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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


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


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


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.  


Venture Insurance Programs Acquires Tidal Solutions

Philip J. Harvey, president of Venture Insurance Programs

Venture will rebrand and integrate Tidal Solutions specialty commercial marine products into its portfolio of industry leading programs. Venture Insurance Programs, a national insurance program administrator, today announced it has acquired Tidal Solutions, LLC, a Charlotte


CMA CGM Launches New WEMED Service

Map: CMA CGM

 CMA CGM strengthens its historical presence on the Mediterranean market by connecting France, Spain, Turkey, Lebanon, Egypt, Malta and Algeria direct. CMA CGM offers a direct connection between East Med and West Med.   CMA CGM has announced the launch of the first Group’s


Ship Insurers Plug Hole in Iran Oil Cover Left by US Sanctions

File photo: MOL

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative.  


Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday.


Manage and Mitigate Risk on the Water

Tracy Markowski

Strengthening your marine insurance   Early in the morning on August 29, 2005, Hurricane Katrina struck the Golf Coast of the United States. Hurricane Katrina was the worst insured loss event in the history of insurance anywhere in the world. It was bigger than 9/11


Qatargas in 4-Year Deal to Supply LNG to Kuwait

Saad Sherida al-Kaabi, Qatargas chairman. Photo: Qatar Liquefied Gas Company Limited-2 (Qatargas 2)

 Qatargas and Kuwait Petroleum Corporation (KPC) have signed a deal to supply half a million tonnes of liquefied natural gas (LNG) to Kuwait over the next four years, according to a report.    The LNG will be sourced from Qatargas 2, a joint venture among Qatar Petroleum


XL Catlin Unveils Cargo Insurance Policy

Anne Marie Elder (Photo: XL Catlin)

XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis.   According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business


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.  






 
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