has ordered Japanese shipping company, Kawasaki Kisen Kaisha Ltd (K-Line), to pay a fine of $35.5m for criminal cartel conduct. This follows fines already imposed by Japan, the US, China and the European Commission, with others in the pipeline. In a note issued by Australian law firm Nathan Holding Redlich, the criminal conduct for which K-Line…

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Indian companies that import crude oil, petroleum products, chemicals and fertilisers from the Arabian Gulf and through the Strait of Hormuz are paying “phenomenally higher” cargo insurance premiums to cover war and strikes, an Indian broker has told newspaper Hindu Business Line. Standard Cargo insurance clauses exclude war and strikes. To acquire the cover, buyers need to attach the war…

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