Ship owners and underwriters have been warned not to take the recent fall in the pricing for kidnap & ransom for vessels in high risk areas a downwards trends with the expectation that costs will rise as the potential for increased piracy activity increases.
Reinsurers with marine books have been growing increasingly concerned over the prospects for the year ahead. The fear has not been driven by rising losses but falling business levels amid fears that the global shipping market was in the doldrums and would remain so for some time.
As the run up to the 1 January renewals begins in earnest Aon Benfield, has launched a revamped Risk & Capital Strategy team to advise insurers in how best to structure their capital and reinsurance optimisation by analysing the links between risk, volatility, capital and value.
A M Best has issued a new report in the impact of Solvency II on the captive market and said it believed that that owners will look to pump more capital into the captives when solvency Ii is implemented in18 months.
European Insurance group Ageas has entered into an agreement to transfer all of the run-off business of Intreinco N.V. (Intreinco), the former reinsurance captive of the Fortis Group, to Swiss Re.
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