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OEUK report: new opportunities and risks in offshore wind

Commenting on the implications of the recent Offshore Energies UK (OEUK) report calling on the government to speed up production approvals and facilitate a rapid expansion of offshore wind, James Petrie, Director of Fixed Premium for the UK P&I Club’s Charterers and Offshore team, believes there are opportunities as well as risks of having accelerated processes: “The recent OEUK report that has called for greater streamlining and faster processes in the offshore energy space is extremely timely given the current focus on the cost of energy. There are significant positives ...

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Thomas Miller appoints Hugh Titcomb as new Chief Executive

Thomas Miller, the international provider of market leading insurance services, intends to appoint Hugh Titcomb as its new Chief Executive, subject to shareholder approval, replacing Bruce Kesterton. Hugh Titcomb Joined Thomas Miller in 2016 having held a broad range of senior leadership roles within the financial services sector. Hugh has a strong understanding of the Thomas Miller Group, developed through his role as Chief Executive of the Group’s investment business, Thomas Miller Investment, and as a member of the Group Executive Committee. These positions have enabled Hugh to establish valuable ...

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2022 Financial Statements – Britannia P&I confirms results

FINANCIAL OVERVIEW The Group underwriting result was negative again this year, with net claims incurred in excess of net earned premiums. The investment performance this year produced a much smaller gain than in the recent past after some dramatic movements in markets in the fourth quarter. Total calls and premiums were higher than in the prior year, at USD216.9m compared with USD200.1m. There was again no general rate increase at the 2021/22 renewal, but individual Members’ rates were adjusted to reflect their claims record and risk profile where necessary. Reinsurance ...

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The UK P&I Club supports seafarers in crisis

The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has once again shown its commitment to seafarer welfare through funding Sailors’ Society’s Crisis Response Network. Announced ahead of World Maritime Day tomorrow (Thursday September 29), the Club’s contribution will fund the costs of two trained crisis responders. They will provide vital counselling and ongoing care to seafarers, their families and companies following a traumatic incident such as abandonment, accident, ambush or natural disaster. Maritime charity Sailors’ Society’s Crisis Response ...

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Regulations on the disposal of food wastes in Chinese waters

Club’s correspondents in China (Huatai Marine) have issued a circular outlining the regulations on the discharge of food wastes in Chinese waters and the administrative fines for non-compliance. According to Huatai’s database, approximately 23% of garbage disposal fines handled in 2020-2022 were for illegally dumping food waste. The Bohai Sea accounted for 70% of them, with the Yellow, East, and South China Seas each accounting for 10%. The maximum fine was CNY 70,000, and the minimum was CNY 30,000. The average fine was CNY43,000 per case. As per an analysis ...

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UK Defence Club appoints Paul Herring in new role of Legal Director

The UK Defence Club has announced that it has appointed Paul Herring to the newly created position of Legal Director as of 20th September, 2022. In this role, Paul will focus on growing the Club’s international footprint and on thought leadership in a number of areas, including decarbonisation. Reporting to Club Chief Executive, Daniel Evans, Paul spent 43 years at Ince law firm during which time he became a leading expert in many areas of shipping law, particularly in charterparty, carriage of goods by sea, newbuilding and MOA related disputes ...

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ESG is a label for things good owners already do

“ Good shipowners – and that’s the vast majority – have long treated crews well and respected the oceans and should not be fazed by a buzzword that encapsulates best practice.” While ESG may have come last on the list of broker Marsh’s recent report on contributing factors for owners when choosing a P&I provider, this comes as no surprise as there is still a lack of awareness in the industry. Gina went on to explain how the Club has a strong track record in ESG initiatives – one of ...

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UK Club builds on strength of regional offices with two appointments in Greece and Hong Kong

The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has announced Seán Geraghty will become the new Regional Director in its Greek office in November, while Daniel Evans will move from Greece to London to focus on the continued development of the UK Defence Club. Reporting to Chief Executive Officer Andrew Taylor, Seán Geraghty moves from the Hong Kong office where he served as the UK Club’s Senior Claims Director and Regional Syndicate Manager since 2014. Meanwhile David Harley ...

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The Standard Club PEME scheme – benefitting members and seafarers

Our PEME scheme is focused on ensuring that members receive seafarers’ PEME certificates that they can trust and that preventable claims are kept to a minimum. Members benefit from having a higher level of knowledge regarding a potential, allowing for an informed decision to be taken about whether to employ a seafarer aboard a vessel. Seafarers benefit from participation in the scheme by taking advantage of medical treatment/advice which can extend their careers, especially in the case of untreated chronic illness. Source: The Standard Club

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Cosco shipping captive joins the poseidon principles for marine insurance

The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals. “We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and marine industry’s sustainable transition and growth,” says Zheng Xiaozhe, ...

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Ukraine – Black Sea Grain Initiative Procedures and Operational Update

On 22 July, the Republic of Turkey, Ukraine, the Russian Federation and the United Nations signed the Initiative on the safe export of foodstuffs and fertilizers, including ammonia, from the Ukrainian ports of Odesa, Chernomorsk and Yuzhny. As of 14 September, the total tonnage of grain and other foodstuffs exported from the three ports is just over 3 million metric tons. A total of 297 voyages (161 inbound and 136 outbound) have been enabled so far due to the successful operation of the initiative. So far, 53% of the cargo ...

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Loss prevention keeps up with fast pace of marine industry change

Loss prevention strategies for wind powered and unmanned vessels, new cargoes such as electrical vehicles have quickly moved “out of the laboratory and in the real world,” says IUMI’s Loss Prevention Committee chairperson Pascal Dubois. Speaking at the International Union of Marine Insurers (IUMI) annual conference in Chicago, he told delegates that the collaboration and detailed work undertaken by the marine insurance industry over the past three years are quickly resulting in improvements to operating and safety practices. Key to success has been the sharing of data by all stakeholders. ...

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The Shipowners’ Club reports modest underwriting surplus at the half year point

The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2022 The Club has reported a combined ratio of 96.2% which was in line with budget. The underwriting result of a US$ 4.3m surplus has been driven by 8% growth in earned income compared to the first half of 2021 and a 2% reduction in overall claims costs. These positive variances have been sufficient to more than absorb higher expected costs in the areas of ...

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Marine insurers need better data for ESG

The marine insurance industry needs to embrace data better if it is to successfully implement ESG aspirations, says Patrizia Kern, Chairperson of IUMI’s Data & Digitalization Forum. Speaking at IUMI’s conference in Chicago, she told the audience of underwriters that whilst more data on assureds’ activity is available, it needs to be consistent, reliable, relevant and provable to be of use. She said: “ESG is here to stay: over 92% of the S&P Global 500 companies now report on their ESG metrics and marine insurers are catching up fast. But ...

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IUMI launches new Masterclass in Cargo Insurance

The International Union of Marine Insurance (IUMI) is introducing a new Masterclass in Cargo Insurance. The programme will take place in London in March 2023 and will have a strong focus on key principles and practices of cargo insurance. It is IUMI’s first in-person training course. Designed to deliver an advanced level of learning, the course has been created by cargo insurance experts to widen participants’ understanding and expertise in this field. IUMI’s Masterclass in Cargo Insurance is aimed at senior underwriters and executives who want to expand their knowledge ...

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