Risk Solutions News

Shoreline and HudsonAnalytix launched of ShorelineHudson, a partnership to provide the maritime industry with integrated insurance and risk management solutions. ShorelineHudson’s mission is to predict, innovate, and respond to the ever-evolving risks of its global maritime industry clientele. This relationship brings together Shoreline’s expertise in marine insurance and HudsonAnalytix’s strengths in risk management, claims mitigation, regulatory compliance, and cybersecurity and operational resilience.

Achilles Information Ltd (“Achilles”) announced that it has acquired the assets of Global Risk Management Solutions (GRMS), a provider of supplier risk management programs based in Irvine, California. This latest transaction builds on the success of Achilles’ recent acquisition of Iberian supply chain risk company, GoSupply, and marks another step in Achilles' ongoing strategy to expand its global footprint and enhance its portfolio of supply chain solutions.The acquisition of GRMS strengthens Achilles’ position as a global leader in supply chain risk management…

ShipIn Systems, developer of a Visual Fleet Management Platform, announced it has secured an investment by Munich Re Ventures, the venture capital arm of Munich Re Group, one of the world’s leading providers of reinsurance, primary insurance, and insurance-related risk solutions. “By partnering with Munich Re Ventures, we are helping to build a safer and more productive future for the maritime industry,” said Osher Perry, Co-Founder and CEO of ShipIn Systems. “The reality is that as ships are getting bigger, crew are getting smaller.

Bureau Veritas announced the launch of a newly branded and separate family of experts, ‘Bureau Veritas Solutions Marine & Offshore’ (BV Solutions M&O).Aimed at the marine and offshore markets, BV Solutions M&O brings together services and people from within Bureau Veritas to create a proactive and dedicated capability, offering value to clients through technical services and solutions.BV Solutions M&O is focused on four service lines: Engineering & Risk Solutions, Asset Management Solutions…

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…

While global piracy is constantly changing, modern technology adapts to exploit the weaknesses in the pirates’ mode of operation. Intelligence gained from such technologies enables voyage planners and navigators to steer clear of harm – but what kind of information is required? While the image of the Somalian pirate is still high in the public’s mind as the number one piracy threat, the reality is not as straightforward. Pirates have had to change their tactics in the last few years…

Transas Marine has added a Piracy Information Overlay (PIO) to its Navigation product portfolio. The piracy overlay is integrated into the Transas FleetView Online SSAS-tracking software and Navi-Planner 4000 voyage planning software. The piracy data is provided by Bergen Risk Solutions and is based on intelligence from several recognized and authoritative sources on sea piracy. The service allows users to overlay piracy information onto existing data and provides them with up to date information, essential for planning avoidance measures when transiting a potential piracy area.

Petrotechnics, a  company in transforming frontline operational performance and lowering operational risk, has announced  that Teekay Petrojarl has awarded a contract to deploy Proscient across its global fleet. Following a comprehensive competitive review, Teekay Petrojarl has awarded Petrotechnics a €2 million contract to deploy Proscient across all of their assets worldwide. Petrotechnics will provide dynamic, industry leading work management tools to support Teekay Petrojarl’s goal of creating a standardized approach to work management across their global operations. This will provide a common method of increasing work management efficiency and enhancing the organisations view of the relationship between asset risk, operational risk and control of work.

ANV Holdings BV (ANV), a Dutch-headquartered specialty insurance business, signs agreement with Tower Group International, Ltd. (Tower) for the transfer of the unearned premium reserves on its marine and energy business previously written from its New York, NY office. As part of the transaction the team led by Messrs. Guarnera and Kaufmann will transfer from ANV to Tower in order to service the in-force policies for inland marine, off-shore energy, marine hull, cargo and liabilities currently serviced from the ANV New York office. ANV will continue to actively grow and promote its Marine and Energy business and customers from its London offices and through ANV Syndicate 1861. “This divestiture will enable ANV to pursue new investments in growing lines of business,” said R.

The session, entitled Marine Insurance – the impact of September 11, was chaired by Luke Readman from the UK P&I Club. The team of speakers comprised John Fawcett-Ellis, INTERTANKO, together with Hedley French and John Garthwaite from Jardine Lloyd Thompson Risk Solutions. John Fawcett-Ellis began the session with a presentation on the insurance related activities of INTERTANKO and in particular post September 11. An overview was given of the work of the Insurance Committee. It was emphasized that the committee members were actively engaged in insurance matters on a day-to-day basis. This knowledge of the insurance markets meant that they spoke the same language as those engaged in the insurance industry…

Forecasting techniques in shipping have at last become as dynamic as the shipping industry itself, according to Chris Chasty, head of the shipping industry group at leading accountants and consultants Moore Stephens. Moore Stephens has been using its recently developed Dynamic Risk Solutions (DRS) risk analysis service to analyze major projects for clients. Writing in the latest issue of the Moore Stephens newsletter, the bottom line, Chasty says, "It helps increase confidence in project planning. Chasty expects both bankers and shipowners to increasingly use DRS to assess projects. "Knowing a likely outcome is one thing. Measuring how likely that outcome is provides a lot more comfort," he says. Chasty accepts that many owners still rely on gut feeling to get it right.

Lloyd’s Register and Resurgence Software have partnered up, giving Lloyd’s Register rights to jointly market Resurgence Software’s industry leading equipment reliability analysis software system Wave. Wave is a ship equipment reliability analysis software tool that helps ship owners and operators better manage their fleets. It aims to increase revenue through optimization of reliability-related maintenance practice and reliability-related downtime losses. It provides users with critical equipment reliability information to make better decisions when setting maintenance policies and practices, and making repair vs. replace and equipment procurement decisions. Lloyd’s Register plans to make Wave a key part of its risk and reliability offering to the marine industry.