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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.”     


Global Insurers Plot Cautious Course to Iran

Image - Iran Photo OPEC

* Iranian insurers see tie-up interest from foreign players * Local insurance market worth $7.4 bln in premiums * Iranian players seeking credit ratings to help partnerships * Caution remains over U.S. restrictions still in place By Bernardo Vizcaino and Carolyn Cohn SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian


New Insurance Product Attracts Quality Crew

Robert Johnston

In the superyacht industry, it is particularly well understood that good relationships between owners and their crew have a direct impact on how well yachts are run, and the quality and consistency of the charter service offered. An important new insurance product, Crewsure Marine, which assists owners and managers in protecting the health and wellbeing of their crews and so meets forthcoming legal obligations under the recently ratified Maritime Labor Convention (MLC) is now being aimed at


Singapore –Bunker Insurance

Singapore –Bunker Insurance The Singapore Maritime and Port Authority (MPA) issued a circular providing the names of additional insurers and underwriters that it has accepted for purposes of issuing Bunker Convention Certificates. The insurers and underwriters include: ·         QBE Insurance (International) Limited ·         British Marine Luxembourg S.A.


XL Offers KRE Cover to Yacht Owners

Denise Balan

  To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement


Personal jurisdiction, Venue, Insurance, Co-insurance, Salvage, and Subrogation

The U.S. Court of Appeals for the Fifth Circuit issued a long decision regarding a lengthy and complicated litigation involving personal jurisdiction, venue, cargo insurance, co-insurance, salvage, and subrogation. Adams v. Unione Mediterranea di Sicurta, No. 03-30026 (5th Cir., April 14, 2004.) (HK Law) http://www.ca5.uscourts.gov/opinions/pub/03/03-30026-CV0.wpd.pdf


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, vessel operators and shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds


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


General Maritime Q1 2010 Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three months ended March 31, 2010. Financial Review: 2010 First Quarter The company recorded a net loss of $9.1 million or $0.16 basic and $0.16 diluted loss per share for the three months ended March 31, 2010 compared to net income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009


XL Group Underwriters at IUMI Conference in Hong Kong

XL Group informs that its leading marine underwriters will join the annual International Union of Marine Insurance (IUMI) conference, the first time to be held in Hong Kong in the organisation’s 140-year history. IUMI is being held in HK from 21-24 September 2014 with the theme 'Building Expertise for a Changing World'. XL Group’s Chief Underwriting Officer, Marine, Asia Pacific, Mike Davies, has been global Vice Chairman of IUMI for 3 years and prior to that was Chairman of


MAST, AMSA Partner for Risk Management Services

Phil Cable (Photo: MAST)

Maritime security company Maritime Asset Security Training (MAST) has announced their partnership with Astbury Marine Services & Associates (AMSA), a specialist shipping and insurance response business.   The combination of front-line experience and industry knowledge place MAST and


Crowley Adds Houston-Caribbean LCL Service

Photo: Crowley Maritime

Starting July 1, Crowley Maritime Corporation will offer weekly, fixed-day, less-than-container-load (LCL) shipping services from Houston to 33 port destinations throughout the Caribbean Basin, the shipper announced today.   The new logistics service is designed to enhance supply chain


Industry Unprepared for New Container Weighing Rules, says IUMI

Pic: IUMI

 Helle Hammer, Managing Director Cefor & Chair of the International Union of Marine Insurance (IUMI) Political Forum discuss about Container Weighing Rules.   As of 1 July 2016, only containers with a verified gross mass will be allowed to be loaded on board a vessel (although IMO


IUMI Position Paper on the Offshore Safety Directive

Photo: European Space Agency (ESA)

 Neil Roberts, Manager, Marine and Aviation, Lloyd’s Market Association (LMA), United Kingdom, and International Union of Marine Insurance (IUMI) Ocean Hull Committee Secretary and Political Forum Liaison discuses  about the position paper published by IUMI.  


MSC Announces New Port Call, Revises Canada Gulf service

Photo: Mediterranean Shipping Company

 MSC’s California Express service is now to feature a new port of call – Manzanillo in Mexico.   The addition brings a significant customer benefit in transit time and reliability, and provides a direct route to the port as part of the route from Balboa to Long Beach.


Braemar Shipping Exists ICON JV

Pic: Braemar Shipping Services

 Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News.   Braemar  said it has determined the venture is no longer


Seoul's Effort to Calm Shipping Sector Storm

Photo: Hyundai Heavy Industries

 South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT.  


Iran Halts LPG Exports to Japan

Iran said on Wednesday it had stopped exports of liquefied petroleum gas (LPG) to Japan, but there were other customers available to buy the Islamic republic's LPG, the semi-official Mehr news agency reported.   The report did not give a reason but difficulties for shippers in obtaining


Marlink Unites VSAT Portfolio under Sealink Brand

Tore Morten Olsen (Photo: Eric Haun)

 Marlink has united its global VSAT offering under its Sealink brand, meaning Sealink will be the single brand name for Marlink’s entire multi-band maritime communication VSAT services portfolio going forward.   The Sealink brand strengthens and simplifies Marlink’s


CMA CGM to Improve its PEX 2 Service Between Asia and the Caribbean

Map: CMA CGM

 In order to continue offering the best dedicated service from Far East to Mexico, Central America and the Caribbean, CMA CGM is glad to inform its customers about the new rotation of its PEX 2 service.   As from m/v CMA CGM NEW JERSEY voy


COSCO Rolls Out Shipping Financial Platform

Photo: China COSCO Shipping Co

 China COSCO Shipping Co. Ltd (China COSCO Shipping) officially  inaugurated the company “COSCO shipping Financial Holdings Limited (COSCO shipping Financial) in Hong Kong.   It was former China Shipping (Hong Kong) Holdings, reports Sinocast.  


INSIGHTS: Steve Candito, President, Foresea Consulting

Steve Candito

Steven Candito is the Founder, President and CEO of Foresea, which provides advisory services including strategic planning, regulatory compliance and crisis management to the maritime and environmental communities.   Previously, Candito was President and CEO of NRC


S.Korea Shipbuilders' Lead creditors back Asset Sale, Cost Cuts

The lead creditors of two of South Korea's biggest shipbuilders have provisionally approved plans by Hyundai Heavy Industries and Samsung Heavy Industries to raise up to $4.2 billion in asset sales and cost cuts, people with knowledge of the plans said on Wednesday.


EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday. The official said Egypt would consider importing a further 10 cargoes of LNG


Maersk Line Launches Latin America, Asia Service

Image: Maersk Line

Maersk Line announced changes to its AC network with the launch of its AC1 service, connecting the West Coast of Latin America with Asia, beginning at the end of June.   According to Maerks Line, the AC1 service, connecting the West Coast of Latin America to Asia






 
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