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Excited to be taking more space on the trading floor at Lloyd's to facilitate in-person dealings between brokers and our marine underwriters, at the same time as our war risk insurance specialist Vessel Protect unveils enhanced cover provision for clients transiting the world’s most active conflict zones. As of this month, Vessel Protect can now offer war risk cover of up to USD 250 million for any one vessel – an increase of more than 40%. It can also offer cargo war coverage limits of up to USD 100m, with its appetite encompassing the Red Sea, Gulf of Aden and Indian Ocean, as well as the Black Sea. As Chris Goddard says: “Our underwriting rigour has given our capacity the confidence to back higher per vessel limits and all of this is made possible by Pen’s continued investment in us – whether that’s in 24/7 digital cover provision, maritime risk intelligence, building out the team with new talent and underwriting resource or taking more space in Lloyd’s to facilitate in-person trading.” Read the full story here ➡ https://lnkd.in/eC3amRxY #MarineRisk #ShippingInsurance #WarRiskInsurance #PenUnderwriting

Turk: Lloyd's is relinquishing "invasive" oversight following results turnaround Watch the full interview here: https://lnkd.in/eFNUqURx The turnaround in Lloyd's results has allowed the Corporation to step back from its role as an "invasive discipline stick", with a greater emphasis now being placed on managing agents and syndicates taking responsibility for their performance, according to chief underwriting officer Rachel Turk Rachel Turk Dawn Miller Lloyd's #ReinsuranceMonth #reinsurance

The Club's CEO, Simon Peacock, was recently featured in The Marine Insurers' January edition, where he highlights that the people have been, and will remain, the most important element to the business.   Whilst reflecting on the 2023 P&I market and casting an eye on what we can expect to see in 2024, Simon stresses that it's the Club's people, wherever they are in the world, who will continue to deliver that first-class service we are recognised for. "Responding to sanctions, responding to decarbonisation, delivering technological change and delivering a first-class underwriting, claims and loss prevention service all have one common requirement. People."   Read the full article here: https://lnkd.in/eQz4cA74

Upcoming European ESFR and CMSA sprinkler standard (EN12845-2) and FSI 2024 Want to find out all about the details and development of the upcoming EN 12845-2 standard? Join me at 'Fire Sprinkler International 2024' in Dublin (24/25 April) for insights into the most comprehensive collection of proven sprinkler designs for protect storage risks. Ludger Tegeler of FM Global and I, will present the process of selecting proven performance solutions and guidance: ·       demonstrated in full scale fire tests and research. ·       applications using latest large k-factor sprinklers. ·       changes to goods classification to align with test data. ·       simplified guidance provided for obstruction rules. We will present our thoughts and insights and share and explain the pathway and when we expect this document to be published, most likely this year! Looking forward to many discussions in Dublin Zurich Resilience Solutions #zurichresiliencesolutions #sprinklers #insurance #riskmanagement

Next week our sprinkler protection aficionado, Stuart Lloyd EngTech TIFireE, will be sharing insights on the upcoming European ESFR and CMSA sprinkler standard (EN12845-2) and FSI 2024, at the Fire Sprinkler International 2024 in Dublin. If you are attending the conference, get in touch with Stuart to continue the conversation on protecting storage risks. #RiskEngineeringZRS #spinklers #riskmanagement

Good things come to those that wait? Sometimes. 47 year old Jacksonville FL.-based MGA US Assure just sold to Ryan Specialty for up to $1.475 billion (17.5x LTM EBITDA, if fully earned). In many ways a conservative business - one line of business (builders risk) one capacity provider (Zurich American Insurance) - but an early digital innovator, building a broker portal that now handles 90% of submissions from the firm's 20,000 brokers. In a market impatient for quick returns, proof that patience can be a virtue. #https://lnkd.in/eaW4dVYZ https://lnkd.in/eN8BRR8u

Reinsurance News new table of top US cyber insurers by premiums written, based on the new AM Best report. Link to the full Reinsurance News news article is in the comments. #cyberinsurance

🎥 Lloyd’s Neal: Baltimore bridge “could be biggest marine industry loss” Watch the full 17-minute interview here: https://lnkd.in/gFUhzRXz The marine market could be facing its “biggest industry loss” to date in the wake of the Baltimore bridge incident, according to Lloyd's CEO John Neal, with early estimates sitting at $3bn. You'll hear more about: ✅ Lloyd’s 2023 performance, “unprecedented underwriting condition” and what to expect in 2024 ✅ Baltimore bridge market implications ✅ Dynamics in the casualty market and adequate reserving ✅ New entrants ✅ Blueprint II delay ✅ Legacy of non-financial conduct reviews #TheInsurerTV #NewsInFocus #Lloyds #insurance #reinsurance

It's time for carriers to rethink their approach to property deals. RPS expert Wes Robinson talks to E&S Insurer about why buyers are actively seeking alternative solutions. https://bit.ly/3NBXtKY #Insurance #Property

Thanks to the Marine Insurer for shining a light on the very real issue of cargo aggregations. The lack of visibility means that the underwriting and risk management process remains laden with assumptions, and where there are assumptions, there is an impact to the insurer. The best analogy for the cargo market is that when it comes to aggregations, insurers have been working in pitch black for years. We’re now shining a spotlight into the market, but ultimately, we’ll need a floodlight. Impactful change means real-time visibility to 100% of the cargo and container industry from end to end, offering all the relevant data on a particular business to insurers before they write their policy, so they are as well-informed as possible and able to write accurate risk. Having comprehensive information about sendings enables insurers to accurately assess and price risks, manage aggregations, and take mitigating actions. My write up is on page 32 - link to the magazine is in comments 👇