Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Lloyd’s managing agency Neon Underwriting is being placed into run-off by its US owner American Financial Group (AFG). AFG said Neon has “failed to achieve” profitability objectives since it acquired the business as Marketform in 2008. In particular, AFG said Neon’s results prospects for 2019 and 2020 fall below its expectations. Marketform relaunched as Neon in 2016 with a book…

Swerma president urges insurers to boost innovation as market hardens

Swerma president urges insurers to boost innovation as market hardens

Swerma president urges insurers to boost innovation as market hardens

The president of Swedish risk management association Swerma has called on the insurance industry to improve product development and boost innovation, while encouraging risk managers to up their game as the market hardens. Swerma president Athina Pehrmantold CRE that innovative product development is the number one area in which risk managers would like insurers to improve and put in more…

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

New International Maritime Organization (IMO) regulations on fuel and emissions will create “unique challenges” for maritime operators in 2020, according to UK P&I Club’s Stuart Edmonston. Operators will need to comply with IMO 2020 rules that cap sulphur content used in fuel and come into force on 1 January. “From a loss-prevention perspective, the most obvious discussion point for 2020…

London market loses hold on marine market dominance

London market loses hold on marine market dominance

London market loses hold on marine market dominance

Europe is losing market share of global marine business to Asia, which is proving to be strong competition for the Lloyd’s and London market, according to a new statistical report by the International Union of Marine Insurance (IUMI). In 2018, marine premiums totalled $28.9bn, up just 1%, and European underwriters accounted for the majority of business at 46%, with Asian…

Autonomous ships to take decades says Kennedys, amid low levels of public support

Autonomous ships to take decades says Kennedys, amid low levels of public support

Autonomous ships to take decades says Kennedys, amid low levels of public support

The buzz around autonomous shipping could be premature, with the adoption of fully automated ships likely to take decades rather than years, according to law firm Kennedys. The legal and regulatory obstacles are too substantial for autonomy to reach its full potential any time soon, the law firm said. Regulatory standards led by the International Maritime Organisation (IMO) and the…

P&I club passenger liability limits fall short: Marsh JLT

P&I club passenger liability limits fall short: Marsh JLT

P&I club passenger liability limits fall short: Marsh JLT

Passenger liability limits in the protection and indemnity (P&I) market are inadequate for today’s booming cruise industry, according to a new report on the sector by Marsh JLT. Mark Cracknell, head of P&I at Marsh JLT, said P&I clubs insuring cruise liners are having to cover more than the $2bn sublimit for passenger liability set by the International Group, in…

LMA releases silent cyber standard clauses

LMA releases silent cyber standard clauses

LMA releases silent cyber standard clauses

The Lloyd’s Market Association (LMA) has published model cyber clauses for property, marine and energy policies written in the London market, to help insurers deal with non-affirmative cover. The LMA, which represents Lloyd’s managing agents and syndicates, has produced the model clauses to help members provide clarity about cyber coverage under first-party property damage policies. The model clauses will also…

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) 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…

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