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) 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 from September, following a strategic review of the business. It confirmed that it would also close its operations in New…

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…

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…

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

The UK P&I Club has warned member shipping companies that it has been notified by Oasis P&I Services Company of cases in Guangzhou, Shanghai, Qingdao and some other Chinese ports where local Maritime Situational Awareness (MSA) offices have strengthening supervision and imposed penalties on ships that were found to be in breach of sulphur fuel rules. The club explained that…

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

The International Union of Marine Insurance (IUMI) has called for greater law enforcement and business action to mitigate the growing risk of cargo theft, which it warns has reached “alarming proportions”. In a position paper published to coincide with its annual conference in Toronto, IUMI proposed dedicated cargo theft taskforces to coordinate law enforcement across borders and develop effective networks…

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…

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…

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.…

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…