West of England P&I Club News

Western Insurers Provide Cover for Russian Oil Despite Price Cap Concerns

A group of Western insurers have provided cover for tankers carrying Russian crude, keeping its oil flowing after many in the trade sector withdrew for fear of breaching the rules of a G7 price cap, data from traders and shippers …

Markets/Coverages: Cyber MGA Astaara Expands Capacity Limit to $25 Million

Astaara, the Guernsey-based managing general agent and risk management advisory business, has increased its underwriting capacity and insurance limit from US$12.5 million in 2020 to US$25 million with effect from April 1. Astaara’s cyber insurance covers ports and terminals, as …

Ship Insurers to Cancel War Risk Cover for Russia, Ukraine Following Reinsurer Exit

Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance …

New Marine Cyber Specialist Astaara Gets Investment from West of England P&I Club

Astaara, a marine insurance services business, announced it has secured a significant investment from UK marine insurer West of England P&I Club. Astaara is a new company, focused on risk management and loss prevention, which has developed a marine cyber …

Best Affirms West of England Ship Owners ‘A-‘ Ratings; Outlook Negative

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of the Luxembourg-based West of England Ship Owners Mutual Insurance Association (WOE or the Club); however, the …