Russia-based shipping company Sovcomflot returned to profit in Q3 to September 30th amid signs of a better balance in the tanker market. It booked a net profit of $300,000 for the period, compared with a loss of $22m in the same quarter last year. Revenue was up 13.% year on year to $396.4m for the…
https://insurancemarinenews.com/insurance-marine-news/sovcomflot-back-into-black/
Japan-based insurer MS&AD, whose subsidiaries include Mitsui Sumitomo Insurance (owner of MS Amlin), had net premiums of ¥1,862bn ($16.60bn) for the first half of 2018, up from ¥1,873bn in H1 last year. Marine made up 5.5% (¥102bn, $904.1m) of net premiums in H1, up from 4.8% (¥89.51bn) in the same...
https://insurancemarinenews.com/insurance-marine-news/msad-marine-business-rises-slightly-in-h1/
Conrad Industries Inc., Morgan City, La., has announced its third quarter and nine months 2018 financial results and backlog as of Sept. 30, 2018.
For the quarter ended Sept. 30, 2018, Conrad had net loss of $2.6 million and a loss per diluted share of $0.51 compared to net loss of $193,000 and a loss per diluted share of $0.04 during the third quarter of 2017. The company had net income of $2.7 million and earnings per diluted share of $0.55 for the nine months ended Sept. 30, 2018, compared to...
North P&I Club will not be implementing a general increase for policy year 2019/20, but there will be an increase of a minimum of $1,000 per deductible for all owned deductibles below $25,000. The Club anticipated a combined ratio of about 110% for the 2018/19 policy year which, combined with...
At its meeting in New York last Thursday November 15th, the American Club Board said that there would be no general increase for the 2019/20 policy year. Neither would deductibles be increased. American Club observed that the overall direction of the global freight markets remained ambiguous. While...
Norway-based Skuld will not impose a general increase from February 20th 2019; neither will there be an increase in deductibles. Skuld said that its Board of Directors met in Bermuda on November 7th to discuss the 2019 renewals. It noted that the mutua’s underwriting performance for 2018 half year...
https://insurancemarinenews.com/insurance-marine-news/no-general-increase-for-201920-at-skuld/
Standard Club has said that the club’s finances were strong, with the current forecast being for a small reduction in free reserves at the end of the financial year. There will be no general increase for the 2019 policy year, but deductibles will rise. An underwriting deficit was expected on the...
Insurer Beazley has reported an 8% year on year increase in marine business, to $221m, from $215m for the first nine months of 2017. Total GWP was $1.958bn, up 11% from the $1.762bn recorded over the same period last year. CEO Andrew Horton said: “geographically, the main engine of our premium...
Shipowners’ Club, which operates on financial year January to December, has reported a combined ratio of 106.4% for the first half, up from 99.3% in H1 2017, on gross written premiums up from $105.9m to $110.3m, and claims net of reinsurance up from $67.8m to $77.0m. The investment return fell to a...
Norwegian marine insurer Gard has now issued its full first-half report for 2018, adding granularity to its release a couple of weeks ago. Gross written premiums were roughly flat at $668m, compared with $664m for H1 2017 (both to August 20th). For P&I, GWP was $508m, down from $533m in the same...
https://insurancemarinenews.com/insurance-marine-news/full-h1-details-for-gard/