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UK P&I’s Europe Club Receives Upgrade

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).   This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to “Positive.”  This upgraded ‘Positive’ outlook also extends to the Europe Club.   As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013. In its review, Standard and Poor’s recognized the upcoming change and stated that it considers the Europe club to be “core to the group”. Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said: “Recognition for both UK Club entities with the same, positive credit rating is welcome.  The Club has worked to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments.”     


Global Insurers Plot Cautious Course to Iran

Image - Iran Photo OPEC

* Iranian insurers see tie-up interest from foreign players * Local insurance market worth $7.4 bln in premiums * Iranian players seeking credit ratings to help partnerships * Caution remains over U.S. restrictions still in place By Bernardo Vizcaino and Carolyn Cohn SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian


Singapore –Bunker Insurance

Singapore –Bunker Insurance The Singapore Maritime and Port Authority (MPA) issued a circular providing the names of additional insurers and underwriters that it has accepted for purposes of issuing Bunker Convention Certificates. The insurers and underwriters include: ·         QBE Insurance (International) Limited ·         British Marine Luxembourg S.A.


New Insurance Product Attracts Quality Crew

Robert Johnston

In the superyacht industry, it is particularly well understood that good relationships between owners and their crew have a direct impact on how well yachts are run, and the quality and consistency of the charter service offered. An important new insurance product, Crewsure Marine, which assists owners and managers in protecting the health and wellbeing of their crews and so meets forthcoming legal obligations under the recently ratified Maritime Labor Convention (MLC) is now being aimed at


XL Offers KRE Cover to Yacht Owners

Denise Balan

  To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement


Merchant Ships off Yemen Bracing for More Danger

USS Mason (File photo: U.S. Navy / Rob Aylward)

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say.   While shipping companies have yet to divert ships, there are growing worries that any further escalation could hinder oil supplies and potentially lead to higher insurance costs for shipments.  


Personal jurisdiction, Venue, Insurance, Co-insurance, Salvage, and Subrogation

The U.S. Court of Appeals for the Fifth Circuit issued a long decision regarding a lengthy and complicated litigation involving personal jurisdiction, venue, cargo insurance, co-insurance, salvage, and subrogation. Adams v. Unione Mediterranea di Sicurta, No. 03-30026 (5th Cir., April 14, 2004.) (HK Law) http://www.ca5.uscourts.gov/opinions/pub/03/03-30026-CV0.wpd.pdf


Moore Stephens & Clyde & Co Set Up Insurance Intermediary Consultancy

Insurance accountant and consultant Moore Stephens has joined with international law firm Clyde & Co to provide specialist advice to intermediaries on all aspects of the authorization process and on continuing compliance with FSA requirements. The rigorous FSA regime comes into effect on January 15, 2005. Intermediaries have until July 14 this year to submit their completed registration packs to the FSA. The new rules are not voluntary


General Maritime Q1 2010 Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three months ended March 31, 2010. Financial Review: 2010 First Quarter The company recorded a net loss of $9.1 million or $0.16 basic and $0.16 diluted loss per share for the three months ended March 31, 2010 compared to net income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009


MN 100: Gencorp Insurance Group

Carnahan.jpg

16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: rcarnahan@gencorp-ins.com Website: www.gencorp-ins.com CEO/President: Robert G. Padula Number of Employees: 70 The Company: Gencorp Insurance Group provides the insurance and surety needs of marine contractors, vessel operators and shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds


CMA CGM, SEATRADE Launch Joint Reefer Service

Photo: CMA CGM

Container shipping firm CMA CGM Group and reefer transport specialist SEATRADE Group will together create a new vessel sharing agreement incorporating the services known by CMA CGM as PAD and by Seatrade as MERIDIAN, linking Northern Europe, the East Coast of the U.S


AHHI Insures 1,900 Vessels in First Year

Photo: American Hellenic Hull Insurance

 Cyprus-based American Hellenic Hull Insurance (AHHI) surpassed key targets during its first year of operation: 1,900 insured vessels, written premium income exceeded $10 million and covered 35 million GT on 100% basis, said a press statement.  


DNV GL Updates NOx TIER III Compliance Guide

Photo: DNV GL

Classification society DNV GL has developed a new brochure to offer a set of best practices for the design of ships subject to NOx Tier III requirements. It also offers guidance on the considerations that should be taken into account at the newbuilding stage.


Japan Bank Finances Danish Shipper

Photo: Japan Bank for International Cooperation (JBIC)

 The Japan Bank for International Cooperation (JBIC) will provide a total of $28.3 million in syndicated loans with French bank BNP Paribas to help a major Danish shipping operator’s unit buy cargo vessels to be built by leading Japanese shipbuilder Imabari Shipbuilding


Gondan Delivers Dual Fuel Tug

Photo: Gondan

After completing its sea trials program, DUX, the first dual fuel tug ever built in Europe, was delivered yesterday to its owner, the Norwegian company Østensjø Rederi A/S. This vessel is the first tugboat of a series of three. Designed by the Canadian company Robert Allan Ltd


BW Offshore CEO Sees Signs of Recovery

Carl Arnet (Photo: BW Offshore)

BW Offshore, which delivers floating production services to the oil and gas industry, sees signs of an improved market.   "It's still early days but we definitely see a pick-up in discussions and tendering activity," CEO Carl Arnet said during the firm's first-quarter earnings


CMA CGM Launches INDIAMED

Map: CMA CGM

 CMA CGM has announced the launch starting July 2 of its new service between the East Mediterrane an, Djibouti, Arabian Gulf, Pakistan and India. The service is one of the fastest between these strategic zones and connects CMA CGM hubs in the Mediterranean and the Arabian Gulf.  


J.P. Morgan Raises Distressed Shipping Fund

Photo: JP Morgan

 J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies, reports Financial News London.   The Global Maritime Investment Fund II


XL Catlin Boosts Inland Marine Insurance Capabilities

Russell Crooks (Photo: XL Catlin)

XL Catlin continues to expand its inland marine field operations with the addition of Russell Crooks as Vice President, National Inland Marine Director, based in San Francisco and Maria Klein as senior underwriter in Baltimore. In his new role with XL Catlin


Cosco Firms Sign Insurance​ Agreement

Pic: Cosco Shipping Energy Transportation Co Ltd

 Cosco Shipping Energy Transportation has entered into insurance services framework agreement with Cosco Shipping Insurance​ pursuant to which the latter will provide vessel-related insurance services to the Group.   Cosco Shipping  Insurance is a wholly-owned subsidiary of Cosco


ClassNK Updates PrimeShip-HULL for Container Carriers

Photo: ClassNK

Classification society ClassNK has released its latest version of its structural design support software for container carriers “PrimeShip-HULL for Container Carriers.” “PrimeShip-HULL for Container Carriers” consists of prescriptive calculation software and direct


Global Shipping Feels Fallout from Maersk Cyber Attack

Photo: A.P. Moller - Maersk

Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry.   About 90 percent of world trade is transported by sea


d’Amico Chooses Sealink Premium Plus VSAT

Photo: d’Amico Group

Telemar and Marlink to bundle VSAT, L-Band and XChange Universal Remote Access to improve on board IT network support    Italian ship owner and long-term Telemar customer d’Amico Group has selected Marlink’s Sealink Premium Plus VSAT service to enhance connectivity across


Alexandria is Bahri’s New Direct Port Call in Egypt

The Egyptian city will be Bahri Logistics’ third direct port call in the country after Suez and Port Said. Photo: Bahri Logistics

 Bahri Logistics, one of the top 10 breakbulk carriers in the world and one of the six business units within Bahri, has added Alexandria to its portfolio of ports in Egypt.    The addition of Alexandria will enable Bahri to offer breakbulk and ro/ro transportation service on its


Dual Fuel Tug Delivered to Østensjø Rederi

Photo: Gondan

 After completing its sea trials program, Pax, the second dual fuel tug ever built in Europe, has been delivered to its owner, the Norwegian company Østensjø Rederi A/S. The first tug of this kind built in Europe, Dux, was delivered by the company last May.  






 
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