A new report from Lloyd’s – “Global Recession: The Magnifying Glass for Political Instability” – written with Control Risks, concludes that the “global economic recession is likely to cause increasing geopolitical instability that may pose problems for international businesses.” Richard …
Proposals to arm sailors on commercial shipping vessels to battle pirates could lead to an “arms race” on the high seas, a senior maritime official said on Monday. Some shipping companies want their crews to have arms or use mercenaries …
A dramatic increase in activity by Somali pirates led to a near doubling in the number of ships attacked during the year’s first quarter compared with the same period in 2008, according to a report from the International Chamber of …
There’s a need for state-based insurance regulation, according to Hawaii Insurance Commissioner J. P. Schmidt. Speaking to professors and experts in finance from around the world in his keynote speech at the 16th Annual Global Financial Conference. Commissioner Schmidt’s speech …
Gunmen opened fire on at least two oil vessels at Nigeria’s Bonny crude oil loading platform late on Saturday, the site’s joint owner Royal Dutch Shell and industry security sources said on Sunday. One of the sources said gunmen initially …
Pirate attacks on the world’s shipping have been increasing at an alarming rate. “The Piracy Reporting Centre (PRC) confirmed a dramatic increase in piracy attacks on merchant vessels in the third quarter of the year,” noted a report on the …
Pirate attacks on the world’s shipping have been increasing at an alarming rate. “Last week the Piracy Reporting Centre (PRC) confirmed a dramatic increase in piracy attacks on merchant vessels in the third quarter of the year,” notes a report …
According to a recently released report from Marsh, “insurance rates across most lines of business in the Europe, Middle East and Africa (EMEA) region continued to soften in the first half of 2008.” However, “the report also identified trends being …
Standard & Poor’s Ratings Services has assigned its ‘BB-‘ long-term counterparty credit and insurer financial strength ratings and its ‘ruAA-‘ Russian national scale rating to Russian reinsurer Unity Re with a stable outlook. “The ratings are based on the company’s …
Fitch Ratings has revised its rating outlook on Imagine Insurance Company Limited and Imagine International Reinsurance Limited (collectively, Imagine) to Negative from Stable. Fitch currently rates both with an insurer financial strength (IFS) rating of ‘A-‘. Fitch explained that it …
