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, NC-based managing general underwriter serving the North American specialty commercial marine market. Venture will integrate the Tidal Solutions marine products into its portfolio of industry specific insurance programs. The products, which include Hull & Machinery, Protection & Indemnity, General Liability and Maritime Employer’s Liability coverage, will be marketed nationwide by Venture under the brand TIDAL MARINE through Venture’s agent and broker network. Venture intends to integrate and broaden Tidal’s commercial marine offerings. “The extensive experience of Tidal Solutions’ management team in the marine and energy space, along with their established platform and exclusive supply provides a great value proposition,” said Philip J. Harvey, president of Venture Insurance Programs. “This opportunity further enhances our goal of providing superior offerings as a strong advocate for our agents and brokers.” Tidal Solutions’ current management will be retained to service and grow the marine program, with David Pearlstein, the current CEO of Tidal Solutions
First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance. Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs
Trends and developments affecting the U.S. ocean marine insurance market will be discussed at the annual meeting of the American Institute of Marine Underwriters (AIMU) on Friday, Nov. 19 in New York City. The meeting will be held in the Ricker Auditorium, 180 Maiden Lane, beginning at 9:30 a.m. Ed Badolato, chairman of the National Cargo Security Council (NCSC), will be the featured speaker. The NCSC is a broad-based organization of government agencies and private industry working together
A recent study conducted by First American Transportation Title Insurance Company, a subsidiary of First American Title Insurance Company, finds that more than 35 percent of recorded maritime vessel ownership records contain potential title issues. The October study evaluated more than 100 randomly selected commercial and recreational vessels listed on the U.S. Coast Guard’s National Vessel Documentation Center (NVDC) registry.
The 2007 conference of the International Union of Marine Insurance in Copenhagen is set for next month. As finishing touches are being put to the four-day program of committee meetings, keynote speeches, presentations, panel discussions and workshops, covering all branches of marine insurance, IUMI has announced record attendance figures. With over two weeks still to go to the start on September 9, the organizing committee from the Danish Insurance Association reports that more than 750
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. “With the resolution of insurance problems, international insurance institutes have expanded their coverage to Iranian vessels, which can now berth at all ports,”he said.
Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance 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 will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance.
Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime Authority about alternative insurance for maritime claims before March 31, 2014. Danish ships with a gross tonnage of or above 300 must carry a certificate confirming that insurance has been taken
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry
The three-month settling-in period suggested by the IMO to its Member States in which competent authorities were urged to adopt a ‘practical and pragmatic’ approach to the enforcement of the SOLAS revision stipulating all packed containers have a verified gross mass (VGM) before being
Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness. Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001
Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to divert ships
International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015. This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction
Researchers from the U.S. National Oceanic and Atmospheric Administration (NOAA) and its partners are set to visit what remains of two ships—a German U-boat and a Nicaraguan freighter – which sank off Cape Hatteras during World War II’s “Battle of the Atlantic
The Shipping Ministry of India has mooted a proposal to utilize part of the fuel cess collected for building national highways for expansion of National Waterways as well. The Union Minister for Shipping, Road Transport & Highways
Despite its remote location in the Northwestern Hawaiian Islands, Papahānaumokuākea Marine National Monument faces a looming threat of global climate change that will affect its land and marine ecosystems, as well as its cultural resources, according to a new NOAA report.
Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities. For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship
The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms, representing almost 200 experienced maritime attorneys
The International Maritime Organization (IMO) treaty covering wreck removal is on the agenda at the 7th Maritime Salvage and Casualty Response Conference in London (7-8 September). IMO’s Jan de Boer gave an insight into the Organization’s Nairobi Wreck
The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverage. The firm offers both admitted and non-admitted products in 50 states with affordable, broad terms and conditions for even the most unusual and complex risks
The Company: XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world
International Maritime Organization (IMO) is continuing its work to support developing countries to prevent air pollution and greenhouse gas emissions from ships with a global training exercise held in Batumi, Georgia (12-14 September).
The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.
Development of Inland Water Transport is a priority of the Ministry of Shipping. After the declaration of 106 new National Waterways, in addition to the existing 5 National Waterways, under the National Waterways Act, 2016, the responsibilities of Inland Waterways Authority of India (IWAI)