Ship Insurance Claims to Rise as Black Sea Remains High Risk Area - Allianz
Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers have been killed and six merchant vessels hit by projectiles - sinking two of them - around Ukraine's coast since the start of Russia's invasion of its neighbor on Feb.
Arctic Shipping Creates Insurance Headaches as Routes Open
When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong.Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don't lose concentration and miss a mass of floating ice. Big icebergs show up on radar, but smaller, truck-sized "bergy bits"—even more dangerous—can be missed, the captain says.The cold can freeze equipment and the earth's magnetic field disrupts compasses. If anything goes wrong…
AGCS Makes Leadership Changes in North America
Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced today that effective December 31, Henning Haagen will take over as North American Regional Head of Specialty Lines, and Rich Soja will become the North American Regional Head of Marine. These appointments follow the retirement of John Barnwell after more than 20 years with the company. While taking on these new responsibilities, both Haagen and Soja will continue in their current roles as Northeast Zone Executive in the U.S. and Global Head of Inland Marine, respectively. Since joining Allianz in 2008, Haagen has held a range of global leadership positions within the organization both in Munich and London…
Allianz Reports Strong 2Q 2014 Results
Allianz Group achieved strong results in the second quarter of 2014. Total quarterly revenues increased 10.0 percent to 29.46 (second quarter of 2013: 26.78) billion euros. Operating profit climbed 17.1 percent to 2.77 (2.37) billion euros. Net income attributable to shareholders amounted to 1.76 (1.59) billion euros, an increase of 10.5 percent. In the first half of the year, Allianz Group reported the highest total revenues in the company’s history. Total revenues rose 7.8 percent to 63.42 (58.82) billion euros. Operating profit climbed 6.4 percent to 5.49 (5.16) billion euros, while net income attributable to shareholders advanced 3.0 percent to 3.40 (3.30) billion euros in the first six months of the year.
Steve Kennedy Re-joins Allianz from Zurich North America
Allianz Group’s specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), announce the appointment of Steve Kennedy as Head of Corporate Property and Inland Marine Claims, replacing Tony Clark who retired at the end of January 2014. Kennedy will manage a team of 18 professionals managing Property, Energy, and Engineering as well as Inland Marine claims for AGCS’s multinational clients. AGCS inform that Kennedy brings over 23 years of experience handling commercial property claims and over 14 years managing and training claims professionals. Kennedy joins Allianz from Zurich North America where he was Assistant Vice President. He previously served at Allianz from 1998 through 2010 in a variety of senior management positions.
Heinz-Werner Hof Joins IAU Board
The International Underwriting Association of London (IUA) has announced that Heinz-Werner Hof, CEO of Allianz Marine and Aviation, has joined its board. Hof was co-opted to the board at its meeting in December. Prior to his current role, Hof was a board member at Allianz-Elementar in Austria, responsible for the property & casualty division. From 1993-2000, he was a board member of Allianz Hamburg and Allianz Globus MAT, holding the chairman's position from 1999-2000. Before that, Hof held various senior management positions within the Allianz Group in Munich, which he joined as an underwriter after graduating in 1977.
State of the P&I Market: As Stocks Drop, Rates Will Rise
The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…
State of the P&I Market: As Stocks Drop, Rates Will Rise
The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…
