McGill and Partners News

Container Ship Could Block Suez Canal Like a ‘Beached Whale’ for Weeks

ISMAILIA, Egypt – A huge container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global …

Insurers of Container Ship Aground in Suez Canal Face Millions in Claims

LONDON – The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday. The 400-meter, 224,000-tonne …

Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims

Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the bill, industry sources said. Bars, beauty parlors, …

Lloyd’s, Insurtech Parsyl Launch Insurance Facility for COVID-19 Vaccine Shipments

Lloyd’s and insurtech start-up Parsyl Inc. announced the launch of the Global Health Risk Facility (GHRF), which will provide billions of dollars of insurance coverage, together with risk mitigation services, to help protect and support the global distribution of COVID-19 …

Record Return of Merger Activity Leads to Massive Growth in M&A Insurance Market

LONDON – A record rebound in merger activity this year and a rise in litigation has brought with it an upsurge in insurance policies that give companies and private equity firms cover for when a deal goes wrong, industry officials …

New Lloyd’s Syndicate-in-a-Box Created to Insure Transport of Future COVID-19 Vaccine

Lloyd’s, the specialist insurance and reinsurance market, announced the creation and in principle approval of its newest “syndicate-in-a-box,” Syndicate 1796,* set up to insure the storage and transportation of a COVID-19 vaccine – once it is developed – to emerging …

Global Insurers Pulled into Epicenter of COVID-19 Crisis, Firmly in Uncharted Territory

Roger Federer and Rafael Nadal locked in spell-binding battle. Paul McCartney sharing a stage with Kendrick Lamar and Taylor Swift. The long-awaited 32nd Olympic Games. The list of canned crowd-thrillers that were planned for the coming weeks isn’t just bad …

New UK Broker McGill & Partners Grows Rapidly in First 6 Months of Trading

New boutique risk solutions business McGill and Partners has grown rapidly in its first six months of trading following “a successful talent acquisition strategy and significant client wins,” the company said. Headcount has grown from five to 134, and the …

3 Industry Veterans Relish Fresh Start for Their Latest Legacy-Free Ventures

Although the insurance market is awash with capacity and competition, two new specialty companies—a re/insurer and a broker—formed earlier this year, aiming to create something new and different for their clients. First, well-known industry veterans Stephen Catlin and Paul Brand, …

New Specialty Broker McGill & Partners Forms U.S. Subsidiary

The new London-based insurance broker, McGill & Partners, is forming a Delaware-based subsidiary and is obtaining U.S. licenses to operate, the company’s founder Steve McGill has confirmed. When McGill & Partners announced its launch in May 2019, the London-based company …