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Insurance Industries News

01 May 2023

Impasse Remains Over Russian Grain, Fertilizer Exports

© Alexander / Adobe Stock

There is no progress in removing obstacles to Russian grain and fertilizer exports caused by the West's "sanction strategy", a senior Russian diplomat in Washington said on Tuesday, ahead of the expiry of a deal safeguarding Ukrainian grain exports.The deal, brokered by the United Nations and Turkey last July which allows Ukrainian grain trapped by the conflict to be safely exported from the country's Black Sea ports, is set to expire on May 18.Russia has said that parts of the deal that are meant to allow Moscow to export its own agricultural goods via the Black Sea ports were not being honor

15 Mar 2023

Can Ukraine's Grain Corridor Ease the Global Food Crisis?

© Aleksandr Lesik / Adobe Stock

Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine's Black Sea ports should be renewed for just 60 days.The deal to free up grain exports from Ukraine's southern Black Sea ports, which expires later this month, has previously been renewed for 120 days and there are concerns a shorter extension could cause logistical issues.Reached in July last year, it created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine…

13 Mar 2023

Talks Underway on Black Sea Grain Deal Extension in Geneva

© Aleksandr Lesik / Adobe Stock

Negotiations began on Monday between U.N. officials and Russian Deputy Foreign Minister Sergei Vershinin on a possible extension to a deal allowing the safe export of grain from Ukraine's Black Sea ports, the Russian diplomatic mission in Geneva said.The Black Sea grain initiative, brokered between Russia and Ukraine by the United Nations and Turkey last July, aimed to prevent a global food crisis by allowing Ukrainian grain blockaded by Russia's invasion to be safely exported from three Ukrainian ports.The deal…

07 Mar 2023

Kyiv Holding Online Talks with Partners on Grain Export Deal Extension

© soleg / Adobe Stock

Ukraine has started online talks with partners on extending the Black Sea Grain Initiative aimed at ensuring Kyiv can keep shipping grain to global markets, a senior Ukrainian government source said on Tuesday.The source said Ukraine had not held discussions with Russia, which blockaded Ukrainian Black Sea ports after its invasion last year, but that it was Kyiv's understanding that its partners were talking to Moscow."The situation with negotiations is rather complicated.

07 Dec 2022

Western Officials in Talks with Turkey Over Oil Tanker Delays

© Dmytro / Adobe Stock

Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports."The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters."There is no reason for ships to be denied access to the Bosporus Straits for environmental or health and safety concerns."The G7 group of countries…

10 Nov 2021

TT Club Taps Blunsum as Chief Technology Officer

Kevin Blunsum (Photo: TT Club)

Freight and logistics insurer TT Club said it has appointed Kevin Blunsum as its first Chief Technology Officer.Blunsum is a highly experienced and well-respected member of the London-market insurance community. Over his 30-year career he has held a variety of positions engaged in insurance technology development and change management with Deloitte, EY, Accenture, and more recently with Aspen Insurance as Director of Business Transformation.Blunsum will be working closely with Lisa Gibbard…

19 Sep 2018

IUMI Appoints Richard Turner as President

Richard Turner, European Director of Global Risk Solutions at RSA Insurance Group has been elected President of the International Union of Marine Insurance (IUMI).In accordance with the Articles of Association, IUMI’s Council formally elected Richard at their annual meeting which was held today, the final day of the IUMI annual conference in Cape Town. Richard, who has been closely associated with the global marine insurance market for 35 years, will serve a four-year term as President.Richard said: “IUMI is the global voice of marine insurance and is the professional body that represents national and international marine insurers. It…

06 Aug 2018

Braemar Shipping Services Adds New LNGC 'LNG Schneeweisschen'

Braemar Shipping Services announced the successful delivery of the 180,000m3 Liquid Natural Gas Carrier (LNGC) called “LNG Schneeweisschen” from Daewoo Shipbuilding & Marine Engineering (DSME), South Korea, as part of the ongoing LNGC newbuilding project between Uniper Global Commodities SE (Uniper) and Braemar.The international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries said that the vessel has been built for Japan based owners, MOL, and may be provided to Uniper under a 20 year transportation agreement.Braemar has worked as the commercial (Braemar ACM) and technical (the engineering business within Braemar Technical Services) consultant for Uniper throughout this project…

16 Nov 2017

ABS Raises Cyber Awareness to Marine Insurance Industry

ABS Chairman, President and CEO calls upon insurance industry and class to work closer together in addressing the next-generation safety system. Christopher J. Wiernicki, Chairman, President and CEO of ABS, addressed the American Institute of Marine Underwriters (AIMU) today, describing the future of maritime safety and risk mitigation as it relates to cyber safety as well as outlining how the classification and insurance industries can strengthen their collaboration as the progression of cyber and autonomy propel maritime safety into new waters. “Building on our safety and risk control focus, class and insurance are in a unique position to lead in several areas – specifically…

08 Sep 2017

Braemar Acquires NAVES

Braemar Shipping Services plc  announced the conditional acquisition of the entire issued share capital of NAVES Corporate Finance GmbH. Braemar is a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries. NAVES is a corporate finance advisory business focused on the maritime industry to create a new division within Braemar to be known as the Financial Division. The consideration payable for the Acquisition is €24.00 million (subject to a customary adjustment based on target working capital) rising to a maximum of €35.00 million should earn-out payment terms and conditions be satisfied. Acquisition terms structured to incentivise long term profit growth in NAVES.

09 Aug 2016

Braemar Adjusting agrees Strategic Partnership in S. America

Braemar Adjusting has agreed a strategic partnership with Beckett Liquidadores de Seguros S.A of Chile, to act as its local resource partner in a number of countries in South America. Braemar Adjusting provides Loss Adjusting, Risk Assessment, Legal/Expert Witness and Dispute Resolution services to the Energy, Marine, Mining and Construction insurance industries, through its strategically-located global network of offices. As a result of the arrangement, Beckett Liquidadores de Seguros S.A. will become an integral part of this network by representing Braemar Adjusting in Chile, Argentina, Peru and Bolivia. This Strategic Alliance will…

14 Jun 2016

Braemar Shipping Exists ICON JV

Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News. Braemar  said it has determined the venture is no longer part of its overall strategy. Braemar Shipping Services PLC merged with ACM Shipping Group in July 2014. Prior to that, ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC, which until now was 50% owned by ACM Shipbroking, formerly ACM Shipping Group, and 50% owned by Icon Chartering. The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty.

17 Sep 2015

Risk Profile of Hull Market Improving - IUMI

IUMI – the International Union of Marine Insurance – at its annual conference in Berlin yesterday announced that global hull premiums for 2014 totalled USD 7.6bn, a 5.8% reduction from 2013. IUMI’s Ocean Hull Committee Chairman, Mark Edmondson, commented, “Overcapacity and a flatter cycle are the new normal. Hull underwriters are facing extremely challenging market conditions driven by chronic over capacity. Rates are highly competitive and to achieve an acceptable profit insurers require a sensible and well-conceived mix of business; a thorough knowledge of risk and increasingly good fortune. Other factors influencing the hull market include malicious and non-malicious cyber threat; oil price volatility; and technological advancements of vessels in scale, size and complexity.

26 May 2015

ARDENT: The New Name (& Familiar Face) in Maritime Salvage

Peter Pietka

Last month Svitzer and Titan Salvage announced plans to merge their salvage operations. Peter Pietka, former chief executive of Svitzer Salvage, takes the helm of the new combined company – to be dubbed Ardent and headquartered in Houston – on May 1. Maritime Reporter & Engineering News spoke with Pietka for insights on the path ahead. Svitzer, the salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp., will effectively meld two of the enviable corporate cultures in the maritime world…

22 Jan 2015

RASI Endurance Challenge 2015

A group of 40 enthusiasts from the maritime and insurance community in Singapore have come together, to undertake a 24 hour endurance sea challenge, all in aid of the global maritime welfare charity, The Mission to Seafarers. Mission Row Around Singapore Island (RASI), will see two teams in ocean-going rowing boats attempt the 140km journey, taking on the seas and shipping lanes (not to mention two live military firing ranges) to complete a non-stop circumnavigation of the island of Singapore. The event itself will be held during the 50th anniversary year of Singapore’s independence and will also coincide with Singapore Maritime Week occurring between 19 to 25 April 2015.

15 Jan 2014

V.Ships Signs with Spill Center for Global Vessel Spill Support

Spill Center, a North American leader in environmental claims management and emergency response support for transportation clients at risk for releases of hazardous materials, has expanded its program to include global cargo-carrying vessels, according to Tom Moses, president and founder of the company. V.Ships, a ship management company with a network of 18 offices worldwide, provides shipowners with a range of management and support services for oil tankers, chemical tankers, gas carriers and dry bulk cargo vessels. V.Ships offers environmental support services to ship owners through Spill Center. Services include immediate response management services…

03 Oct 2013

Nickel Ore Shipments: Lessons Learned from Losses

One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fuelled by China’s thirst for nickel ore as it is the principal alloy component for stainless steel. Chinese nickel ore imports have spiraled from nearly 5m metric tons (mt) in 2006 to near 50m mt in 2011. The bulk of these imports come from Indonesia, with the Philippines now running very close behind. But this fast-expanding trade has been marred by the heavy price paid in terms of lives and vessels lost. In August, the 2012-built Trans Summer sank off Hong Kong, but all 21 crew were saved by rescue helicopters. All these vessels were carrying nickel ore from Indonesia to China.

18 Feb 2013

Atlantic Marine Sets Up Marine Survey & Consultancy Arm

John Poulson: Photo credit AMA

Atlantic Marine Associates Inc. (AMA) a member of the Eagle Ocean Group appoints John S. Poulson to head the new service. Trading as AMA Consulting Services, the new entity is led by John S. Poulson, latterly president of GL Noble Denton, New York, and a leading expert in the marine engineering, survey, loss prevention and consultancy fields. AMA Consulting Services’ principal activity is carrying out independent surveys, investigations, advisory and other consultancy work for a broad maritime clientele…

18 Dec 2012

Brand to Rejoin TITAN Salvage

Captain Dennis Brand

Captain Dennis Brand will rejoin TITAN Salvage, Crowley Maritime Corporation’s Pompano, Fla.-based, marine salvage and wreck removal company, as director of global commercial operations, reporting to company Managing Director Rich Habib on January 2, 2013. As a member of the company’s senior management team, Captain Brand will help shape strategic, operational and commercial business initiatives particularly as they relate to emergency response, securing salvage and wreck removal work for TITAN around the world.

08 Nov 2012

DNK Appoints New Insurance Director

Göran Skuncke

War risk insurance specialist, DNK, is pleased to announce the appointment of Göran Skuncke as Insurance Director. Skuncke will be responsible for the Association’s insurance activities, with a particular responsibility for membership service, in addition to running DNK’s underwriting and claims activities. Skuncke joins DNK from the P&I Club, Skuld. During his career at the company, he provided hands-on experience and insight into both underwriting and claims work, while contributing to the professional reputation of the company.

29 Jun 2012

Crisis Communications Network for Shipping

Navigate Response launched at London’s Baltic Exchange. The company’s round-the-clock services are tailored specifically for the global shipping industry and focus on managing clients’ messages across a range of communications channels including mainstream and social media. The new company is chaired by internationally renowned maritime expert, Richard Sayer, and led by Mark Clark, former head of public relations and media at the UK Maritime and Coastguard Agency. The team includes leading maritime PR experts Mike Elsom and Bill Lines of sister company Navigate PR Ltd. Founded in 2004, Navigate PR provides comprehensive public relations services to a wealth of maritime businesses across a range of disciplines.

11 Apr 2008

ISU: Fresh Thinking Needed

International Salvage Union (ISU) President Arnold Witte had called on all sectors of the shipping and insurance industries to approach the issue of salvage and spill prevention with “fresh thinking and open minds.” Speaking at the ISU’s Associate Members’ Day conference in London on April 2, he said the cost of failure to prevent pollution can run into billions. Against this background he urged the P&I community – responsible for payment of pollution claims – to accept that new approaches to reward for salvage and spill prevention have a significant role to play in reducing the financial impact of pollution claims and, at the same time, contributing to lower levels of ecological and economic damage.

31 May 2002

JHC Pushes Ahead with Clause Review

The Joint Hull Committee in London (JHC) is pushing ahead with ambitious plans to review the existing Institute Hull Clauses in order to bring them into line with current market practice. Subject to satisfactory conclusion of the consultation and approval process, the new clauses should be ready for use by November of this year. Although no far-reaching changes are anticipated, the JHC is keen to make the standard hull clauses as consumer-compatible as possible. point, the JHC will review the 1983 and 1995 Clauses with a view to adjusting them to reflect current market practice. In addition, the JHC considers that a number of supplementary clauses, which are now in everyday use, could be drafted to form part of an addendum. without requiring any change to the main wording.

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