Broker BGC has completed the acquisition of Lloyd’s broker Ed Broking Group, which will now become part of BGC’s insurance division that was formed in 2017 with the acquisition of Besso Insurance Group. CEO of Ed Broking Steve Hearn will become head of BGC’s insurance division and report directly to Shaun Lynn, president of BGC Partners. Ed Broking will add…
Marsh has finalised more executive appointments ahead of its JLT acquisition, with the latest round of announcements covering regional, specialty and placement teams…
Specialty commercial insurer CNA Hardy has announced that it will cease underwriting new business with immediate effect on its two Lloyd’s Asia platforms in Singapore and China. The insurer still intends to write business in Singapore and across the Asia-Pacific region but will do so from London. A memo sent to brokers from CNA Hardy chief executive Dave Brosnan suggested…
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…
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…
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…
The global cargo insurance market remains highly competitive, with an abundance of capacity, but there has been a “firming” of market conditions…
In a straw-poll of marine insurers, some 54% said they would provide cyber cover for autonomous vessels, but only in the case that safety could be guaranteed. In the same poll, conducted among delegates at the recent International Union of Marine Insurance annual conference in Cape Town, 10% of underwriters said they would provide cover, regardless of concerns about safety.…
Marine insurers have been urged to manage their sanctions exposure as the US reimposes its sanctions against Iran. Speaking at the International Union of Marine Insurance’s annual conference in Cape Town, Nooshin Namazi, partner at Nicoletti Hornig & Sweeney, said insurers must take proactive steps to manage their sanctions risks. “With almost 90% of global trade carried by sea, it…
Maritime insurers should be grateful there have been no major claims in the past year, as they continue to offer premiums that fail to meet the cost of claims and expenses…