Axis, Markel and Lancashire report mixed results

Axis, Markel and Lancashire report mixed results

Axis, Markel and Lancashire report mixed results

Axis, Markel and Lancashirehave posted mixed second-quarter and half-year results, as they grapple with varying degrees of Covid-19 underwriting and investment losses. Axis reported net income of $112m for the second quarter, from $166m during the same period of 2019. Operating income was $72m, compared to $137m in the prior year period. The company’s combined ratio improved to 94.7% from…

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s has approved in principal a new ‘syndicate in a box’ to insure the storage and transportation of a Covid-19 vaccine to emerging economies, when it is developed. Syndicate 1796 has been developed by Parsyl, an insurance technology company and Lloyd’s Lab alumni, in close partnership with managing agent Ascot and in cooperation with AXA XL, McGill and Partners, and…

Castel Europe acquires Dutch marine business from The Hartford

Castel Europe acquires Dutch marine business from The Hartford

Castel Europe acquires Dutch marine business from The Hartford

Castel Underwriting Europe has agreed to acquire the renewal rights of Navigators Europe’s book of predominantly Dutch marine business from The Hartford. Financial details have not been disclosed. The book predominantly comprises Dutch marine cargo, inland hull, land-based equipment and liability business. Castel Underwriting Europe is a club-style MGA platform and subsidiary of Castel Underwriting Agencies Ltd. Navigators Europe’s Rotterdam-based…

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Large shipping losses hit a new low last year with 41 vessels lost worldwide, but total incidents were up year on year and Covid-19 endangers long-term safety improvements, according to Allianz Global Corporate & Specialty (AGCS). The insurer’s annual Safety & Shipping Review analyses reported worldwide shipping losses for vessels weighing more than 100 gross tons. The latest study reveals…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…

Chubb expands marine team

Chubb expands marine team

Chubb expands marine team

Chubb has appointed Frank Chu as cargo underwriter to its expanding marine team within Chubb Global Markets (CGM). CGM comprises Chubb’s London market wholesale and specialty business, including the company’s Lloyd’s platform. Mr Chu will report to David Kirk, Chubb’s product head for cargo. The appointment is effective immediately. Mr Chu has more than 20 years’ experience in the insurance…

HDI Global Specialty partners with new Italian underwriting agency

HDI Global Specialty partners with new Italian underwriting agency

HDI Global Specialty partners with new Italian underwriting agency

HDI Global Specialty’s Italian branch has partnered with newly launched underwriting agency Marine Insurance Agency (MIA). Based in Genoa, the new agency will focus on marine hull and cargo business. It has already started writing business for HDI Global Specialty Italy. MIA was launched in March by insurance broker and shipping agency Cambiaso Risso Group. Sergio Revello heads up the…

Anchored vessels during pandemic create new risks for maritime sector, warns AGCS

Anchored vessels during pandemic create new risks for maritime sector, warns AGCS

Anchored vessels during pandemic create new risks for maritime sector, warns AGCS

Ships left idle during the Covid-19 pandemic have created a new set of risks for maritime companies, warns Allianz Global Corporate & Specialty (AGCS) in a new report. While familiar risks linked to at-sea operations have diminished, AGCS says other challenges have risen. The report on maritime assets during the pandemic says vessels in layup need regular maintenance for when…

Zurich creates new lead underwriting roles

Zurich creates new lead underwriting roles

Zurich creates new lead underwriting roles

Zurich Insurance Group has created two underwriting roles with the appointment of Ralph Brand as global head of casualty, financial lines and cyber, and Chris Waterman as global head of property, marine and technical lines. Zurich said the new roles will simplify its underwriting by aligning shorter-tail first-party coverages and longer-tail third-party liability coverages. Mr Brand rejoined Zurich last year…

Willis Towers Watson launches new cyber cover to plug gaps for shipowners

Willis Towers Watson launches new cyber cover to plug gaps for shipowners

Willis Towers Watson launches new cyber cover to plug gaps for shipowners

Willis Towers Watson (WTW) has launched a new cyber cover specifically designed for shipowners that offers risk managers in the industry an alternative to what the broker said are often pre-existing generic cyber products that are simply tweaked to fit their needs. The broker said that as the financial impact of cyber incidents continues to rise and silent cyber cover…

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