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Credit Insurance

UK P&I’s Europe Club Receives Upgrade

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).   This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to “Positive.”  This upgraded ‘Positive’ outlook also extends to the Europe Club.   As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013. In its review, Standard and Poor’s recognized the upcoming change and stated that it considers the Europe club to be “core to the group”. Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said: “Recognition for both UK Club entities with the same, positive credit rating is welcome.  The Club has worked to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments.”     


Mitsui Marine, Sumitomo To Merge

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company would outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Mitsui Marine is Japan's third largest non-life insurer, and Sumitomo Marine the fourth biggest.


Moore Stephens & Clyde & Co Set Up Insurance Intermediary Consultancy

Insurance accountant and consultant Moore Stephens has joined with international law firm Clyde & Co to provide specialist advice to intermediaries on all aspects of the authorization process and on continuing compliance with FSA requirements. The rigorous FSA regime comes into effect on January 15, 2005. Intermediaries have until July 14 this year to submit their completed registration packs to the FSA. The new rules are not voluntary


Maritime Character of Insurance is Determined by Examining Whole Policy

The U.S. Court of Appeals for the Second Circuit ruled that the maritime character of an insurance policy is determined by examining the entire policy, not just the portion involved in a dispute. In the instant case, a ship tank cleaning business (through its corporate parent) purchased insurance from defendant insurer’s predecessor in interest. The insurance contract contained a Shiprepairers Legal Liability (SLL) policy coupled with a modified Comprehensive General Liability (CGL) policy


DeSimone Named President XL Insurance

XL Insurance, the insurance underwriting operations of XL Group (NYSE: XL), appointed Richard DeSimone as President of its US Ocean and Inland Marine unit. DeSimone will be based in New York and reports to Neil Robertson, Chief Executive, Global Specialty in London. ”This is a clear statement of our intent to become a more significant market for both Inland and Ocean Marine business in the United States” said Mr. Robertson


Seaman’s Work Extends Beyond Insurance Coverage

The US Court of Appeals for the Ninth Circuit ruled that the marine coverage endorsement on the business insurance purchased by a ship operator did not provide coverage for the on-shore work being performed by a seaman when he was injured. Thus, while the ship operator was liable, under the Jones Act, to the seaman for his injuries, it was unable to recoup those monies from the business insurance company, since the policy only covered work performed on the ship.


Trico Announces Completion of New Senior Secured Credit Facility

Trico Marine Services, Inc. has closed its previously announced refinancing of its existing U.S. revolving credit facility ("U.S. Dollar Facility"). The Company refinanced the U.S. Dollar Facility to relieve the Company of the maintenance debt covenants under that existing facility and to add operating flexibility. The Company's new $55 million senior secured credit facility ("New Credit Facility") is secured by 43 supply vessels. The


Key Elements of Yacht Insurance, Q&A

Joe McNulty

Accidents happen. That comes as no surprise to those in the insurance industry, but what may be a surprise is the fact that the majority of maritime accidents occur in good weather with perfect visibility. In the following Q&A, Joseph McNulty, founding member of Carroll McNulty & Kull, joins Richard Furman and John Orzel, members of the same law firm, in a discussion on the key elements of marine insurance and what underwriters and claims professionals need to know about federal laws


Hurricane Insurance Options for Boaters

GEICO Insurance Agency encourages boaters to review their hurricane insurance options “It’s important that boat owners understand the details of their hurricane coverage before a storm approaches,” said Eric Baillargeon, GEICO Insurance Agency boat program manager. “Coverage options such as haul-out protection can go a long way to protecting your investment and bringing you peace of mind.”


‘Excellent’ rating for UK War Risks

Excellent Rating for UK War Risks

  The UK War Risks Club announced the affirmation of its A- ‘Excellent’ financial strength rating with a ‘Stable’ outlook from the insurance rating agency AM Best. AM Best’s rating reflects the Club’s “excellent risk-adjusted capitalisation, track record of good operating performance and its established business profile as a specialist underwriter of war risk insurance for ships.”


Mercury Marine Launches Repower Financing

Randy Caruana

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers. “Easy and attractive financing makes the sale for many boaters,” said Randy Caruana


China Aug Power Output Falls First Time in 4 yrs

Chinas Output fell first in four years

  China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter.


IUMI to Celebrates 140th Anniversary in Hong Kong

IUMI Web Banner

  Members of the International Union of Marine Insurance, in its 140th year, will gather in Hong Kong from 21-24 September at the Intercontinental Hotel, Kowloon for its annual conference themed Building Expertise for a Changing World.


New Features Added to Revamped XChange

Airbus Defense and Space has added new features to its XChange communications management platform with the release of version 3.1 at SMM 2014. Headlining the new version is a unique system that provides Universal Remote Access to any device connected to on board networks or the IT network itself


MN 100: Continental Underwriters, Ltd.

Elder Brown.jpg

2235 N. Hwy 190 Covington, LA 70433 Tel: (985) 898-5300  Email: ebrownIII@fidelismarine.com Website: www.cultd.com President & CEO: H. Elder Brown, Jr. The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverages


Achinsk Refinery Resumes Operation on Tight Schedule

Rosneft had Halted Achinsk Oil Refinery After Explosion Kills Seven

Achinsk Oil refinery, suspended after the incident of June 15, 2014 has recovered the processes of primary crude oil processing on a tight schedule, according to the plan of repair activities. From the 1st of September the enterprise has commenced production of the main types of oil products:


Panama Canal Generates VER Carbon Credits

Forest plantlings: Image ACP

The Panama Canal Authority (ACP) informs it has certified Verified Emission Reductions (VERs) or carbon credits, within the framework of the Sustainable Forest Cover Establishment Project in the Canal Watershed. The VERs are available under the financial service provider MARKIT Registry


MARAD Shipbuilding Loan Guarantee

Bravante IX launch

  The launch of the Bravante IX, built in a U.S. shipyard, was from the investments made by the Maritime Administration (MARAD) just three years ago. The investment in and upgrading of the infrastructure can be an economic game changer


MN 100: Gencorp Insurance Group

Carnahan.jpg

16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: rcarnahan@gencorp-ins.com Website: www.gencorp-ins.com CEO/President: Robert G. Padula Number of Employees: 70 The Company: Gencorp Insurance Group provides the insurance and surety needs of marine contractors


New Partnership Targets Enhanced Tracking Solutions

Globe Tracker International, a  global asset tracking, monitoring and data sharing, has announced  a strategic relationship with Total Soft Bank Ltd. (TSB), a global port and maritime information technology solution company.    


GasLog Partners' First Option Vessels Acquisition for $328 mi

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  GasLog Partners LP and GasLog Ltd. announced today that they have entered into an agreement for the Partnership to purchase from GasLog, the sole member of the Partnership’s general partner and the Partnership’s majority unitholder


Artemus Transporation Solutions Hold 3rd Training Course

Artemus  Transportation Solutions will be holding its Global Commerce- International Transportation & Trade Shipping 101 Course on September 15-19 in the Seattle-Tacoma area. This is the third time the Shipping 101 course will be hosted by the Marine Exchange of Puget Sound in


Allianz Reports Strong 2Q 2014 Results

Michael Diekmann “In view of these good half-year results, we maintain our outlook for the operating profit for 2014 of 10 billion euros, plus or minus 500 million euros, but expect the upper end of the target range to be i

  Allianz Group achieved strong results in the second quarter of 2014. Total quarterly revenues increased 10.0 percent to 29.46 (second quarter of 2013: 26.78) billion euros. Operating profit climbed 17.1 percent to 2.77 (2.37) billion euros


BW Offshore Completes $800m Bank Loan

Courtesy BW Offshore

  BW Offshore has signed the facility documentation for the new $800 million 10-year senior secured credit facility for the Catcher FPSO project.e facility is a combined construction and long term financing facility. The credit facility was substantially oversubscribed by a group of 13


Dan-Bunkering Restructures for Expansion

Mikkel Søholm Vestergaard

Bunker trading company A/S Dan-Bunkering Ltd. introduced a new organizational structure effective August 1, 2014. The company said the move was made to maintain its position, continue expansion in the marketplace and to accommodate a newly implemented strategy.






 
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