AXA XL appoints head of marine, UK and Lloyd’s market and global head of hull

AXA XL appoints head of marine, UK and Lloyd’s market and global head of hull

AXA XL appoints head of marine, UK and Lloyd’s market and global head of hull

Sundeep Khera has been appointed as head of marine, UK and Lloyd’s market, at AXA XL, with effect from 1 July 2021, and as global head of hull with immediate effect. According to AXA XL, in his new roles he will be responsible for driving strategic, profitable expansion across the UK and Lloyd’s region as well as the division’s global…

Thomas Miller appoints consultant for European growth

Thomas Miller appoints consultant for European growth

Thomas Miller appoints consultant for European growth

Marine and offshore specialty MGA Thomas Miller Specialty has recruited Sven-Erik Braun as a consultant to build the group’s European strategy. Mr Braun will be based at the company’s Hamburg branch, bringing more than 30 years’ experience of the maritime sector. He served as managing director of marine broker Döhle Assekuranzkontor GmbH for 14 years. Danielle Champion, CEO of Thomas…

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

The bulk of losses caused by the Ever Given containership that blocked the Suez Canal for nearly a week is likely to fall on reinsurers, according to Reuters. It reported that the ship’s protection and indemnity (P&I) insurer UK P&I Club is braced for a claim against the shipowner’s policy from the Suez Canal Authority for any damage to the…

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

The beaching of the Ever Given, the cargo ship that ran aground in the Suez Canal, blocking the critical passageway for six days, ended once the freighter was unwedged and the flow of vessels resumed. Working off the queue of hundreds of boats that opted to wait instead of turning south towards the Cape of Good Hope and circumnavigating Africa…

Gallagher buys Parisco to boost marine and energy offering in the Nordics

Gallagher buys Parisco to boost marine and energy offering in the Nordics

Gallagher buys Parisco to boost marine and energy offering in the Nordics

Gallagher has bought Oslo-based marine and energy broker Parisco for an undisclosed fee. Parisco is a Norwegian marine and energy broker founded in 2001 that serves contractors, offshore service vessels, exploration and production companies, shipping, passenger vessels and renewable energy clients. CEO Dag Magne Torjussen and his ten-strong team will join forces with Gallagher’s existing Oslo-based specialist marine broker Bergvall…

Suez Canal chief says financial negotiations underway with Ever Given owner

Suez Canal chief says financial negotiations underway with Ever Given owner

Suez Canal chief says financial negotiations underway with Ever Given owner

The Suez Canal Authority is in discussions with the owner of the containership Ever Given, Japanese firm Shoei Kisen Kaisha, to settle the costs of freeing the vessel from blocking the canal for nearly a week. Speaking to The Associated Press, head of the Suez Canal Authority Osama Rabie said he hoped to reach an agreement outside of the courts.…

Ever Given to be ‘held’ until compensation agreed, says Suez Canal Authority

Ever Given to be ‘held’ until compensation agreed, says Suez Canal Authority

Ever Given to be ‘held’ until compensation agreed, says Suez Canal Authority

The Suez Canal Authority has said the cargo ship Ever Given could remain in Egypt until the shipowner agrees to pay compensation, which the authority estimates at about $1bn. In an interview last week, head of the Suez Canal Authority Ossama Rabei said the estimate includes the cost of the week-long salvage operation to free the vessel, lost transit fees…

IUMI renews focus on ESG issues to help deliver for clients

IUMI renews focus on ESG issues to help deliver for clients

IUMI renews focus on ESG issues to help deliver for clients

The International Union of Marine Insurance (IUMI) is refocusing efforts on environmental, sustainability and governance (ESG) issues to ensure the marine insurance sector and its clients are better prepared to deal with their impact. Speaking at IUMI’s online spring meeting, IUMI president Richard Turner said ESG issues are impacting all forms of business, including marine insurance, which is set to…

Suez Canal blockage triggers liability uncertainty, says Moody’s

Suez Canal blockage triggers liability uncertainty, says Moody’s

Suez Canal blockage triggers liability uncertainty, says Moody’s

The full reopening of the Suez Canal on Monday after the containership Ever Given was dislodged has limited the risk of losses for insurers spreading much further, Moody’s said. Moody’s said the accident, which blocked the canal for almost a week, is credit negative for (re)insurers, with “considerable uncertainty” about loss exposure, particularly for the vessel’s protection and indemnity (P&I)…

Fitch says Suez blockage could increase rates further

Fitch says Suez blockage could increase rates further

Fitch says Suez blockage could increase rates further

Insured losses from the near week-long Suez Canal blockage could run into hundreds of millions of euros and increase rates even further for buyers, according to Fitch Ratings. The containership Ever Given, which has now been freed, will not incur significant hull losses, said Fitch. But it added that the shipowner’s protection and indemnity (P&I) insurers are likely to face…

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