Beazley, a leading specialty insurer, has announced its intention to launch a new marine war consortium, to provide up to $1bn of Lloyd's capacity, comprising $500m for Hull War and $500m for cargo war, that will be complementary to the existing capacity available in the market.
Shipowners and brokers need to take greater consideration of the scope of their war risk cover, and not just the price, as the number of war risk claims following incidents outside of traditional high-risk areas has risen, a senior underwriter at the London P&I Club has warned.
Specialist (re)insurance broker headquartered in the Dubai International Financial Centre (DIFC), AI12, has appointed Mr Joseph Barness as Head of Marine.
The past few years have seen growing trade flows into Asia of chemicals, pharmaceuticals, and oil and gas, according to the "QBE Marine Insurance Risk Outlook for Asia 2026" report.
Gulf General Cooperative Insurance Company announced that Mr Anuj Agarwal, CEO, has submitted his resignation with his last working day set for 15 April 2026.
Shipowners are reluctant to risk crossing the Hormuz Strait even with insurance because of the high cost of the assets, according to Mr Mohamed Mahran, the CEO of Misr Insurance Company, the biggest general insurer in Egypt.
Oil prices plunged below $100/bbl after the US and Iran agreed to a two-week ceasefire on 7 April, easing fears of prolonged supply disruption. Brent fell as much as 16% before trading around $94/bbl, according to ING Think, ING Global Markets Research.
The two-week ceasefire in the ongoing conflict between Iran and the US and Israel may signal regional stability and important first steps towards a gradual normalisation of flows.
International specialty (re)insurance marine MGA Rokstone has appointed Ms Jackie Lan as Underwriter to its Singapore team.
In New Zealand, HDI Global has promoted Mr Richard Upton to the role of Branch Manager and Head of Financial Lines.