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Casualty Insurance News

10 Aug 2020

Brokers Calculate Marine Insurance Losses from Beirut Blast

(Credit: VOA)

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.Overall insured losses - including property damage - from the August 4 port warehouse detonation of more than 2,000 tonnes of ammonium nitrate may reach around $3 billion, sources told Reuters last week.The explosion killed at least 163 people, injured more than 6…

08 Aug 2014

Allianz Reports Strong 2Q 2014 Results

Allianz Group achieved strong results in the second quarter of 2014. Total quarterly revenues increased 10.0 percent to 29.46 (second quarter of 2013: 26.78) billion euros. Operating profit climbed 17.1 percent to 2.77 (2.37) billion euros. Net income attributable to shareholders amounted to 1.76 (1.59) billion euros, an increase of 10.5 percent. In the first half of the year, Allianz Group reported the highest total revenues in the company’s history. Total revenues rose 7.8 percent to 63.42 (58.82) billion euros. Operating profit climbed 6.4 percent to 5.49 (5.16) billion euros, while net income attributable to shareholders advanced 3.0 percent to 3.40 (3.30) billion euros in the first six months of the year.

22 Apr 2013

Caterpillar’s Marine Center of Excellence

Highly automated, fully variable assembly process allows Cat to provide uniform service to a myriad of marine customers. But, MCOE is only one part of Cat’s new business strategy. In August of 2007, the first Cat marine engine left Caterpillar’s new Marine Center of Excellence (MCOE) in Greenville, South Carolina. In the ensuing years, countless engines have gone through the same process. Caterpillar Marine Power Systems brings together all the sales and service activities for Cat and MaK branded marine products within Caterpillar Inc. The organization provides marine power solutions (high and medium speed with outputs from 11 kW to 16,000 kW) and customer service from a single source for the global ocean-going, commercial and pleasure craft markets.

19 Mar 2013

Risk Management

The old expression about getting one’s sea legs speaks to how different life can be in the ocean marine environment. Those who spend most of their time on land often need to adjust to the rhythms that are second nature to old sea hands. Similarly, any company that operates both on land and water needs to adjust its risk management strategies to account for exposures in both arenas. That can range from something as simple as making sure land-based workers have the right protective equipment when they move to the waterfront, to something as complex as coordinating insurance coverage to minimize the possibility of gaps or unexpected liabilities.

15 Feb 2013

gplink: Remote monitoring system designed for CAT engines

Remote Tracking, Monitoring, and Notification Systems for Cat Powered yachts and vessels are here. The organization that provides premier power solutions in the medium- and high-speed segments with outputs from 93 to 16,000 kW in main propulsion and 10 to 7,680 kWe in marine generator sets, utilizing a sales and service network of more than 2,100 world-wide locations, has further increased its customer support for ocean-going, commercial marine and pleasure craft – wherever they are. Aptly named gplink, the satellite/cellular based tracking, monitoring, and notification system is specifically designed for Cat engines. Beyond the all-important monitoring of diagnostics and operating parameters – with ten basic features coming standard – the system does so much more.

29 Nov 2012

Underwriting Workboats

Moving 30 barges at once takes the sure hand of a tugboat pilot who knows how to maneuver a flotilla through the twists and turns of the Mississippi River. Lashed together, three across and 10 long, the barges cover more than twice the surface area of a modern aircraft carrier. Most would agree that the best river pilots are artisans, deeply skilled in methods to meet the challenges of that particular job. Equally skilled, however, are the tugboat captains in a crowded ocean harbor…

12 Aug 2011

Travelers Names Ray Martino President of Ocean Marine

Raymond T. Martino, President, Travelers Ocean Marine unit

HARTFORD, Conn., August 11, 2011 – The Travelers Companies, Inc. is pleased to announce the appointment of Raymond T. Martino as the President of its Ocean Marine business unit. Martino is responsible for the overall leadership and management of Travelers Ocean Marine, which provides highly specialized property and liability insurance products for maritime-oriented risks including commercial hulls, cargo, luxury yachts, port authorities, shipbuilders and numerous other specialized exposures.

27 Jan 2010

Zurich Appoints Gillen Head of Marine Claims

Zurich, a property and casualty insurance provider globally and in North America, announced that Steve Gillen has joined Zurich in a key new role as Global Head of Marine Claims. Effective immediately, Gillen will work closely with regional marine leadership and regional claims organizations to enhance Zurich’s claims proposition in support of the global marine specialty practice, and enhance claims capabilities in support of Zurich’s marine business. Gillen has more than 25 years of extensive experience in marine claims and risk engineering, most recently serving as senior vice president and president, Chartis Marine Claims Adjusters, Inc. Prior to his time at Chartis, Gillen held numerous senior level positions within the industry.

23 Jan 2009

Hickey VP Corp Cargo, Zurich Global Energy

Zurich, a property and casualty insurance provider in North America and globally, said its Global Energy’s Marine group has appointed Patrick Hickey as vice president – Global Corporate Cargo, North America. In this newly created role, Hickey will manage the underwriting and growth of ocean cargo coverage to Zurich’s largest corporate customers in North America. David Drake, vice president – Cargo, will continue in his national and regional roles with a renewed focus on growing Zurich’s ocean cargo business to middle market accounts. Hickey has 20 years experience in marine insurance. Prior to joining Zurich, he worked in the New York, Los Angeles and San Francisco marine markets.

12 Jan 2009

Hickey Appointed at Zurich Global Energy

Zurich, a property and casualty insurance provider in North America and globally, announced that its Global Energy’s Marine group has appointed Patrick Hickey as vice president – Global Corporate Cargo, North America. In this newly created role, Hickey will manage the underwriting and growth of ocean cargo coverage to Zurich’s largest corporate customers in North America. David Drake, vice president – Cargo, will continue in his national and regional roles with a renewed focus on growing Zurich’s ocean cargo business to middle market accounts. Hickey has 20 years experience in marine insurance. Prior to joining Zurich, he worked in the New York, Los Angeles and San Francisco marine markets.

02 Jan 2004

Treasury Changes Terrorism Risk Insurance Program

The Treasury Department reminded all participants and observers of the Terrorism Risk Insurance Program that there will be two important changes in the program’s administration in 2004. As mandated by Congress, beginning on January 1, 2004 and throughout the remainder of 2004, an insurer’s deductible will increase from 7 percent to 10 percent of the insurer’s direct earned premium over the previous calendar year. Second, the “mandatory availability” provisions of the Act will require insurers to continue to make available coverage for certified acts of terrorism for the full annual policy periods of all commercial property and casualty insurance policies that are issued or renewed in 2004.

22 Jun 2004

Treasury extends TRIA “Make Available” provision

The U.S. Department of the Treasury issued a Press Release stating that it is extending through 2005 the “make available” provision of the Terrorism Risk Insurance Act (TRIA). This provision requires certain insurers to make available in all their commercial property and casualty insurance policies coverage for losses due to covered acts of terrorism in a manner that does not materially differ from the terms, amounts, and other coverage limitations applicable to losses arising from events other than acts of terrorism. (HK Law).

11 Jan 2001

Insurance Industry Instability Triggers Upward Trend

Having been rather "soft," or in layman's terms "very competitive" for the last several years, the marine liability insurance market has begun what appears to be an upward trend in the pricing cycle over the last few months. There are, to be certain, several factors influencing this trend. The collapse of marine insurance giant Reliance Insurance Company and its subsidiaries has caused quite an uproar among various underwriters still active in the market. The resulting search for coverage on the part of insureds left in the wake of Reliance's demise has put a strain on these underwriters and their capacity. Also, the collapse of two major Australian reinsurers, as well as others in the Pacific Rim, have played a role in the tightening of the market.

05 Dec 2000

Sumitomo And Mitsui Finalize Merger Conditions

Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president Hiroyuki Uemura serving as co-chief executive officers. Mitsui Marine, currently Japan's third-largest casualty insurer, and fourth-ranked Sumitomo Marine agreed to merge in March.

24 Sep 1999

Merger's Goal: Improved Efficiency

Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions," Kirby CEO and President J.H. Pyne said. As part of the deal, Kirby said it would name C. Berdon Lawrence…

27 Aug 1999

Kirby Purchase Of Hollywood Creates Inland Giant

Despite a downgrading in rating from various credit agencies, Kirby Corporation's recent acquisition of Hollywood Marine is designed to reduce costs, as the inland tank barge operations of both companies are highly complementary. Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions…

09 Oct 2007

Builders Risk Policy Serves as Inland Marine Insurance

The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance. Under Michigan law, fire insurance claims must be submitted within one year of the casualty. All other casualty insurance claims are subject to a six-year statute of limitations. [Source: HK Law]