Marine
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The new unit is part of HDI’s expansion of its specialty product offerings.
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There has been an exodus of hull premium from the London market to Nordic carriers since 2014.
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The facility launch comes after Marsh launched its Slipstream marine facility.
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The carrier has made several recent high-level promotions.
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In tandem, Mike Falvey will transition to executive chairman, effective January 1.
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This expansion will protect against risks faced by transportation and logistics businesses.
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The carrier is expanding its MGA partnerships and has invested in its marine team.
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The broker said that rising reinsurance costs after the Baltimore Bridge collapse could put a brake on softening in 2025.
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The two join the company from Navigators, a subsidiary of The Hartford.
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Sentry launched its specialty lines division in 2022.
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The executive announced last month that he was leaving Parsyl, where he had worked since 2021.
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Mizell will be based in IMA’s Houston office, its fastest-growing regional division.
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The carrier said it has “moderate exposure” to the bridge collapse.
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There is a high likelihood the property claim will be subrogated.
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Ulrich Kadow will become global head of product management and underwriting transformation.
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The new offering marks the expansion of BHSI’s US marine facilities.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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A claim on that scale would test the market in ways it has never seen.
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The complexity of the incident and US location point to one of the largest ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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The business will be led by Alex Kirkby, new head of marine and energy.
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Rokstone Underwriting has announced a $25mn North American marine facility backed by Allianz Commercial.
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Kowell succeeds Michael Pellegrini, who was appointed head of specialty for both markets last month as Michelle Sartain took over as US and Canada president.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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Berisha will serve as head of US marine cargo, Vandermyde as underwriting manager, inland marine.
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The appointment is the latest senior hire from AIG for the MGA, which recently hired Jordan Lanford as aviation head.
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Stoik has more than 35 years of senior management, underwriting and broker experience.
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He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.
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The consortium is supported by 11 other Lloyd’s businesses.
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Effective August 24, Kristen Hunter will start as head of inland marine – North America at Axis, bringing a team of three with her from Berkshire Hathaway.
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Romeo will be responsible for building out the US cargo program and charting a course for growth ahead of its launch later this year.
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Before joining AIG, the executive had served as chief underwriting officer of marine at The Hartford.
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In addition to his new role, the executive will retain his current position as head of marine for the Australasia region.
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The underwriter has worked at Swiss Re, Ironshore and Alize during his insurance career.
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The broker said increased reinsurance costs had not been passed onto customers.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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This new coverage will be underwritten by Falvey’s recently appointed inland marine underwriting team announced in late February.
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The company elevated Ken Mueller to head of inland marine and Brett Musser to head of marine liabilities for the Americas.
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2022 statutory data is now available, and results show winners and losers
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Cargo MGA Falvey Insurance Group has expanded its product offering with inland marine coverage and a newly hired team of six.
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As head of the new in-house operation, Goodwin will oversee inland, ocean marine and related properties claims.
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Specialty reinsurers are insisting on exclusionary language in order to clear their books of further exposure to the conflict.
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Underwriting agency Marcato Marine is based in Charlotte, North Carolina and will specialise in project cargo.
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Inflation, rising reinsurance costs and rebounding shipping activity all pose challenges for the market.
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Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
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Mosby will be responsible for managing Ascot’s U.S. Inland Marine portfolio and advancing the market strategy for this business.
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The broker said rate rises on IG reinsurance could be up to 10% following the impact of Hurricane Ian.
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The unit is led by marine veteran Ricardo Castro, who joined the firm from Marsh and has over four decades of experience in the industry.
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The Ryan Specialty CEO said that loose wordings were contributing to the surging size of claims
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Based in Toronto, the executive will report to AGCS North America head of marine and global head of inland marine Rich Soja.
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The new underwriting unit combines the company’s ocean marine portfolio and inland marine capabilities in the US.
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Debenport joins the energy practice within NFP's specialty business.
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The newspaper reported that the US is urging European capitals to ease the ban in a bid to tame inflation.
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The New York-based InsurTech will operate in partnership with Hippo-owned fronting carrier Spinnaker.
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Pressure to grow portfolios may ‘put the brakes’ on premium growth, despite pricing adequacy concerns.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive will take up the role of global head of marine at AIG.
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Helmed by former Aon global energy chief Bill Farnan, the Houston-based company sees AN opportunity as public companies lean away from oil and gas.
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The insurer warned that claims could arise beyond the immediate war threat in the Black Sea.
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The effects of Russia’s war in Ukraine and lightning deductibles on policies will be some of the key market drivers in the coming months.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Dorothea Ioannou will become the first female CEO of an International Group P&I club in the 167-year history of marine mutuals.
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Excess layers of the Marsh-brokered stock throughput policy are led by QBE and spread around the London market.
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The program will operate with $1mn in limit, but the firms said limits up to $5mn may be available for selected insureds subject to an underwriting review.
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Greenlight Re Innovations invests in platform that can provide on-demand, per-shipment cover.
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With the addition of Great American and R&Q, Falvey is increasing paper to handle growing supply chain exposures across the US.
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Supply chain disruptions leading to a pile-up of ships and cargo at ports worry marine executives over increased catastrophic loss potential, at a time when the frequency of severe fire losses aboard mega-ships has grown.
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Stephen Clark will also keep his responsibilities as North America hull and liabilities practice leader, a role he has held since 2017.
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Dyer will work as head of logistics, while Adams will support Greek clients with insurance and risk management.
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The executive is transferring from Singapore, where he supported the growth of the cargo and hull book.
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The broker appointed McCord as national marine practice leader and Homrighaus and Roberts as energy and marine VPs.
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Argo had signaled his departure last week, announcing Higley would be replaced in his old role by former Berkley exec Laura Havice.
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Argo’s US marine business offers inland marine products such as trucking cargo cover, as well as contractors' equipment and sports equipment policies.
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Thompson takes over from Adrien Robinson who was promoted to lead the entire specialty lines business on June 10.
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The company appoints Muriel Birre Julvécourt, who has more than 25 years’ industry experience, as head of marine.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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The ratings agency notes that direct premiums written in the class of business also fell by 2.6% last year.
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Mike McKenna joins the marine MGA from The Hartford, where he was CUO of global specialty business.
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Corvus last month raised $100mn in series C funding led by VC firm Insight Partners.
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The P&I club has also appointed Niki Tiga as correspondents’ manager in Greece.
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Steve Lewis has also become business development director at the mutual club, following the departure of Boriana Farrar.
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