Lloyd's of London CEO Sees Success in 2019
Lloyd's of London is making changes that will make it more successful this year, its new chief executive said on Friday.The 300-year-old insurance market publishes the 2018 results in aggregate of the more than 80 syndicates under its roof next week.Large natural catastrophes such as hurricanes, typhoons and wildfires led to losses in the market in 2017, driving Lloyd's last year to tell its syndicates to withdraw from loss-making areas of business.Natural catastrophe losses were also heavy in 2018.John Neal, who joined Lloyd's as CEO in Oct 2018, told the Marine Insurance London conference th
European Marine Insurance Firms Join Forces
Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active and will come into effect in the second quarter. It will give birth to the world’s top three marine insurance broker in the world,…
Singapore Solidifies Maritime Hub Status
Singapore has introduced two initiatives for the maritime industry - the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which will strengthen Singapore’s standing as a leading global maritime hub.According to Dr Lam Pin Min, Senior Minister of State for Transport, the SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national…
BREXIT: North P&I Gets OK for Dublin Brexit Hub
British ship insurer North has received regulatory approval from Ireland's central bank for a new subsidiary in Dublin to ensure continued access to trade in the European Union in case Britain loses single market access, the firm said on Friday.North, which has its headquarters in the northern England city of Newcastle, is the first specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. It said a team of senior…
Who Wins in Shipping’s Battle for Data?
Weather has to be one of the most important building blocks of any digital operations solution. But, that’s only one of dozens of individual variables. Building a data management solution that navigates the unexpected, and not just the low hanging fruit, is the way to go.One of the most fiercely fought battles in shipping today is the battle for data. On a weekly basis, we see companies of all stripes – ship managers, owners, class societies, equipment manufacturers and even coating suppliers – investing in their own digital solutions and fiercely competing for control over data: the new oil.
Crowley Promotes Harrison
Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.
Ship Operating Costs Rise for Second Successive Year: Drewry
As the cost inflation is set to accelerate on higher insurance premiums, average vessel operating costs rose modestly for the second year in succession following two years of marked declines, according to the latest report published by global shipping consultancy Drewry.The report titled 'Ship Operating Costs Annual Review and Forecast 2018/19' said that typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum.Opex costs are heavily linked to developments in the wider shipping market as some costs…
Moore Stephens: Ship Operating Costs Decline Again
International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by 1.3% in 2017. This compares with the 1.1% average fall in costs recorded for 2016. For the third successive year, all categories of expenditure in 2017 were down on those for the previous 12-month period, most notably for insurance costs and stores.The findings are set out in OpCost 2018 (www.opcostonline.com), Moore Stephens’ unique ship operating costs benchmarking tool…
IUMI Appoints Richard Turner as President
Richard Turner, European Director of Global Risk Solutions at RSA Insurance Group has been elected President of the International Union of Marine Insurance (IUMI).In accordance with the Articles of Association, IUMI’s Council formally elected Richard at their annual meeting which was held today, the final day of the IUMI annual conference in Cape Town. Richard, who has been closely associated with the global marine insurance market for 35 years, will serve a four-year term as…
Marine Insurance: Protect Your Yacht, Yourself
All my life, I grew up around boats. My dad was a captain for 23 years, and I would travel on his ships throughout the Gulf of Mexico, the Atlantic Ocean and the Great Lakes. My first job out of college was in San Francisco, so naturally I bought a 30-foot sailboat and lived on it on the San Francisco Bay. In more recent years, I have enjoyed yachting with my family on the inland lakes of Virginia. No matter where you have launched your yacht, boating is an exhilarating experience. It can also be dangerous and fraught with risks.
American P&I Club Manager Prepares for Further Growth
Shipowners Claims Bureau, Inc. (SCB), the Manager of the American P&I Club, has recently announced a series of appointments designed to service the Club’s growing membership and help fulfil longer-term goals of continued expansion. The American Club has grown its membership substantially over recent years, tonnage having increased by some 25 percent over the past 24 months, and these appointments are intended to consolidate the Club’s continuing service capabilities in the future.The…
London P&I Club Setting up Cyprus Office over Brexit
British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector."We have … chosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license," London Club said in a statem
EOM Renews Reinsurance Program
Eagle Ocean Marine (EOM), the American Club’s fixed premium P&I and FD&D facility, renewed its reinsurance program for another 12 months from July 1 with the continuing support of its coventurers at Lloyd’s. .Eagle Ocean Agencies, Inc., the Manager of Eagle Ocean Marine, and an affiliate of Shipowners Claims Bureau, Inc., the Manager of the American Club, has recently secured the services of Simon Collins as consultant to the management team. Collins brings a wealth of experience to EOM.
World's First Marine Insurance Blockchain Platform Launched
EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance. In an increasingly complex and ever evolving risk landscape, global businesses will use the platform to transform how they manage risk across their organization, and how they work with brokers and (re)insurers. Insurwave, built by a joint venture between EY and Guardtime…
Association of Average Adjusters Addresses Claims Lacking Clarity
Insurance market leaders have been urged to apply their policy-reforming zeal to key areas of marine claims lacking clarity – with fishing vessel claims illustrating some of the dilemmas. The call came from Willum Richards, chairman of the Association of Average Adjusters, as he lauded the London market's Joint Hull Committee for its decision to embark on a review of the Institute Time Clauses (Hulls). He wished success to those involved in developing revised hull wordings and…
Skuld Hires Cargo and Marine Property Head
Marine insurance provider Skuld announces the appointment of Paul Knighton as global head of marine cargo and marine property. He will join Skuld Syndicate 1897 in the summer. Knighton will enhance Skuld’s well-established marine cargo and marine property portfolio by building its offering to clients. He will focus predominantly on developing a total solution product for ports, terminals and freight logistics operators. Knighton will join Skuld from the TT Club where he has been a senior underwriter since 2012.
Brexit Prompts Ship Insurers to Mull New Outposts
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 market and losing access to specialist Protection and Indemnity (P&I) clubs - marine insurers owned by shipping firms - could further weaken other parts of its multi-billion pound shipping services sector.
Markel International Appoints Kristiansson in Singapore
Markel International Singapore, the specialist insurer, has appointed Gustaf Kristiansson as marine underwriter based in Singapore. Kristiansson joins the Singapore office from Markel International’s Sweden office where he held the same position. Prior to that, he was located in Dubai, UAE working for Gulf Agency Co., an international shipping logistics and marine services company. Kristiansson brings with him more than 10 years of shipping and marine insurance experience.
Hill Dickinson Appoints Burdass as Legal Director
International commercial law firm Hill Dickinson continues to grow its shipping practice with the addition of Legal Director Tom Burdass. Burdass joins the firm’s Broadgate Tower, London office from Campbell Johnston Clark (CJC) where he spent more than six years acting for clients in dry shipping litigation matters with a particular focus on P&I and FD&D disputes where he has significant experience. Burdass has also acted in a variety of wet shipping matters. He advises on all aspects of disputes arising from charterparties…
“Blockchain” and the World of Marine Insurance
If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.
IUMI: Offshore Energy Insurance Market “Sinking”
At annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”. His warning was based on declining total premium income set alongside upstream energy large losses for 2015-16 of USD 4.8 billion. McDonald explained: “In recent years it would appear that claims have exceeded the global premium base and the last two underwriting years have seen significant losses. The…
XL Catlin Adds Ocean Marine Insurance Expertise in US
XL Catlin expands its marine insurance team with the addition of Stephen Clark as Vice President, National Hull & Liabilities Practice Leader in Chicago and Alison J. Rizzi as Senior Ocean Marine Underwriter in New York. In his new role with XL Catlin, Clark will address marine businesses’ hull and liability insurance needs. Most recently, he served as vice president of Ocean Marine business at CNA. He joins XL Catlin with more than 25 years of ocean marine underwriting experience.
Hill Dickinson Hires Duddington as Partner
International law firm Hill Dickinson has appointed partner Siiri Duddington to join its expanding shipping team. Formerly a partner at Campbell Johnston Clark (CJC), Siiri spent six years at the firm advising on a wide range of dry shipping, trade and insurance litigation, acting principally for owners, charterers, P&I clubs, traders and insurers. Siiri has extensive experience in commercial contracts disputes involving charterparty, bill of lading, MOA, COA, pooling agreements, marine insurance and sale contracts, as well as shipbuilding and rig disputes.
North P&I Club Sponsors the UK Premiere of ‘The Last Ship’
North P&I Club sponsored the Northern Stage’s production of ‘The Last Ship’, and support Newcastle’s vibrant culture and maritime connections. ‘The Last Ship’ tells a powerful story of community and social history, centring upon the demise of Tyne and Wear’s shipbuilding industry and the impact it had upon the people of the North East. It is Sting’s personal, political, and ardent musical, and has returned to the singer’s home town of Newcastle before embarking on a tour of towns and cities around the UK.
IUMI Cautions about Global Marine Insurance
Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) gives expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg. The past three years has seen the frequency of total losses within the global fleet stabilise at 0.13% by number (0.05% by tonnage). This is largely attributable to an improved safety climate, improvements in naval architecture and marine engineering; and more effective regulation.
Concirrus, EY to Drive Change in Marine Insurance Underwriting
Insurtech Concirrus and EY announced a new agreement to accelerate the adoption of behavioral-based underwriting and risk management in marine insurance. Concirrus has created market leading artificial intelligence (AI) powered marine insurance software, and is collaborating with EY, a global leader in specialty insurance consulting, to support the evolution of one of the oldest and most traditional insurance industries. Working together will help marine insurers move from older demographic based underwriting models…