James Gaffney News

The world's marine insurers collectively lost $3 billion in 1999, Norway's Central Union of Marine Underwriters (CEFOR) said. Cefor's calculation uses the collective experience of marine insurers in Norway - one of the world's major marine insurance markets - and extrapolates the results to the global industry. Cefor's md said that not even in their previous worst case estimates did CEFOR anticipate anything like this. The principal reason for the losses is continuing reduction in insurance premium rates, said Formso. On CEFOR's current estimates, rates in 2000 have dropped to 31 per cent of their 1994 levels. Hvide Marine Inc. Hvide Marine Inc. said last Monday that chairman and CEO Jean Fitzgerald has been hospitalized with a heart condition and was to undergo surgery.

Hvide Marine Inc. chairman and CEO Jean Fitzgerald has been hospitalized with a heart condition and was to undergo surgery Monday. Hvide, which provides marine support and transportation services, said Fitzgerald will be out of the office for at least four to six weeks. During his absence, president and COO Eugene Sweeney will assume responsibility for day-to-day operations and board member James Gaffney will serve as interim chairman.