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Marine Insurance

Marine insurance is experiencing a period of rapid change, with a prolonged struggle to deliver underwriting profit forcing companies to reevaluate their proposition and the need to modernise. The class of business on which Lloyd’s was founded, the marine market is now navigating through a transitional period as it embraces technological reform and looks to rebuild its profit margin against a challenging operational backdrop.

Marine

Black Sea war risk pricing drops sharply but fears grow of attacks over summer

Underwriters’ confidence boosted by enhanced Ukrainian command of waterways and state subsidies to reduce marine insurance premiums

Russian Federation Ukraine

Gallagher taps Howden for senior US cargo hire

Broker expands London-based marine practice with hire of Jonathan Eaton

London United States

American Club books record premiums in 2023

Despite increased claims activity within the group pool, no claims exceeded the club’s retentions last year

North America Specialty

Swedish Club's boss Nordberg pledges to continue turnaround

Marine mutual’s managing director targets A-rating, saying it is ‘top of my agenda to become as financially strong as possible’

Sweden International

Gard set to acquire Danish marine and energy insurer Codan

Nine-figure deal pencilled in to complete at start of 2025

Gard Marine

P&I rate increases for 2025 are 'absolutely not justified': Cracknell

Back-of-an-envelope calculations suggest International Group member clubs will record $1.3bn in surplus this year, which should be plenty for not-for-profit mutuals, Marsh Specialty managing director, Mark Cracknell, contends

International Specialty

Net-zero goals are creating ‘new shipping supercycle’

QBE Asia’s head of marine, Rama Chandran, says converting to new fuels and technology will ignite strong growth for the sector

Asia Pacific QBE

Consilium launches global cargo stock throughput offering

New offering will be led by Jack Cooper as senior partner

United Kingdom Broker

International Group pool claims value doubles

Number of casualties above individual club retention trebled in 2023/24, circular confirms

International Marine

K2 International launches Rubicon Specialty with former Ascot team

New London-based managing general agent will write marine and US property as well as other lines

London Property

Ingosstrakh considers legal action after UK sanctions

Russian insurance giant insists it operates ‘in strict compliance with all applicable legislation and follows all due compliance procedures’

Russian Federation United Kingdom

Marine MGA Amphitrite adds cargo division

London-based specialist managing general agent hire Argenta’s Scott Sykes to lead new division

London Specialty
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