Insurance Brokerage News

Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…

Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active and will come into effect in the second quarter. It will give birth to the world’s top three marine insurance broker in the world, and second in Europe.President Marco Risso and Chief Executive Officer Mauro Iguera will keep their respective positions within Cambiaso Risso,  and will take major…

Venezuelan state agencies have run up close to $1 billion in debts with shipping firms due to delays in returning containers, potentially boosting the cost of importing staple goods as the country struggles with product shortages and an economic crisis. The agencies have held containers for months or simply never returned them, at times leaving the truck-sized steel boxes for years in oil industry facilities or on provincial farms even though this costs $100 per day per container, according to industry sources. The debts have piled up over the last six years, coinciding with a steady rise in the role of state agencies in importing goods to Venezuela, particularly food. The country is served by industry giants such as Maersk of Denmark and Hamburg Sud of Germany.

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, utilizing a team that has a Maritime Academy background or professional waterfront experience. Ask any group of Owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization…

CEO/President: Robert G. 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, utilizing a team that has a maritime academy background or professional waterfront experience. Ask any group of owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization…

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY. Strong profit growth: profit attributable to the equity holders surged by 45% to HK$190 million. Rebound of 374% YOY in profit contribution from the Group's joint venture, Jotun COSCO. Dividend: the Board has declared an interim dividend of 3 HK cents per share, increased by 50% YOY. Strong cash position: the Group had net cash of HK$6 billion as at 30th June 2014, which will support business expansion in the future. Mr. "With the advantages of strong cash position…

Deutsche Post expects its DHL forwarding business to be granted immunity from prosecution and fines by Singapore antitrust authorities, who are investigating 11 companies for alleged price fixing, the German logistics company said. The Competition Commission of Singapore (CCS) said this month it was investigating 11 freight forwarding companies, including Deutsche Post unit DHL Global Forwarding, for alleged price-fixing of air freight forwarding services. Deutsche Post told Reuters last week that the probe related to pricing and surcharges in the forwarding industry from 2002 to 2007. Forwarders buy cargo space from airlines, shippers and truckers and bundle shipments for customers, such as carmakers, high-tech firms and agriculture firms.

Regional insurance brokerage and risk management company AAIB first to be granted license to operate in Somalia as economic opportunities drive demand. Regional specialist in broking, risk management and consultancy Anglo Arab Insurance Brokers (AAIB), has broadened its footprint, within the Middle East and North Africa (MENA) region being the first international insurance broker to have been granted a licence to operate in Somalia. Formed in 2005 to focus exclusively on emerging markets…

Johann von Rantzau has been selected as this year's Robin Travis Scholar following final interviews of candidates in Hamburg, Germany. The scholarship provides a three-month paid internship with transport liability specialist Thomas Miller for executives employed in the shipping, transport or marine insurance sectors in Germany. From 30th September 2013, Johann will be attached to Thomas Miller’s London head office where the businesses managed include the UK P&I Club, the TT Club and ITIC. He will enjoy a tailored programme of placements reflecting his particular business interests.

Willis North America, a unit of Willis Group Holdings, the global insurance broker with operations in Virginia, appoints two Client Advocates. Jeremy Sykes and Francesca Sykes have been appointed Client Advocates of the Willis Marine Practice, Willis of Virginia. They will be responsible for business development within the Marine Practice. Mr. Sykes and Ms. Sykes will also work to expand Willis’ footprint in the Virginia marketplace and align the company’s global resources to deliver outstanding risk management services to firms in the Marine industry. Commenting on these appointments,  HB Whitmore, Managing Partner, Willis of Virginia said…

Revenue rose by 23% to HK$10,656,121,000. Gross profit increased by 25% to HK$892,035,000. Overall average gross profit margin stood at 8%. Steady core profit growth: profit before income tax from shipping services business increased by 19% to HK$487,770,000. Profit before income tax from coatings, marine equipment and spare parts, and insurance brokerage business segments increased by 58%, 36% and 6% respectively. Due to the Group's disposal of its entire shareholding in SOLHL in December 2010, the Group's results for the year no longer included items in relation to the investment and disposal of shareholding in SOLHL. Profit attributable to equity holders of the Company, therefore, declined by 69% to HK$390,339,000.

The Panama Canal Authority (ACP) announced that it has awarded a contract for insurance brokerage services to Willis Limited. Beginning October 2009, the firm will provide strategic counsel, as the ACP chooses the best policies to cover property, floating equipment, loss of income and maritime contingencies, among others. The contract will be for one year with an option to renew for three additional years. Willis Limited is also the ACP’s broker for its Owner Controlled Insurance Program that includes the Third Party Liability and Construction All Risk coverage for the design and construction of the new set of locks and the fourth dry excavation projects under the Panama Canal Expansion Program.

AON, a global leader in risk management and insurance brokerage, has launched the Port Facility Security Toolkit (PFST) internationally. The Toolkit, which was developed primarily for port authorities around the world will comply with the International Ship and Facility Security Code (ISPS code) regulations. Working together with the Port of Rotterdam, AON’s s system will translate the ISPS code into an efficient, user-friendly, web-enabled software tool enabling port facilities to carry out a risk assessment and generate an Action Plan and a detailed Port Facility Security Plan. KPMG Qubus, specialists in automated risk assessment, developed the software in WebQubus.

Having been rather "soft," or in layman's terms "very competitive" for the last several years, the marine liability insurance market has begun what appears to be an upward trend in the pricing cycle over the last few months. There are, to be certain, several factors influencing this trend. The collapse of marine insurance giant Reliance Insurance Company and its subsidiaries has caused quite an uproar among various underwriters still active in the market. The resulting search for coverage on the part of insureds left in the wake of Reliance's demise has put a strain on these underwriters and their capacity. Also, the collapse of two major Australian reinsurers, as well as others in the Pacific Rim, have played a role in the tightening of the market.