Cargo News

Markel Buys Galleon Marine Insurance Agency, London-based MGA

Markel International has acquired Galleon Marine Insurance Agency, the London based MGA that specializes in marine professional indemnity and cargo liability business. Markel Capital Holdings today acquired the issued share capital of Galleon; details of the terms of the agreement …

International Shipping Lanes Could Be at Risk from Escalating Yemen Conflict

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to …

Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports

The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the London market, both A.M. …

Tokio Marine Kiln Launches Online Broker Platform

Tokio Marine Kiln (TMK) has launched “One TMK,” a digital exchange for brokers to quote and bind policies on-line in real time. The web-based platform has been developed to help brokers lower their transactional costs and significantly speed up the …

Marketform Rebrands as ‘Neon’ After Completing Strategic Review

Marketform, the specialist Lloyd’s insurer, announced that the group has today re-launched as “Neon.” The re-launch coincides with the completion of a strategic review of the business, as CEO Martin Reith and the group’s new leadership team continue to progress …

Marketform Committed to All Current Underwriting Lines After Strategic Review

Specialist Lloyd’s underwriter Marketform has confirmed its commitment to all its current underwriting lines after completing a strategic review. These remaining lines are: accident & health, travel; bloodstock & livestock; cargo; financial lines; marine & energy liability; marine hull & …

Marine Crimes in SE. Asia at Highest Level in Years: Dryad Maritime Study

In its latest report for the third quarter of 2015 Dryad Maritime, the UK’s maritime intelligence company, found that global maritime crime is showing “a stark rise of 38 percent of incidents across Southeast Asia,” compared to the first nine …

Aon Launches Cat Model for Marine & Energy Insurers

Aon Benfield announced it has invested in an innovative catastrophe model to help marine and energy insurers more accurately assess their cargo risks. While there are plenty of catastrophe models in the non-marine sector, the marine and energy insurance industry …

Insurers Unlikely to Be Impaired by Claims From Tianjin Port Explosion: S&P

Insurers are unlikely to be impaired by the loss claims from the explosions in the Chinese Port of Tianjin last week, according to a report from Standard & Poor’s. “Based on our initial investigation, we expect most of the affected …

A.M. Best Places 2 Chinese Insurers’ Ratings Under Review After Tianjin Blast

As a result of losses resulting from the recent explosions at Tianjin port, A.M. Best has placed under review with negative implications the financial strength rating of two Chinese insurers, which have large exposures to the losses of their motor vehicle …