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Global Specialty News

18 Mar 2014

PMM Dips Into Chemical Ship Management Sector

Principal Maritime Management LLC (PMM) of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, informs of its new business in the stainless steel chemical shipping sector, through Princimar tankship acquisitions. PMM explain that Princimar Chemical Carriers (Princimar) acquired its initial three stainless steel chemical tankers, from existing owners. Princimar is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. It has fully committed financing in place for additional acquisitions, and plans an initial fleet of 12 to 15 vessels.

17 Mar 2014

New Stainless Steel Chemical Tanker Platform

Principal Maritime Management LLC of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, has formed a new platform in the stainless steel chemical shipping sector. Additionally, Princimar Chemical Carriers has acquired its initial three stainless steel chemical tankers, all of which were purchased from existing owners and are currently in service. Princimar Chemical Carriers is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. Princimar has fully committed financing in place for additional acquisitions, and plans an initial fleet of 12 to 15 vessels.

10 Jul 2013

ANV Divests its NYC Marine & Energy Insurance Business

ANV Holdings BV (ANV), a Dutch-headquartered specialty insurance business, signs agreement with Tower Group International, Ltd. (Tower) for the transfer of the unearned premium reserves on its marine and energy business previously written from its New York, NY office. As part of the transaction the team led by Messrs. Guarnera and Kaufmann will transfer from ANV to Tower in order to service the in-force policies for inland marine, off-shore energy, marine hull, cargo and liabilities currently serviced from the ANV New York office. ANV will continue to actively grow and promote its Marine and Energy business and customers from its London offices and through ANV Syndicate 1861. “This divestiture will enable ANV to pursue new investments in growing lines of business,” said R.

11 Aug 2011

DeSimone Named President XL Insurance

XL Insurance, the insurance underwriting operations of XL Group (NYSE: XL), appointed Richard DeSimone as President of its US Ocean and Inland Marine unit. DeSimone will be based in New York and reports to Neil Robertson, Chief Executive, Global Specialty in London. ”This is a clear statement of our intent to become a more significant market for both Inland and Ocean Marine business in the United States” said Mr. Robertson. “For XL Insurance, we are fortunate to enlist Richard’s 35 years of industry experience and solid reputation to lead this initiative. DeSimone will join  XL Insurance in a newly created position as President of the  US Ocean and Inland Marine underwriting teams and will work closely with Colin Sprott…