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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


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


CMA CGM Rolls out Bengal Bay Express

Map: CMA CGM

 CMA CGM has introduced its new Bengal Bay Express service, operated with 11 vessels of 6,500 TEU on a weekly basis, in a continuous effort to provide its customers with the best quality service.    Bengal Bay Express has the following features:   


Will Container Lines Skip UK Ports on Brexit?

Photo: Maersk Line

 British importers and exporters prefer direct mainline container services calling at their national ports and tend to dislike feeder services, says a Drewry report.   Is there a risk that a politically isolated UK will no longer benefit from direct vessel calls


Seago Line Introduces New Vessel to Liverpool Service

Photo: Seago Line

Maersk subsidiary Seago Line has introduced a new vessel to its recently created feeder service calling at Liverpool. The Independent Accord has already started operating on the new cargo route between Algeciras-Liverpool-Dublin that began in April.


Maersk Takes Business from India to East Africa Faster Than Ever Before

Map: Maersk Line

 The Mawingu Express, Maersk Line's direct service from India to Kenya, offers the fastest transit times in the market and better port coverage to bring business closer to East Africa.   "Through our global connections coupled with superior customer care and market expertise


CMA CGM Adds Weekly India Port Calls

This service will start the 26th of july with the first call of the CMA CGM Traviata in Port Qasim Image CMA CGM

CMA CGM Group announced the launch of two new weekly services, EPIC 1 and EPIC 2, between the Arab Gulf, Pakistan, North West India and North Europe. The current Epic service will make room for the two new weekly services. EPIC 1 offering a direct connection between North Europe and Pakistan


Med-Black Sea Oil Tanker Rates Weaken After Failed Coup in Turkey

The cost of shipping oil through the Black Sea and Mediterranean fell on Monday after a failed coup in Turkey over the weekend and shipping sources said there were no disruptions through Istanbul's vital Bosphorus Strait.   More than 290 people were killed and around 1


MTA Grows Portfolio with Magnificent Seven

Maritime Training Academy are adding to its portfolio of training courses with the addition of seven new Diplomas, confirming its position as a world leader in the provision of distance learning training within the maritime industry. The seven new training courses cover Maritime Firefighting


EU Ship Recycling on the Radar

(Source: IGP&I) Image: Gard

 The European Union Ship Recycling Regulation has been effective since 2013 and applies to all ships entering ports and terminals of EU Member States.    While it is consistent with the broad objectives established in the International Maritime Organisation’s Hong Kong


Global Tonnage Continues to Grow

Image: Gard

 2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016.  


Maersk Upgrades 'Triple Star' Service

Map: Maersk Line

 Maersk Line is upgrading  its  ‘Triple Star’ service by launching direct, weekly northbound connections between New Zealand and North East Asian ports.   "We are optimising our ‘Triple Star’ service with the launch of direct


Harry Diamond Celebrates 21 Yrs at WQIS

Harry Diamond, Vice President and Chief Claims Officer Photo WQIS

Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management


CMA CGM to Upgrade its EURAF Services

Map: CMA CGM

 In a continued effort to provide increased reliability and quality service in a challenging environment, CMA CGM Group is strengthening its coverage of Europe to West Africa with the addition of the direct call in Cameroon on its EURAF 5 service and the EURAF 4 service upgrade connecting


Oil and Shipping Markets on Edge After South China Sea Ruling

File photo: Aurelie Moulin

Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway.   A tribunal in The Hague, Netherlands


Maersk Line Mulls India-East Africa Business with Mawingu Express

Image:  Maersk Line

 The Mawingu Express, Maersk Line's direct service from India to Kenya, offers the fastest transit times in the market and better port coverage to bring clients closer to East Africa, claims the company.   "Through our global connections coupled with superior customer care and


CMA CGM to Reshuffle its India Middle East Gulf Route

Map: CMA CGM

 In a continued effort to provide increased reliability and quality services in a challenging environment, CMA CGM will reorganize its services connecting India Middle East Gulf to East Africa strategic markets.   Starting mid July 2016






 
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