Lloyd’s aggregated results will not be a pretty story, warns Neal

Lloyd’s CEO John Neal told attendees at the Marine Insurance London conference on Friday March 22nd that the aggregated results that Lloyd’s would be presenting this Wednesday March 27th would not be a pretty story. “But I think we have the beginnings of an understanding of how that can improve”. Five or six years ago…

Charles Taylor reports “strong year” for Signal, but CT managing agency under review

Claims servicer, insurance manager and insurance technology business Charles Taylor has said that Signal Mutual, the largest provider of longshore workers’ compensation insurance to the US maritime industry, which Charles Taylor has managed since Signal was founded in 1986, had “a very strong year”. Charles Taylor said that Signal enjoyed a very successful 2018/19 renewal…

West of England reports tonnage growth at renewals

West of England Club has announced “a positive renewal period with continued support being seen from new and existing Members and a modest increase in renewing premium”. The Club was the only Group Club to say that a small increase in premium was necessary for the 2019/20 policy year. Owned mutual tonnage grew over the…

Beazley Ireland Holdings reports improved rating environment in marine

Beazley Ireland Holdings has reported gross premiums written up 12% year on year to $2,615.3m (2017: $2,343.8m). However, profit before income tax declined by 55% to $78.0m (2017: $171.5m) due to a decline in investment returns. The combined ratio for 2018 was 98% (2017: 99%) having been affected by severe natural catastrophe claims for the…

Hiscox refocusing on lead positions in marine

In its report on 2018 numbers, insurer Hiscox said that “the discipline and careful underwriting of our marine and energy team has driven an outstanding performance in these lines, helped too by a low loss experience”. It said that in cargo it was refocusing the portfolio to reduce its overall exposure, and in order that…

Hedge funds beginning to take a liking to shipping debt

An increasing number of hedge funds have been moving into shipping debt, as banks cut their exposure to the sector, Reuters reports. Trade war worries and cost pressures have been dampening prospects for a proper recovery in many segments of the shipping sector, and European banks, particularly German lenders, have been trying to sell distressed…

American Club reports strong tonnage and premium gains at renewals

American Club has reported a year-on-year P&I tonnage increase of 10% and premium income growth of 4%. In FD&D, tonnage and premium grew by 8% and 2% respectively. Mutual P&I tonnage increased by more than 1.6m gt as of February 20th, compared with the previous year, and by just under 900,000 gt in regard to…

Global growth spurs strong 2019 P&I renewals for Skuld

Oslo, Norway-based marine insurer and P&I mutual Skuld has reported “a positive outcome” from renewals with a 4.3% net increase in mutual P&I gross tonnage year-on-year from 2018 to 2019, including committed tonnage for delivery throughout 2019. Completing on February 20th, Skuld’s committed mutual P&I tonnage now stands at 95m gt. Skuld said that it…

London P&I Club reports further growth in owned entry

London P&I Club has said that it had seen further growth in its mutual owned entry following the conclusion of the recent P&I renewal season. Director of underwriting, Reto Toggwiler, said that “our mutual membership saw year-on-year growth of approximately of 3.5m gt or 7%,” which would take its membership to above 61m gt. Toggwiler…

Encouraging renewal, says UK Club

UK P&I Club said yesterday February 20th that it had experienced a good renewal for the 2019/20 policy year, “achieving growth by attracting quality tonnage”. The Club’s mutual owned tonnage has reached 144m gt, a net increase of 5.4m gt mutual business over the year. Mutual tonnage at the start of the new policy year…

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