marine insurance News

Ryan Specialty Completes Acquisition of Lodestar Marine of London

Ryan Specialty Group has completed its acquisition of Lodestar Marine Limited of London. Within RSG, Lodestar’s operations are a part of RSG Underwriting Managers, the managing general underwriting division of Ryan Specialty Group. Charles Dymoke and John Hearn have joined …

First Blockchain for Marine Insurance Now Running

A blockchain that is said to be the first for $30 billion marine insurance is now in commercial use, according to a coalition of technology, insurance, marine and consulting businesses. EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance partners Willis Towers …

Blockchain Revolution to Hit Shipping Industry – with Potentially Huge Cost Savings

Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. That last throwback …

Arctic Winter Ice Covers 2nd Smallest Area on Record, Opening Region to Shipping

Winter sea ice on the Arctic Ocean covered the second smallest area on record this year, part of a thaw that is opening the region to shipping and oil exploration and may be disrupting weather far to the south, scientists …

AFL Insurance Brokers Launches Marine Division, Hires Mott from Ed to Lead Unit

Independent Lloyd’s broker AFL Insurance Brokers Ltd. announced the launch of a commercial marine division, and the appointment of Alex Mott as director of Marine. A senior marine insurance professional with 16 years of international experience, Mott previously managed the …

UK Marine Insurer Steamship Mutual Chooses Netherlands for Post-Brexit HQ

British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. “We are about to apply for a license to establish …

Demarco Joins Maritime Program Group’s Private Client Division

Connecticut-based marine insurance program manager Maritime Program Group has hired Michael Demarco as senior underwriter in its Private Client Services division. MPG’s Private Client Services division specializes in high-net worth and hard-to-place personal lines placements due to location or loss …

Marine P&I Clubs Face Intense Pricing Pressures in February Renewals: A.M. Best

While the balance sheets of clubs operating in the marine protection and indemnity (P&I) sector are generally strong, underwriting discipline will be tested over the February 2018 renewal period, according to a report by A.M. Best. Intense competition, exacerbated by …

Ryan Specialty Group Agrees to Buy UK P&I MGA Lodestar Marine from Tawa

Ryan Specialty Group LLC (RSG) announced it has reached a definitive agreement to acquire London-based Lodestar Marine Ltd., an MGA in the protection & indemnity (P&I) fixed premium marine market, from Tawa Associates Ltd.* Lodestar’s operations will become part of …

XL Catlin Promotes MacColl as Global Practice Leader for Hull, Succeeding Talbot

XL Catlin announced the promotion of Mike MacColl to the position of global practice leader for Hull with immediate effect. Previously, MacColl held the role of head of Hull for the UK. MacColl takes on the role from Mike Talbot, …