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Direct 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.”     


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


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


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.


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


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


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


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


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


Modern Power for Next-gen Bulk Carriers

Photo: WE Tech

WE Tech Solutions (WE Tech), an energy efficiency solutions provider in the marine industry, has received an order to deliver its direct-drive permanent magnet shaft generator solution to two new 25,600 dwt dual-fueled handysize bulk carriers, with an option for two more.


Iranian Tankers Free to Enter International Ports

Photo: National Iranian Tanker Company

 Restrictions on Iranian tankers’ insurance have been removed and the country’s crude carriers are now allowed to enter any oil terminal in the world, National Iranian Tanker Company (NITC)'s CEO Ali Akbar Safaee said.  


Salvage & Wreck Removal Conference Presents an Upbeat Mood

Salvage & Wreck Removal Conference Session in progress Photo JRF

The verdict at the 5th India Marine Salvage and Wreck Removal Conference of Hinode held this time in Mumbai last week was clear and unanimous. The presentations as well as the deliberations highlighted an upbeat atmosphere indicating the growing prospects for salvors on the India’s 7516 KM


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


ITIC to Pay Continuity Credit for 21st Year in Succession

Stuart Munro (Photo: ITIC)

For the 21st year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016.   The CEO of ITIC, Stuart Munro, explains


Glosten Names Springer as President

John Springer (Photo: Glosten)

Seattle-based naval architecture and marine engineering consultancy Glosten has appointed John Springer, PE as its new president. As Glosten’s fifth president since its founding in 1958, Springer takes over the role from the company’s fourth President John “Jay” Edgar, PE


LOC, Studio Navale Canepa Join Forces

Courtesy LOC Group

Leading international marine and engineering consultancy LOC Group has announced a collaboration agreement with marine survey experts Studio Navale Canepa (SNC) of Italy. Together the two organisations are combining expertise and their global networks to offer unrivalled casualty services to the


LOC Group Partners with Studio Navale Canepa

Marine and engineering consultancy LOC Group and marine survey experts Studio Navale Canepa (SNC) have entered a collaboration agreement whereby the two organizations will combine expertise and global networks to offer casualty services to the Italian market.  


ZIM to Enhance its Asia to US East Coast and Gulf Services

Photo: ​ZIM Integrated Shipping Services Ltd

 ​ZIM Integrated Shipping Services Ltd (ZIM) has announcd an enhanced Asia to US East Coast and Gulf service offering, with seven different weekly services, extensive direct port-to-port coverage and best-in-market Transit time from key ports in Asia to US East Coast & Gulf.  


Maersk Opens Direct Cork-Cuba Service

Photo: Maersk Line

 Danish shipping giant Maersk — the world’s largest container carrier — began its first ever connection between northern European ports and Cuba last Friday, promising the fastest freight transit times between Europe and the Cuban port of Mariel.   


Faulkner Joins Braemar SA as Manager

David Faulkner Courtesy Braemar

Braemar (incorporating The Salvage Association) has appointed David Faulkner as ‘Manager, Ports and Harbours (Middle East)’. David is a Master Mariner and pilot and will be based in the Braemar SA Abu Dhabi office. He has extensive experience in providing specialist port


Maersk Line Adds Direct Service to Cuba

Alongside in the Port of Mariel, Cuba – view from the bridge of the 2,556 TEU E.R. Cape Town (Photo: Maersk Line)

Container shipper Maersk Line has introduced its first direct service from Northern Europe to Cuba, beginning on Friday April 22 with the arrival of the 2,556 TEU containership E.R. Cape Town in the Port of Mariel, located 50 kilometers from Havana.  


Strikes Cause Stoppage in Greek Ports

A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos, Eleusis, Pachi and Megara ports for cargo discharging, advises Inchcape Shipping Services (ISS).  


Iranian Maritime Knowledge Hub to Open

 The Iranian Maritime Industry Knowledge Hub will be soon opened up and ready to use by public in the area of shipping and offshore industry.   Reza Mohammad Alibeike, member of The Institute of Marine Engineering, Science and Technology (IMarEST), said


CMA CGM Launches Baltic Levant Express Service

Image: CMA CGM

CMA CGM’s new Baltic Levant Express service offers direct connection between Saint Petersburg and the Eastern Mediterranean region   Starting May 9, container shipper CMA CGM has launched the new Baltic Levant Express service, offering a direct connection between Saint Petersburg and






 
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