At the Annual General Meeting of the International Group of P&I Clubs held in Newcastle on 8 November 2022 the appointment of Andrew Cutler as the new Group Chair was approved. Andrew succeeds Paul Jennings who has held the post…
The UK treasury has confirmed it will not allow any British insurers to cover ships carrying Russian oil from December 5. By December 5, tanker owners that fly any European Union flag or carry P&I insurance from an EU or…
Lloyd’s of London insurer Ascot is suspending writing cover for new shipments using the Ukrainian grains corridor in the Black Sea until it has more clarity about the situation there, a senior official said on Monday. Moscow said it was…
Grain exports from Ukrainian sea ports have been halted today as the security situation in the Black Sea remains tense following Russia’s decision over the weekend to suspend its participation in a regional shipping initiative. In the wake of an…
Rating agency Standard & Poor’s has downgraded Group Club West of England to BBB+ from A-, and said that it saw limited capital position recovery prospects over the next two years. S&P said that West of England’s capital position remained…
S&P said that the downgrade was the result of “eroded capital adequacy”. The Swedish Club's capitalization, as per the S&P risk-based capital model, remained materially below the 'AAA' confidence level as of H1 2022 after it was eroded by underwriting…
The EU adopted an eighth package of sanctions against Russia on 6 October 2022. The Regulation contains a number of provisions of particular interest to shipping. For your further guidance, we refer you below to the IG P&I Clubs websites…
Lloyd’s late last week reported an improved H1 underwriting result, notwithstanding the impact of the invasion of Ukraine, natural catastrophes and inflation, However, IFRS-revaluations of unrealized investment losses meant that the market fell to an overall loss after investment revaluations…
Fears of massive total loss claims in the Black Sea averted but more general losses in the insurance sector will have an impact. The United Nations World Food Programme has opened the door for dozens of ships trapped at Black…
Insurance union is pushing for regulatory changes to tackle persistent safety problems. The International Union of Marine Insurance (IUMI) policy forum has been facing a growing list of safety concerns, partly driven by the technological challenges of the shift to…
