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...]
Ship Insurers to Resume Near Full Coverage for Iran Oil Exports
By Osamu Tsukimori and Keith Wallis TOKYO/SINGAPORE, Jan 17 (Reuters) - Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. Restrictions on U.S. firms handling Iranian goods had greatly … [Read more...]
Insurance Gaps Leave Shipping Exposed to Growing Cyber Threats
By Jonathan Saul and Carolyn Cohn LONDON, Jan 12 (Reuters) - Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say, a risk that could feed through into global prices. Digitalisation means electricity networks, emergency services, industry and agriculture are all … [Read more...]
Expanded Panama Canal Seen Greatly Increasing Insurance Risk
By Mike Wackett (The Loadstar) - Ahead of the official opening of the $5.25bn expanded Panama Canal this Sunday, the insurance industry is preparing itself for a big hike in risk from the increase in the value of insured goods as a consequence of the larger ships that will be transiting the waterway. The new locks, which will create a third lane of traffic for larger … [Read more...]