February 22, 2018
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 …
February 14, 2018
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 …
January 11, 2018
The crew of an Iranian oil tanker set ablaze at the weekend following a collision could still be alive, the vessel’s owner said, calling on the Chinese authorities working at the scene to prioritize a rescue attempt. “We are still …
January 11, 2018
The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly …
January 9, 2018
The majority of all auxiliary engine damage takes place immediately after maintenance work in vessels, according to an investigation by The Swedish Club, a protection & indemnity marine insurer. A key finding is that 55 percent of casualties occur within …
November 21, 2017
British ship insurer Standard Club is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the second of these specialized providers to opt for Ireland in two days. …
November 20, 2017
British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialized providers to announce such a move. Insurers are making …
February 24, 2017
U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU’s financial market, industry sources involved say. Britain dominates the global marine insurance …
January 17, 2017
Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. Restrictions on U.S. firms …
February 8, 2016
Underwriting discipline in the marine protection and indemnity (P&I) sector will be tested over the February 2016 renewal period due to market and competitive forces buffeting the sector, according to report published by A.M. Best. Free reserves are at record …