By Jonathan Saul LONDON, Dec 1 (Reuters) - British ship insurer Britannia plans to set up a subsidiary in Luxembourg as a result of Britain's decision to leave the European Union, it said on Friday, to ensure it can continue to trade in Europe. Europe accounts for over 40 percent of Britannia's global business, according to company data. Insurers are making contingency … [Read more...]
Insurers Grow Anxious as Containerships Get Bigger and Cargo More Valuable
By Mike Wackett (The Loadstar) - With CMA CGM reportedly ready to sign a letter-of-intent for nine ultra-large container vessels (ULCVs) of 22,000 teu, insurers are becoming increasingly concerned that their exposure may be too concentrated. At a conference in Seoul, South Korea, this week, shipbuilder Hyundai Heavy Industries (HHI) revealed it was in competition with a … [Read more...]
Fidelis Group Holdings, LLC Hires Dennis Mathies as Senior Marine Underwriter
Fidelis Group Holdings, LLC (FGH), with its subsidiary Continental Underwriters, Ltd., announced today the hiring of Mr. Dennis Mathies as Senior Marine Underwriter. Mr. Mathies will be responsible for expanding the group’s Brown Water Hull, Liabilities and Cargo product lines and will be based in their Houston, Texas office. “Over the last half century we have been committed … [Read more...]
Brexit Prompts Ship Insurers to Look at Luxembourg, Cyprus Bases
By Jonathan Saul and Carolyn Cohn LONDON, Feb 24 (Reuters) - U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say. Britain dominates the global marine insurance market and losing access to … [Read more...]
Marine Insurance in the Trump Presidency: Smooth Sailing in 2017?
By Julia M. Palmer (Holland & Knight) - Although the Trump Administration's plans for significant infrastructure investment, including key ports and terminals, bode well for the marine industry, it is unclear how proposed restrictive trade policies will impact port import/export tonnages and the need for ships. However, expect some ripple effect of these changes in the … [Read more...]