Insurance and Marine - Insurance Industry Brief

Markets/Coverages: Sompo Launches Marine Insurance Proposition for UK Market

Insurance Journal

SEPTEMBER 25, 2024

Sompo, the Bermuda-based provider of commercial and consumer property/casualty insurance and reinsurance, announced the launch of a new national marine insurance proposition for the United Kingdom. Sompo’s Marine Cargo UK policy and its Transport & Logistics propositions are both designed …

Marine

Marine Casualty Insurance Commercial Insurance

Tokio Marine Pauses Sale of $1B Southeast Asia Life Insurance Business, Sources Say

Insurance Journal

OCTOBER 18, 2024

Japanese insurer Tokio Marine has paused the sale of its $1 billion Southeast Asia life insurance business, partly due to a dispute with a Malaysian partner over an expiring products distribution agreement, four sources with knowledge of the matter said.

Life Insurance

Life Insurance Marine Insurance Insured

People Moves: Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty; QBE Promotes Lascelles as Dir. of Underwriting, Marine and British Marine

Insurance Journal

AUGUST 15, 2024

This edition of International People Moves details appointments at the insurers Markel and QBE. Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty Markel, the insurance operations within … A summary of these new hires follows here.

Marine

Marine Liability Underwriter Underwriting

Tokio Marine Kiln Launches Specialty Reinsurance Division

Insurance Journal

SEPTEMBER 13, 2024

Tokio Marine Kiln (TMK), the international specialist insurer, announced the formation of a new Specialty Reinsurance division to support the company’s growth ambitions in the sector. The new division will be led by Phil Taylor who will be appointed head …

Marine

Marine Insurance Insured Insurer

People Moves: Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter; Chubb Promotes Latter to Lead Claims for Overseas General Insurance

Insurance Journal

DECEMBER 17, 2024

This edition of International People Moves details appointments at Arch Insurance and Chubb Overseas General. Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter Arch Insurance has appointed Ezechiel Symenouh … A summary of these new hires follows here.

Cyber

Cyber Underwriter Underwriting Marine

Louisiana Marine Electronic Services Provider Sued for Sexual Harassment

Insurance Journal

JULY 23, 2024

X-Treme Tech Services, LLC, a Thibodaux, Louisiana-based business which provides marine electronic services, violated federal law when a supervisor repeatedly sexually harassed a female employee and then fired her after she resisted his advances, the U.S. Equal Employment Opportunity Commission …

Marine

People Moves: Tokio Marine HCC Appoints Perez to Launch US Excess Casualty Business

Insurance Journal

OCTOBER 17, 2024

Tokio Marine HCC (TMHCC), based in Houston, Texas, has announced the expansion of its specialty product offering with its entry into the Excess Casualty market. David Perez has been appointed as President, Excess Casualty, to lead the launch and build …

Marine

Marine Building

Markets/Coverages: QBE to Launch US Inland Marine With 3 Hires From AIG; Next Now Offers Standalone Pro Liability for Consultants

Insurance Journal

OCTOBER 15, 2024

inland marine offering by 2025 across all 50 states as it expands its specialty product suite. The team and product will be added to QBE International Market’s growing ocean marine and energy … QBE International Markets will launch a new U.S.

Inland Marine

Inland Marine Marine Liability Insurance

People Moves: Markel Taps AEGIS London’s Pressman as Senior U/W, Marine Cargo; GC&C Names Chubb’s Selff as Head of Underwriting Asia

Insurance Journal

NOVEMBER 22, 2024

Markel Taps AEGIS London’s Pressman as Senior Underwriter, Marine Cargo Markel, the insurance operations within Markel Group … This edition of International People Moves details appointments at Markel and Generali Global Corporate & Commercial. A summary of these new hires follows.

Underwriter

Underwriter Underwriting Marine Commercial

People Moves: HDI Global Promotes Schulte as Global Head of Marine; Amwins Global Risks Hires Ewing to Lead Transactional Risk Practice

Insurance Journal

DECEMBER 12, 2024

HDI Global Promotes Schulte as Global Head of Marine HDI Global has promoted Dr. Carsten Schulte as … This edition of International People Moves details appointments at HDI Global and Amwins Global Risks. A summary of these new hires follows here.

Risk

Risk Marine

Schrager Hampson Aviation Acquires Northeast Aviation & Marine of New York

Insurance Journal

SEPTEMBER 3, 2024

Massachusetts-based Schrager Hampson Aviation Insurance Group reports it has acquired Northeast Aviation & Marine Insurance Brokers of Schenectady, New York.

Marine

Marine Insurance Broker Commercial Broker

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Insurance Journal

SEPTEMBER 17, 2024

Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said. The opaque nature of the ownership of those vessels makes it hard …

Risk

Risk Claim Insurance Marine

Boatowners Beware! Buy a Marine Policy Rather Than Relying Upon a Homeowners Policy For Coverage

Property Insurance Coverage Law

FEBRUARY 1, 2025

With six sailboats and a motorboat, I consider myself an enthusiast, though my insurance agent probably sees me as a … The post Boatowners Beware! Buy a Marine Policy Rather Than Relying Upon a Homeowners Policy For Coverage appeared first on Property Insurance Coverage Law Blog.

Policy

Policy Marine Insurance Agents Insurance Agent

People Moves: Karmilowicz Resigns as Chair of Everest Global Insurance; TMK Taps AXIS’ Furness-Smith as APAC Cyber U/W; Coalition Names Kanno for UK Cybersecurity

Insurance Journal

DECEMBER 4, 2024

This edition of International People Moves details resignations and appointments at two insurers — Everest Group and Tokio Marine Kiln — and the managing general agent Coalition. A summary of these new hires follows here. Karmilowicz to Resign as Chair …

Cyber

Cyber Agents Marine Insurance

West P&I acquires Nordic Marine Insurance

Splash: Finance and Insurance

JANUARY 9, 2025

West P&I Club has bought Nordic Marine Insurance, a specialist in delay insurance, primary loss of earnings, hull and machinery, loss of hire, and maritime lien solutions. West P&I initially acquired a significant stake in Nordic in 2020.

Marine

Marine Insurance Insured Insurer

Marine war market fears claim over detained $130m dredger

Insurance Marine News

SEPTEMBER 19, 2024

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Marine

Marine Claim Insurance Insured

People Moves: AXA XL Hires Bakker for Environmental Post; Tokio Marine HCC Appoints Gaine Head of N.A. Distribution

Insurance Journal

FEBRUARY 4, 2025

AXA XL Hires Bakker as Head of Environmental Package Solutions, Middle Market, Americas AXA XL in the Americas hired Peter Bakker as head of environmental package solutions for the middle market in the Americas. Bakker is based in New York.

Marine

Chaucer to launch Asian marine offering on Lloyd’s Singapore platform

Insurance Marine News

NOVEMBER 3, 2024

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Marine

Marine Insurance Insured Insurer

Marine Alliance acquires Speedwell Insurance Brokers

Splash: Finance and Insurance

FEBRUARY 18, 2025

Two years after it was founded, Hamburgs Marine Alliance is growing through the acquisition of a majority stake in London-based insurance broker Speedwell, who will join the current partnership of Marine Assekuranz and Fram Insurance Brokers.

Insurance Broker

Insurance Broker Broker Marine License

People Moves: Miller Names Thevenot for Strategic Sports and Entertainment Team; Tokio Marine HCC International Promotes 2 in UK Trade Credit Division

Insurance Journal

AUGUST 13, 2024

This edition of International People Moves details appointments at insurance broker Miller and the insurer Tokio Marine HCC International. A summary of these new hires follows here. Miller Appoints Thevenot for Strategic Sports and Entertainment Team Miller, the London-based independent …

Marine

Marine Insurance Broker Broker Insurance

Markets/Coverages: IQUW Launches Ports & Terminals Product

Insurance Journal

FEBRUARY 18, 2025

IQUW, the London-based specialty insurer and reinsurer, has launched its new ports and terminals product, reinforcing its position as a lead market for marine insurance. Under the leadership of Ali Welchman, an expert in the Ports and Terminals class, the …

Marine

Marine Insurance Insured Insurer

Probitas adds marine and renewables business to Syndicate 1492

Insurance Marine News

NOVEMBER 12, 2024

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Marine

Marine Insurance Insured Insurer

Markets/Coverages: Aviva’s Lloyd’s Insurer Probitas Launches 5 New Lines of Business

Insurance Journal

NOVEMBER 13, 2024

Aviva’s Lloyd’s business Probitas announced it began to quote for five new classes of business – marine (cargo, fine art & specie, and ports & terminals), construction, renewable energy, contingency/event cancellation, and mergers & acquisitions (M&A), effective Nov. This …

Marine

Marine Insurance Insured Insurer

Agile launches marine division with Hughes as head

Insurance Marine News

DECEMBER 18, 2024

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Marine

Marine Insurance Insured Insurer

Trucordia Acquires Insurance Business of Boater’s Insurance in California

Insurance Journal

FEBRUARY 18, 2025

Trucordia acquired the insurance business of Boater’s Insurance Agency in the San Francisco Bay Area. Boater’s Insurance Agency specializes in providing insurance services within the marine industry. Trucordia, formerly PCF Insurance Services, is … The firm is licensed in 50 states.

License

License Insurance Agency Insurance Insured

Cannabis Firm Fights Insurer’s Denial of Business Income Loss Claim Following Fire

Insurance Journal

JULY 28, 2024

A Berkshire Hathaway insurer is insisting it does not owe $1.3 National Fire and Marine Insurance … million in claimed business income losses to a cannabis growing company after a building fire shuttered one of its “flowering” rooms for 68 days.

Claim

Claim Building Marine Insurance

‘Geoeconomic Fragmentation’ Challenges Insurers: Geneva Association

Insurance Journal

JANUARY 24, 2025

January 2025 report from the Geneva Association, titled “Insurance in a Fragmented World Economy,” found that geopolitical tensions have driven the global economy toward “geoeconomic fragmentation.” ” Geoeconomics refers to the intersection of geopolitical forces and economic policies.

Insurance

Insurance Insured Insurer Policy

Markets/Coverages: McGill, TMK and Convex Launch Trade Disruption Facility

Insurance Journal

NOVEMBER 26, 2024

McGill and Partners, the London-based global specialty insurance and reinsurance broker, has launched a new trade disruption insurance facility in collaboration with Tokio Marine Kiln (TMK) and Convex, offering limits of $95 million, led by TMK. This offering harnesses the …

Broker

Broker Marine Insurance Insured

South Africa passes marine pollution law

Insurance Marine News

FEBRUARY 10, 2025

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Marine

Marine Insurance Insured Insurer

Marine Acquitted in Subway Chokehold Case Seeks Dismissal of Suit by Victim’s Father

Insurance Journal

JANUARY 8, 2025

Marine acquitted last month of criminal charges in the death of a man on a New York City subway train is seeking to dismiss a lawsuit brought by the victim’s father. The former U.S. Daniel Penny’ s lawyer, in a …

Marine

People Moves: DUAL Swiss Taps Tokio Marine’s Wyss as Managing Director; WTW Appoints 3 Senior Hires to International Casualty Team

Insurance Journal

JULY 17, 2024

This edition of International People Moves details appointments at managing general agent DUAL Europe and insurance broker WTW. DUAL Swiss Taps Tokio Marine’s Wyss as Managing Director DUAL Europe announced the appointment … A summary of these new hires follows here.

Broker-Agent

Broker-Agent Insurance Broker Broker Agents

Swiss Re Among Firms in $3 Billion Credit-Risk Deal for International Finance Corp.

Insurance Journal

DECEMBER 18, 2024

Swiss Re AG, Tokio Marine Holdings Inc., and AXA SA are among providers of $3 billion in credit-risk insurance for the private-sector arm of the World Bank Group, as it seeks to expand its lending in … AXIS Capital Holdings Ltd.

Risk

Risk Marine Insurance Insured

Growth of Pet Insurance Continues as Market Could Reach $4.5B

Insurance Journal

JANUARY 28, 2025

Any pet owner who has been hit by sticker shock at the vet’s office understands why pet insurance is a booming business. Pet health insurance purchases have been up over the last several years, dramatically expanding premiums for the inland …

Premium

Premium Insurance Insured Insurer

Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Insurance Journal

JULY 23, 2024

Transfers of oil at sea that involve a recently sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said. Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian …

Risk

Risk Insurance Insured Insurer

Maritime venture financing landscape mapped by Marine Money

Splash: Finance and Insurance

NOVEMBER 4, 2024

A new 12-page white paper from US-based Marine Money has mapped out today’s maritime venture financing landscape with the research clearly showing the limited number of funds that are solely dedicated to the maritime sector.

Marine

Marine Insurance Insurer Insured

Yacht Insurer OMAC Is Hull Carrier for Sunken Yacht in Sicily, Sources Say

Insurance Journal

AUGUST 21, 2024

Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter …

Insurance

Insurance Insured Insurer Protection

Clear Group Acquires Lilley Plummer Risks, Entering Wholesale Lloyd’s Broker Space

Insurance Journal

OCTOBER 29, 2024

Clear Group, the UK independent insurance broker that is owned by Private Equity at Goldman Sachs Alternatives, has entered the wholesale Lloyd’s broker space with the acquisition of Lilley Plummer Risks Ltd., a London-based marine and property specialist. Financial details …

Broker

Broker Risk Insurance Broker Marine

UK Expands Sanctions Against Russian Oil Fleet and Its Insurers

Insurance Journal

NOVEMBER 25, 2024

The UK government expanded its sanctions against Russia’s energy industry on Monday, blacklisting dozens of tankers responsible for moving the nation’s oil as well as two insurers involved in the trade. The measures ban any cooperation with Moscow-based insurers AlfaStrakhovanie …

Insurance

Insurance Insured Insurer Marine

Russian Insurers Play Growing Role in Facilitating Oil Exports to Top Buyer India

Insurance Journal

SEPTEMBER 18, 2024

Russian insurers are playing a growing role facilitating the country’s oil shipments to India, its biggest buyer, data obtained from trade and shipping sources shows, helping to protect Moscow’s export revenue despite western sanctions. Russian firms provided insurance cover for …

Protection

Protection Insurance Insured Insurer

Japan’s Non-Life Insurers Must Cut Cross-Shareholdings to Zero, Industry Group Says

Insurance Journal

SEPTEMBER 18, 2024

A trade group representing Japan’s biggest non-life insurers said on Thursday that its member firms should set a clear deadline to cut their strategic holdings of listed client shares to zero. The General Insurance Association of Japan published the guideline …

Life Insurance

Life Insurance Insurance Insured Insurer

The Secretive World of Russian Oil Tanker Insurance Revealed

Insurance Journal

OCTOBER 22, 2024

One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill. The answer is that while some are still covered by the …

Insurance

Insurance Insured Insurer Risk

Couple Accused of Using Theater Group’s Credit Card Settles With Insurer

Insurance Journal

SEPTEMBER 22, 2024

A Connecticut couple who previously lived in Tampa, Florida, has agreed to settle a subrogation lawsuit brought by Philadelphia Indemnity Insurance Co., which accused the couple of using a nonprofit theater group’s credit card for personal gain. The suit said …

Insurance

Insurance Insured Insurer Marine

Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say

Insurance Journal

AUGUST 30, 2024

Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by industry experts. The British-flagged 56-meter-long (184-foot-long) yacht, …

Insurance

Insurance Insured Insurer Protection

Russian Strikes on Ukraine’s Ports Push Up Insurance Rates: Market Sources

Insurance Journal

OCTOBER 10, 2024

A series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday. Russian ballistic …

Commercial

Commercial Broker Insurance Insured

Markets/Coverages: Sompo Launches Marine Insurance Proposition for UK Market

Tokio Marine Pauses Sale of $1B Southeast Asia Life Insurance Business, Sources Say

Trending Sources

People Moves: Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty; QBE Promotes Lascelles as Dir. of Underwriting, Marine and British Marine

Tokio Marine Kiln Launches Specialty Reinsurance Division

People Moves: Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter; Chubb Promotes Latter to Lead Claims for Overseas General Insurance

Louisiana Marine Electronic Services Provider Sued for Sexual Harassment

People Moves: Tokio Marine HCC Appoints Perez to Launch US Excess Casualty Business

Markets/Coverages: QBE to Launch US Inland Marine With 3 Hires From AIG; Next Now Offers Standalone Pro Liability for Consultants

People Moves: Markel Taps AEGIS London’s Pressman as Senior U/W, Marine Cargo; GC&C Names Chubb’s Selff as Head of Underwriting Asia

People Moves: HDI Global Promotes Schulte as Global Head of Marine; Amwins Global Risks Hires Ewing to Lead Transactional Risk Practice

Schrager Hampson Aviation Acquires Northeast Aviation & Marine of New York

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Boatowners Beware! Buy a Marine Policy Rather Than Relying Upon a Homeowners Policy For Coverage

People Moves: Karmilowicz Resigns as Chair of Everest Global Insurance; TMK Taps AXIS’ Furness-Smith as APAC Cyber U/W; Coalition Names Kanno for UK Cybersecurity

West P&I acquires Nordic Marine Insurance

Marine war market fears claim over detained $130m dredger

People Moves: AXA XL Hires Bakker for Environmental Post; Tokio Marine HCC Appoints Gaine Head of N.A. Distribution

Chaucer to launch Asian marine offering on Lloyd’s Singapore platform

Marine Alliance acquires Speedwell Insurance Brokers

People Moves: Miller Names Thevenot for Strategic Sports and Entertainment Team; Tokio Marine HCC International Promotes 2 in UK Trade Credit Division

Markets/Coverages: IQUW Launches Ports & Terminals Product

Probitas adds marine and renewables business to Syndicate 1492

Markets/Coverages: Aviva’s Lloyd’s Insurer Probitas Launches 5 New Lines of Business

Agile launches marine division with Hughes as head

Trucordia Acquires Insurance Business of Boater’s Insurance in California

Cannabis Firm Fights Insurer’s Denial of Business Income Loss Claim Following Fire

‘Geoeconomic Fragmentation’ Challenges Insurers: Geneva Association

Markets/Coverages: McGill, TMK and Convex Launch Trade Disruption Facility

South Africa passes marine pollution law

Marine Acquitted in Subway Chokehold Case Seeks Dismissal of Suit by Victim’s Father

People Moves: DUAL Swiss Taps Tokio Marine’s Wyss as Managing Director; WTW Appoints 3 Senior Hires to International Casualty Team

Swiss Re Among Firms in $3 Billion Credit-Risk Deal for International Finance Corp.

Growth of Pet Insurance Continues as Market Could Reach $4.5B

Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Maritime venture financing landscape mapped by Marine Money

Yacht Insurer OMAC Is Hull Carrier for Sunken Yacht in Sicily, Sources Say

Clear Group Acquires Lilley Plummer Risks, Entering Wholesale Lloyd’s Broker Space

UK Expands Sanctions Against Russian Oil Fleet and Its Insurers

Russian Insurers Play Growing Role in Facilitating Oil Exports to Top Buyer India

Japan’s Non-Life Insurers Must Cut Cross-Shareholdings to Zero, Industry Group Says

The Secretive World of Russian Oil Tanker Insurance Revealed

Couple Accused of Using Theater Group’s Credit Card Settles With Insurer

Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say

Russian Strikes on Ukraine’s Ports Push Up Insurance Rates: Market Sources

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