Underwriting News

India's navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group's campaign against the key shipping route.The Iran-aligned militants fired a missile at the Barbados-flagged, Greek-operated True Confidence on Wednesday about 50 nautical miles off the southern Yemeni port of Aden, setting it ablaze.In a statement, the owners and manager said all 20 crew and three…

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel's war against Hamas militants in Gaza…

The cost of shipping goods through the Red Sea is rising as Yemen's Houthis step up attacks on ships they deem connected to Israel with fears of a spillover that could disrupt global supplies sailing through the region, industry sources said.Yemen's Houthis said on Tuesday they hit a Norwegian commercial tanker with a missile in their latest protest against Israel's invasion of Gaza, underlining the risks of a conflict that has shaken the Middle East.Around 23,000 ships pass through the narrow Bab al-Mandab Strait connecting the Red Sea and the Gulf of Aden…

WinGD has concluded a four-party agreement underwriting Belgian bulk carrier operator CMB.TECH’s order of X72DF-A ammonia-fueled engines.CSSC Qingdao Beihai Shipbuilding (QBS) and engine builder CSSC Engine Co (CSE) were the other signatories in the joint undertaking to power a series of 210,000dwt bulk carriers to be delivered from Qingdao through 2025 and 2026.Following confirmation of the engine order, the agreement advances the project between WinGD and CMB.TECH announced in January to develop the 72-bore ammonia-engine.

Deutsche Bank has set emissions reduction targets for loans to clients in the coal mining, cement and shipping sectors and now has a net-zero plan for 55% of its financed emissions, its chief sustainability officer told Reuters.A key funder to polluting sectors, Germany's biggest lender, like many of its peers, is under increasing pressure from policymakers and investors to push clients to curb climate-damaging emissions.Its corporate loan book stood at 107 billion euros ($112.72 billion) at the end of 2022."Once we have pathways…

Pat Stoik will join insurer Ascot Group as Executive Vice President, Head of Marine, Ascot U.S., effective October 24. He will be based in New York and will report directly to Matt Kramer, Chief Executive Officer, Ascot U.S.An experienced executive in the marine industry, Stoik brings more than 35 years of senior management, underwriting, and broker experience to Ascot. Most recently, he served as Chief Risk Officer for Overhaul Group, Inc., a global leader in in-transit supply chain risk management…

For the 10th year in a row, Singapore ranks first in the Xinhua-Baltic International Shipping Center Development Index (ISCDI) Report.Published jointly by the Chinese state news agency, Xinhua and global maritime data provider Baltic Exchange, the report lists Singapore as the global leading maritime center, followed by London and Shanghai.The island nation scored 95.32 out of a possible 100 points, while London scored 83.35 points and Shanghai took third place with 81.58 points.Singapore has held the top position since the index began a decade ago.

Opening this week’s International Union of Marine Insurance (IUMI) annual conference in Edinburgh, Scotland, President Frédéric Denèfle explained the conference theme of “strength and stability in turbulent seas” saying it is essentially “business as usual” for marine underwriters.“As marine underwriters, we are used to managing an array of casualties and losses onboard a variety of vessels and in ports and other shoreside facilities. Dealing with the fall-out from natural catastrophes such as earthquakes and weather events are also workaday issues.

Oslo-based Marine MGA Hydor AS has acquired all the shares in the Singapore- and Rotterdam-based marine MGA, EF Marine Pte. Ltd., and its subsidiary.The combined company will from hereafter be branded as Hydor, with a total team of 34 people, having offices in Oslo (head office), Rotterdam, Hamburg, Singapore, Hong Kong and Shanghai. The acquisition follows the investment by Longship Fund II into Hydor in April 2022.Morten Skomsøy, current CEO of Hydor, said, “The acquisition…

Insurers are reviewing whether to freeze cover for any ships willing to sail to Ukraine after Russia on Monday quit a U.N.-backed deal that allows the export of grain through a wartime Black Sea safe corridor, industry sources said.The agreement, brokered by Turkey last July, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by Russia's February 2022 invasion of its neighbour to be exported safely."Due to the collapse of the Black Sea corridor deal, most shipowners will now refrain from calling Ukrainian ports…

With the creation of a full-fledged U.S. offshore wind industry undoubtedly comes many opportunities for those that own, operate, build and service relevant vessels as developers work toward the nation’s goal of 30 gigawatts (GW) of offshore wind by 2030.But for every opportunity there are at least a handful of challenges, many of which have recently been amplified by supply chain volatility, inflation pressures and other unwelcome factors that have spurred cost increases for…

Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said.The Black Sea is crucial for the shipment of grain, oil and oil products. Its waters are shared by Bulgaria, Georgia, Romania and Turkey, as well as Russia and Ukraine. Since Jan. 1, when policies are renewed, reinsurers that provide financial protection for insurance companies have added exclusions for ships and planes for Belarus…

Ship insurers said they are cancelling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses.Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance clients on Jan. 1, giving them the first opportunity to scale back exposure since the war in Ukraine started, after being hit this year by losses related to the conflict and from Hurricane Ian in Florida.P&I (protection and indemnity) clubs American…

Japanese insurers are expected to continue providing marine war insurance which covers the sinking and requisition of ships due to war in Russian waters after Jan. 1, the Nikkei daily said on Thursday.Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last Friday that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage.

The oceans are inextricably connected to the health of the planet, and of humans: they absorb up to 30% of annual greenhouse gas (GHG) emissions and 90% of excess heat, and over 3 billion people — almost half the global population — depend directly on marine and coastal biodiversity for their livelihoods.Healthy coastal ecosystems are also critical to the world’s ability to withstand the impact of climate change. Not only do mangrove forests, for example, hold four times the amount of carbon per hectare as tropical forests…

Ships brought grain from Ukrainian ports on Monday, suggesting Moscow had stopped short of reimposing a blockade that might have caused world hunger, despite suspending its participation in a U.N. program to safely export grain from the war zone.Air raid sirens blared across Ukraine and explosions rang out in Kyiv, sending black smoke into the sky as Russia rained missiles down in renewed air attacks. Ukrainian officials said energy infrastructure was hit including at hydro-electric dams…

The Shipowners’ Club, a P&I insurer in the smaller and specialist vessel sector, announced Simon Peacock will take over as CEO in 2023.Current CEO Simon Swallow will be stepping down on May 25, 2023 before starting his retirement on August 3, 2023. The current Chief Financial Officer (CFO), Simon Peacock, will be the incoming CEO on May 25, 2023. Marcus Tarrant, currently Director and Chief Actuary of the Club’s management company, will become the Club’s CFO.Swallow joined the Shipowners’ Club in July 1991 and after a spell as Underwriter he assumed the role of Director of Underwriting.

While the Covid-19 pandemic resulted in few direct claims for the marine insurance sector, the impact on the welfare of crews and the boom in shipping and port congestion, exacerbated by the Ukraine invasion, raises potential safety concerns.Demand for crew is currently high with the shipping boom, yet following the Covid-19 pandemic many skilled and experienced crew are leaving the industry, having endured many months, and in some cases, years, stuck on vessels. For those that choose to remain…

Ships exporting Ukraine grain through the Black Sea will be protected by a 10 nautical mile buffer zone, according to long-awaited procedures agreed by Russia, Ukraine, Turkey and the United Nations on Monday and seen by Reuters.The United Nations and Turkey brokered a deal last month after Russia's Feb. 24 invasion of Ukraine halted grain exports, stoking a global food crisis that the United Nations says has pushed tens of millions more people into hunger.Since then Russia, Ukraine…

The Swedish Club announced it has opened a new full-service office in Singapore, responsible for members in Singapore and other markets in Asia, including India, Japan and Thailand.Brian Png, Team Manager for the Singapore office, said, "Singapore is widely recognized as one of the most important maritime hubs in the world, and the opening of this new office is an important step for The Swedish Club. It will complement Team Hong Kong and enable us jointly to fully capitalise on our all-in-one offering and secure and further enhance our position in Asia…

Hiscox is committed to a planned insurance consortium providing cover for ships travelling through a safe passage from Ukraine, its chief executive said on Wednesday, as the Lloyd's of London insurer shares plunged on a first-half loss.The first grain-carrying ship to leave Ukrainian ports in wartime, following a deal brokered by Ankara and the United Nations, safely anchored off Turkey's coast on Tuesday and is due to be inspected on Wednesday.Trade body the Lloyd's Market Association…

Key arrangements including procedures for ships still need to be worked out before empty vessels can come in and pick up cargoes from Ukraine using the new grains corridor, a senior London marine insurance market official said on Monday.Turkey and the United Nations brokered a grain-and-fertilizer export agreement between Russia and Ukraine last month - a rare diplomatic breakthrough in a conflict that is grinding on with no resolution in sight."The standard operating procedures for vessels still need to be worked out and there are issues about crewing that still need to be resolved…

Italy's Saipem on Wednesday confirmed its 2022 guidance and the targets in its business plan after the energy services group reported a first-half adjusted core profit of 321 million euros ($325 million).Investors this month agreed to fund only 1.4 billion euros of a life-saving 2 billion euro cash call, leaving the underwriting banks to mop up the remaining new shares.