marine insurance News

London Market’s Placing Platform Completes Product Roll-Out with Treaty Reinsurance

The London market’s electronic placing platform, PPL Ltd., announced that the treaty reinsurance class of business went live on the platform today, completing its roll out of products. PPL said its focus will now be on continuous improvement of the …

Driverless Ships Could Offer Significant Growth Area for London Market: IUA Survey

Autonomous ships could offer significant growth potential for the London market, according to the findings of a survey conducted by the International Underwriting Association (IUA). Indeed, 25 percent of IUA members who responded to the survey stated they are considering …

India Refinery Cancels Iran Oil Imports to Keep Insurance Cover as Sanctions Loom

India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co. Ltd., …

As Arctic Ice Melts, New Energy Shipping Trade Route Opens

A new trade route for energy supplies is opening up north of the Arctic Circle as some of the warmest temperatures on record shrink ice caps that used to lock ships out of the area. This year is likely to …

China Imports with Iranian Oil Tankers and Insurance, Amid Sanctions: Sources

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co. (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States. …

AmWINS Targets Marine Insurance with Creation of 2 Specialty MGAs

Global insurance wholesale brokerage AmWINS Group has formed two specialty managing general agencies focused on the marine industry, AmWINS Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU). Argonaut Insurance Co. is providing the insurance capacity for both ASLU and …

Broker Ed Appoints Jordan from Lloyd & Partners as Divisional Director, Marine

Ed, the global reinsurance, wholesale and specialty broker, today announced the appointment of Patrick Jordan as divisional director, Marine. Based in London, he takes up his role with immediate effect and reports to Heather Clarkson, managing director, Marine. Jordan brings …

India’s HPCL Cancels Iran Oil Purchase After Insurer Refuses to Provide Cover: Sources

India’s Hindustan Petroleum Corp. (HPCL) canceled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, …

NTT DATA UK to Provide Robotics Services for TMK’s Marine Transactions

NTT DATA UK, a Tokyo-based consulting and IT services provider, announced it has entered into a partnership to provide robotics services to Tokio Marine Kiln (TMK). NTT DATA UK’s Cargo 10 Virtual Worker is the first of several planned Robotic …

Ascot Brings On Navigators’ Piazza to Head New U.S. Marine Insurance Team

Specialty insurance underwriter Ascot Group has appointed a new U.S. marine insurance team led by Chris Piazza as executive vice president and head of U.S. Marine Insurance. Piazza will lead all aspects of Ascot’s U.S. marine insurance business. He will …