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…
A Ukrainian presidential adviser said on Wednesday that Russia had no grounds to review the landmark deal allowing Ukraine to export grain from ports in the Black Sea and that the terms of the wartime agreement were being strictly observed…
The future for Ukraine grain shipments out of the Black Sea has been cast into doubt with Russian president Vladimir Putin yesterday questioning the terms of the shipping deal his country struck with its foe in July. Signed in Istanbul…
The decision by Ukraine late in August to exempt its seafarers from mandatory service in the armed forces, and to be allowed to leave the country to work on ships internationally, would free up manpower for both Ukrainian grain exports…
China voiced its opposition to a price cap on Russian oil on Monday, after the Group of Seven finance ministers agreed last week to impose such a cap to slash revenues for Moscow's war in Ukraine. China has refused to…
