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
International Maritime Organization (IMO) has conducted a national port security and facilitation workshop at the Djibouti Regional Training Centre (DRTC). The workshop (7-8 March) was highlighting IMO's maritime security and facilitation requirements and showcases the range
Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding division christened the seventh Legend-class National Security Cutter, Kimball (WMSL 756), on March 4 in front of approximately 1,000 guests. “We wouldn’t be able to bring this ship to life without the great
PensionDanmark, Danica and Navigare Capital Partners have established the Maritime Investment Fund I, which, based on capital from the founders, shall build a diversified portfolio of maritime assets including dry bulk, container, offshore, product, crude oil and chemical tankers
ABS, a provider of classification and technical services to the marine and offshore industries, held its annual National and Regional Committee meetings in London, Copenhagen and Hamburg in mid-March. “Our committee meetings provide a platform for transparent
The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both
American Hellenic Hull Insurance Company (AHHIC) has already provided cover for 1,000 vessels managed from Europe, the Americas and Asia, said said Vincent Solarino, Chairman of the Board of Directors of AHHIC and President and COO of Shipowners Claims Bureau, managers of the American Club.
Ships exposed through GPS systems, have limited back-up; cyber insurance typically doesn't cover jamming, property damage. Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say
Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA), recently hosted a dinner to mark the financial close of its LNG Terminal Project with Bahrain LNG WLL, the developer and owner of the first LNG receiving and regasification
Dubai ports operator DP World said on Monday it was partnering with Canadian pension fund manager Caisse de dépôt et placement du Québec to create an investment vehicle worth US$3.7 billion that would invest in ports and terminals worldwide.
Huntington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division today authenticated the keel of the eighth U.S. Coast Guard National Security Cutter, Midgett (WMSL 757). “The National Security Cutter Program is vital to our Coast Guard, our country and to Ingalls Shipbuilding
A new study for the European Commission compiles data and information on fisheries subsidies within six of the world's major fishing countries: Japan, South Korea, Taiwan, China, Russia and the United States. The study finds that subsidies for catch fisheries play a significant role
Mark your calendars- Ferry Safety & Technology Conference, May 11- May 12, in New York. The Worldwide Ferry Safety Association is now gearing up for its 2017 Ferry Safety & Technology Conference, which will be held May 11 – 12
The privately owned U.S.-flag foreign trading fleet, which is an essential component of U.S. sealift capability, stands on the edge of a precipice. The fleet – roughly stable in terms of cargo carrying capacity from 2000 to 2012 – has declined from 106 vessels in 2012 to 78 vessels at
The National Transportation Safety Board issued a report Thursday identifying the risks associated with the shared use of America’s Marine Transportation System by recreational and commercial vessels. The growth of both commercial and recreational vessel traffic during the last
New legislation proposed this week would require up to 30 percent of U.S. liquefied natural gas (LNG) exports to travel on U.S.-flagged vessels. The U.S. is expected to continue ramping up its LNG exports in the coming years and become a net exporter by 2020, yet there are currently no U.S