Marine
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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…
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Lloyd’s profits jump to £2.3bn on better investment and small price rise
Lloyd’s saw its pre-tax profit jump to £2.3bn in the first half of 2019 from £0.6bn during the same period…
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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…
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RSA merges global and UK commercial units, with Buckle to stand down
RSA has merged its commercial risk solutions (CRS) and global risk solutions (GRS) businesses in a move that will see…
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French broker Verlingue acquires Groupe Eyssautier
Corporate insurance broker Verlingue has acquired fellow French firm brokerage Groupe Eyssautier, adding marine and transport expertise while expanding its…
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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.…
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Shipping companies warned as South Africa bans stowaway landings
The Swedish Professional and Indemnity Club has warned that South African authorities have banned the landing of stowaways at South…
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French buyers suggest insurance market is at turning point
French risk managers say the insurance market appears at a turning point but most are yet to feel any real…
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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…
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AXA XL working to tackle non-affirmative cyber cover in suite of products
AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told…
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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…
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Hormuz crisis means Indian importers face huge hike in marine cargo premiums
Indian companies that import crude oil, petroleum products, chemicals and fertilisers from the Arabian Gulf and through the Strait of…
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Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in
Swiss Re Corporate Solutions (SRCS) is pulling back from several underperforming classes that will see its gross written premium reduce…
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Hiscox launches new vessel seizure product as Hormuz crisis deepens
Hiscox, the London-based international specialty insurer, has developed a new security product to help protect shipping targeted by nation states…
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Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market
Swiss Re has teamed up with Singapore-based insurer EF Marine to offer protection and indemnity (P&I) cover with potential limits…
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Gulf tensions set to increase insurance rates, says DWF
Rising tensions between Iran and the UK following last week’s seizure of a British-flagged tanker in the Persian Gulf will…
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NZ government to demand big hike in cover bought by oil and gas operators
Offshore oil and gas companies that operate off the shores of New Zealand will be required to hold higher levels…
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Insurance costs to rise as two more tankers hit in Gulf of Oman
Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift…
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AGCS announces new global leadership roles for aviation and marine
Allianz Global Corporate & Specialty SE (AGCS) has appointed Tom Fadden as AGCS global head of aviation, with immediate effect.…
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Tokio Marine HCC boosts marine team
Tokio Marine HCC has appointed Paul Knighton as marine liability and logistics underwriter, further expanding the company’s specialist marine team…