Times are difficult but no need for despair, was the message from Tore Forsmo, Area Manager, Team Norway at The Swedish Club and Vice Chair IUMI, speaking at the Marine Insurance Nordics conference held in Oslo this week. Tore Forsmo,…
In order to ensure that the sanctions imposed by UK, EU and US against Russia are applied identically and consistently across the whole membership, the Club has decided to amend the “Unlawful, prohibited or sanctionable” definition in their Rules with…
Marine markets face a profusion of “total loss” claims for trapped ships early in February 2023, a year after the shut-down of Ukrainian ports, according to a speaker at a market briefing on Wednesday 2nd November in London that was…
Russia said on Wednesday it still saw no progress on easing its exports of fertilisers and grain - parts of the Black Sea grain deal that Moscow views as fundamental to extending the initiative beyond next week. Foreign Ministry spokeswoman…
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…
