Shipping’s ‘Perfect Storm’ is Brewing -Allianz
Large shipping losses have declined by 50 percent over the past decade, mostly driven by the development of a more robust safety environment by ship owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. In 2016 there were 85 total shipping losses reported, down 16 percent from 101 a year earlier. The number of shipping incidents declined slightly year-on-year by 4 percent with 2,611 reported, according to the review, which analyzes reported shipping losses over 100 gross tons.
Puttick Joins WQIS as Assistant VP of Claims
The Water Quality Insurance Syndicate said that Ryan Puttick joined the team as Assistant Vice President of Claims. He brings almost a decade of extensive marine insurance claims knowledge and experience to this industry pioneer. “We are extremely excited to have Ryan join us,” says WQIS President & CEO Richard Hobbie. Ryan Puttick came to WQIS from Charles Taylor P&I Management, Inc. Standard P&I Club where he was the Claims Director for the past 9 years. Puttick received his Juris Doctor from New York Law School in 2004 and was admitted to the Bar in the States of New York and New Jersey that same year. He graduated in 2000 from the United States Merchant Marine Academy with a Bachelors of Science in Marine Transportation.
WQIS Strengthens Underwriting Department
John Moy has joined the team at Water Quality Insurance Syndicate as Vice President of Underwriting. John will lead the WQIS underwriting department. John came to WQIS from Crum & Forster where he served as the Vice President of United States Fire Insurance Company for the past five years. Previous to his tenure there, he was the Regional Underwriting Manager at XL America, working in marine and offshore energy insurance. With a Bachelors of Science in Marine Transportation from Kings Point, Moy started his career as a naval architect before becoming a marine liability insurance underwriter. He also honorably served as a Lieutenant Commander in the US Naval Reserve until 2012.
UK P&I Club Welcomes Standard & Poor’s Upgrade
It also noted the Club’s improved operating performance as evidenced by the combined ratio, strength of management strategy, and the improvement in its competitive position. Dino Caroussis, Chairman of the UK P&I Club, said: “This is a welcome endorsement by S&P of the UK Club’s efforts to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments. Hugo Wynn-Williams, chief executive of Club managers Thomas Miller P&I Ltd…
FGH Expands Marine Insurance Capabilities
Fidelis Group Holdings LLC Announces Additional Excess Marine Liability Capacity For The Maritime Industry. Fidelis Group Holdings LLC (FGH) through its subsidiary company Continental Underwriters, Ltd., a leader in providing Marine Insurance coverages and services, announced today details of their new $25,000,000 Excess Marine Liability facility for the maritime industry. The insurer for the program is Houston Casualty Company (NYSE: HCC) rated A+ by A.M. Best. The program is…
Fidelis Offers Additional Marine Insurance Excess Cover
Fidelis Group Holdings LLC offers a new US$25-million excess marine liability facility for the maritime industry. Fidelis Group Holdings LLC (FGH) through its subsidiary company Continental Underwriters, Ltd., announce details of their new US$25,000,000 Excess Marine Liability facility for the maritime industry. The insurer for the program is Houston Casualty Company rated A+ by A.M. Best. The program is designed to write excess marine liability insurance including Bumbershoot Liability excess of acceptable underlying insurers. "The addition of this new excess marine liability facility will further expand FGH's marine insurance capabilities by providing to the market responsible excess capacity underwriting with excellent security," explained H. Elder Brown, Jr., President and CEO of FGH.
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.
