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Venture Insurance Programs Acquires Tidal Solutions

Philip J. Harvey, president of Venture Insurance Programs

Venture will rebrand and integrate Tidal Solutions specialty commercial marine products into its portfolio of industry leading programs. Venture Insurance Programs, a national insurance program administrator, today announced it has acquired Tidal Solutions, LLC, a Charlotte, NC-based managing general underwriter serving the North American specialty commercial marine market. Venture will integrate the Tidal Solutions marine products into its portfolio of industry specific insurance programs. The products, which include Hull & Machinery, Protection & Indemnity, General Liability and Maritime Employer’s Liability coverage, will be marketed nationwide by Venture under the brand TIDAL MARINE through Venture’s agent and broker network.  Venture intends to integrate and broaden Tidal’s commercial marine offerings. “The extensive experience of Tidal Solutions’ management team in the marine and energy space, along with their established platform and exclusive supply provides a great value proposition,” said Philip J. Harvey, president of Venture Insurance Programs. “This opportunity further enhances our goal of providing superior offerings as a strong advocate for our agents and brokers.” Tidal Solutions’ current management will be retained to service and grow the marine program, with David Pearlstein, the current CEO of Tidal Solutions


Former DHS Chief Ridge Introduces Cyber Solutions

Former U.S. Homeland Security Secretary Tom Ridge

First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance.   Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs


U.S. Marine Insurers To Review State Of Market

Trends and developments affecting the U.S. ocean marine insurance market will be discussed at the annual meeting of the American Institute of Marine Underwriters (AIMU) on Friday, Nov. 19 in New York City. The meeting will be held in the Ricker Auditorium, 180 Maiden Lane, beginning at 9:30 a.m. Ed Badolato, chairman of the National Cargo Security Council (NCSC), will be the featured speaker. The NCSC is a broad-based organization of government agencies and private industry working together


Study: Title Issues Abound in Maritime Deals

A recent study conducted by First American Transportation Title Insurance Company, a subsidiary of First American Title Insurance Company, finds that more than 35 percent of recorded maritime vessel ownership records contain potential title issues. The October study evaluated more than 100 randomly selected commercial and recreational vessels listed on the U.S. Coast Guard’s National Vessel Documentation Center (NVDC) registry.


IUMI Conference Set for September

The 2007 conference of the International Union of Marine Insurance in Copenhagen is set for next month. As finishing touches are being put to the four-day program of committee meetings, keynote speeches, presentations, panel discussions and workshops, covering all branches of marine insurance, IUMI has announced record attendance figures. With over two weeks still to go to the start on September 9, the organizing committee from the Danish Insurance Association reports that more than 750


Iranian Tankers Free to Enter International Ports

Photo: National Iranian Tanker Company

 Restrictions on Iranian tankers’ insurance have been removed and the country’s crude carriers are now allowed to enter any oil terminal in the world, National Iranian Tanker Company (NITC)'s CEO Ali Akbar Safaee said.   “With the resolution of insurance problems, international insurance institutes have  expanded their coverage to Iranian vessels, which can now berth at all ports,”he said.  


Mitsui Marine, Sumitomo To Merge By April 2002

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998


PVA Advises On Terrorism Insurance

The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance.


Denmark Updates Insurance Claims Requirements

Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime Authority about alternative insurance for maritime claims before March 31, 2014. Danish ships with a gross tonnage of or above 300 must carry a certificate confirming that insurance has been taken


US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry


El Faro Investigators Call for Better Weather Forecasting

The eye of Hurricane Joaquin is visible in the lower left corner of this image taken from the International Space Station October 2, 2015. (Photo: NASA)

New recommendations coming out of the investigation into the 2015 sinking of U.S. cargo ship El Faro call for efforts to improve the weather information available to mariners.   All 33 crew on board died when the 790-foot El Faro sank close to the eye of Hurricane Joaquin near the Bahamas


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.  


Inland Waterways Authority of India to Raise USD 103 mln Through Bonds

Work at Dhubri Ro-Ro Terminal at Guwahati. Photo: Inland Waterways Authority of India (IWAI)

 The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the Revalidation of permission to raise Extra Budgetary Resource (EBRs) of INR 660 crore (USD 103 mln) as Government of India Bonds by Inland Waterways Authority of India (IWAI) in 2017-18.   


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


S & P Credit Rating for Shipowners’ Club

Photo: The Shipowners Club

 Following a request by The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg), as from 19 May 2017 AM Best will  no longer provide a rating of the Club.   This decision was taken by the Club in December 2016 following a review of the costs and benefits of


India to Allocate 2.5 pct of Road Fund for National Waterways

Indian Prime Minister Narendra Modi. Photo: PIB

 The Indian government has approved a proposal to allocate 2.5 per cent of the Central Road Fund (CRF) for National Waterways (NWs) that would result in about Rs 2,000 crore (USD 309 mln) proceeds per annum for their development.  


Denmark Tightene Water Scooter Regulations

Pic: Danish Maritime Authority

 Danish Ministry of Industry will launch a set of new initiatives to enhance safety at sea when operating water scooters, jet skis, speed boats and the like.   The new initiatives are to prevent accidents at sea by securing, inter alia


Monopoly Seekers Increase Burden on Shipping -ASA

Todd Schauer (Photo: ASA)

In a recent statement at a U.S. Congressional hearing, American Salvage Association (ASA) President, Todd Schauer, defended the response capabilities of the industry, and, by extension, the implementation of regulations themselves by the U.S. Coast Guard


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


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


ABS Wins Royal Canadian Navy Service Contract

Photo: ABS

Canadian Department of National Defense selects ABS for classification and certification services for its entire non-combatant fleet.    ABS, a provider of classification and technical services to the marine and offshore industries


Port Co-operation, Maritime Security Meet of Argentina

Photo: International Maritime Organization (IMO)

 A regional workshop focusing on this year’s World Maritime Day theme - Connecting Ships, Ports and People – has been held in Buenos Aires, Argentina (26-29 June).   The event, organized by International Maritime Organization (IMO) in collaboration with the Argentine


Oil Spilled After U.S. Train Derailment

File Image: A typical Crude Oil train in the United states makes its way south along inalnd waterways. CREDIT: Dagmar Etkin

Canadian National Railway Co said about 20,000 gallons of oil was released following a freight train derailment at Plainfield, the U.S. state of Illinois on Friday, according to a filing with state pollution regulators.   The cause of the derailment was unknown






 
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