Scor’s Channel Syndicate 2015 has become the latest Lloyd’s insurer of several to stop writing at least one sector of their marine business. The Syndicate will cease writing hull, cargo, accident & health and general & professional liability at Lloyd’s after incurring losses in each of the previous...
https://insurancemarinenews.com/insurance-marine-news/channel-syndicate-cuts-back-marine-for-2019/
Norway-based marine insurer Gard will not apply a general increase in 2019/20 policy year for its mutual members, after reporting a positive result of $27m for the first six months of 2018/19 policy year. Although there was a combined ratio net (CRN) of 78% in H1, there was a loss of $41m on...
There will be no general increase for policy year 2019/20 at London P&I Club, managers A Bilbrough & Co said yesterday on behalf of the Board. The Board reviewed the position in respect Class 5 (P&I) and Class 8 (FD&D) Open Policy Years & call requirements for the 2019/2020 Policy Year. For Class 5...
https://insurancemarinenews.com/insurance-marine-news/london-pi-club-holds-premiums-for-201920/
Swedish Club has released its terms for 2019 Hull & Machinery Insurance. In Marine Circular dated October 25th 2018 Swedish Club said that it would continue to make comprehensive insurance cover available to suit the needs of individual members at rating and deductible levels reflecting exposure....
West of England is to implement a 5% standard surcharge to all mutual and fixed premium rates for P&I-owned (Class 1) entries, while keeping a 0% surcharge for owners’ FD&D (Class 2) entries. Charterers will face no increase for either class. The estimated total mutual call of 100% for 2018/19...
Britannia P&I Club kicked off the International Group Clubs announcements for the 2019/20 policy year at its Members’ Representative Committee and Board Meetings in Hamburg on October 16th. It said that for 2019/20 there would be no General Increase to its advance call for P&I Members. Britannia...
Re/insurer Lancashire Holdings said on October 8th while reporting its nine-month results that it had exposure to loss events within its marine portfolio that aggregated out (net) at about $30m. The company added that it had suffered an accumulation of attritional losses as a result of exposures to...
UK-based insurer RSA suffered an underwriting loss of £70m ($91m) in the third quarter, generating a 110% combined operating ratio (COR). RSA said that it had been hit by large losses, attritional claims and bad weather. Marine was hit hardest. UK premiums were said to be lower. CEO Stephen Hester...
https://insurancemarinenews.com/insurance-marine-news/marine-suffering-at-rsa-in-q3/
S&P Global Ratings has affirmed its ‘A’ rating on the Britannia P&I Club, with a stable outlook over the next three years, based on its view that the Club’s current capital buffer well exceeds S&P’s ‘AAA’ level requirement. S&P said that Britannia had an extremely strong level of capitalization and...
https://insurancemarinenews.com/insurance-marine-news/sp-confirms-britannias-a-rating/
UK P&I Club completed the redemption of its 10 year $100m hybrid bond with effect August 22nd. Its S&P ‘A’ rating was affirmed. UK P&I Club formally announced its intention to redeem the bond on July 18th. The Club said that the bond had provided an effective way of increasing the Club’s regulatory...
https://insurancemarinenews.com/insurance-marine-news/uk-club-completes-bond-redemption/