marine liability insurance News

Reinsurers Will Bear Most of Costs of Container-Ship Grounding in Suez Canal

LONDON — Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of dollars. International supply …

Abandoned Dutch Cargo Ship Secured by 2 Tugboats off Coast of Norway

OSLO – A Dutch cargo ship that was abandoned at sea during a storm off the coast of Norway this week has been attached to two large tugboats and is no longer at risk of running aground, local officials said …

Greek Tanker Manager Denies Connection to Oil Leak Tarring Brazil’s Beaches

The manager of an oil tanker being probed by Brazilian authorities in connection with an oil spill off the country’s coast has found “no proof” of the vessel conducting activities that may have led to leaks on a journey between …

Ocean Marine Insurers Face New Risks, Challenges in Changing Segment

Ocean marine insurance is the oldest line of insurance and today represents a small specialty line in the property/casualty insurance industry. Since those early days, marine products have evolved as risks and exposures have increased in both size and complexity. …

Large Shipping Losses in 2018 Drop to Lowest Level this Century but New Risks Emerge

Large shipping losses declined by more than 50% in 2018 from the previous year – their lowest level this century, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. In 2018, 46 large ships were …

Environmental Disaster Unfolds in Pacific, Near Solomon Islands, as Ship Leaks Oil

An environmental disaster is unfolding in the Pacific after a large ship ran aground and began leaking oil next to a UNESCO World Heritage site in the Solomon Islands, Australian officials said Friday [March 1]. Footage taken this week shows …

MGA Globe Underwriting Launches Marine Division with UK, Int’l Focus

Globe Underwriting, the UK-based managing general agent, has announced the launch of its marine division. The five-strong team is led by Peter Rogers, head of marine, and David Dymond, head of underwriting. They will report to Gary Corke, CEO, Globe …

Markel Int’l Singapore Taps Munich Re’s Fordham as Marine Liability U/W

Markel International Singapore, the specialist insurer, has appointed Colin Fordham as a senior marine liability underwriter based in Singapore. Fordham joins from the Munich Re syndicate on the Lloyd’s Asia Platform, where he held the same position, and brings with …

North Korean Shipping Company Evades UN Sanctions, Obtains Marine Insurance

A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation, according to a new report by United Nations monitors. The U.N. Security Council’s Panel of Experts on …

London-Based Chubb Global Markets Names Marine Team Leaders

Chubb Global Markets, the London-based wholesale insurance division of Chubb, announced the appointment of the leaders of its marine team, with immediate effect. Mark Edmondson, formerly head of marine for legacy Chubb Syndicate 1882, has been appointed as head of …