Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer closes Lloyd’s syndicate

Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

AGCS pulls out of marine hull and liability business in North America and Asia

AGCS pulls out of marine hull and liability business in North America and Asia

AGCS pulls out of marine hull and liability business in North America and Asia

Allianz Global Corporate & Specialty (AGCS) rapidly followed up the news this week that CEO Chris Fischer Hirs has reportedly left the company by announcing it will discontinue marine hull and marine liability (HML) business in Asia and North America. In July of this year, AGCS confirmed that it would cease underwriting long-tail financial risks in Australia and New Zealand…

Marine market rebalances amid choppy seas for shippers

Marine market rebalances amid choppy seas for shippers

Marine market rebalances amid choppy seas for shippers

The marine insurance market is undergoing a correction following years of soft conditions, as the maritime industry faces a number of emerging risks, including large containership fires, digitalisation and a slowdown in world trade, according to the International Union of Marine Insurance (IUMI). The marine insurance sector faces a “painful” period of adjustment, following a sustained period of unprofitability, said…

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

Single cyberattack on Asia-Pacific ports could cost $110bn, with 57% ‘silent’

A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Swiss Re Corporate Solutions (SRCS) will make the majority of its cutbacks in badly performing business during 2020, with gross written premiums likely to increase a touch this year, according to the firm’s CFO John Dacey. At the end of July, SRCS announced it is pulling back from several underperforming classes that will see gross written premium reduce by about…

Marsh JLT names new CEO of UK marine and cargo business

Marsh JLT names new CEO of UK marine and cargo business

Marsh JLT names new CEO of UK marine and cargo business

Marsh JLT Specialty has named Gard’s Louise Nevill as CEO of its UK marine and cargo business. She is expected to join from the Norwegian insurer early next year. Ms Nevill led Gard’s marine underwriting team as vice-president and has previously worked for both WRB and Talbot Underwriting. She will report to Paul Moody, UK CEO of Marsh JLT Specialty,…

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…

IUMI pushes IMO for tougher fire standards on ships

IUMI pushes IMO for tougher fire standards on ships

IUMI pushes IMO for tougher fire standards on ships

The International Union of Marine Insurance (IUMI) has called for shipping regulator the International Maritime Organisation (IMO) to introduce tougher fire safety requirements for containerships as part of its 2020 agenda. IUMI said the “escalation” of containership fires – which this year alone have stricken the Yantian Express, APL Vancouver, Grande America, E R Kobe and KMTC Hong Kong– calls for new…

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