Iran’s Revolutionary Guards (IRG) are “highly likely” to have had a role in sabotaging four tankers off Fujairah in the United Arab Emirates last Sunday, according to Reuters reports. The hulls of tankers owned by interests in Saudi Arabia, UAE and Norway were damaged by explosives in the attack this week. Two Saudi tankers among those attacked off Fujairah UAE alleges ‘sabotage’ to four commercial ships A confidential report from…

UK based Steamship Mutual recorded a technical underwriting loss in its latest policy year because of an increase in claims. Its combined ratio, which indicates its underwriting performance, was 116% in the year to 20 February 2019, compared to 101% in the previous year. A combined ratio above 100% indicates claims costs exceeded premium income and expenses. “Increasing levels of claims from members and from the International Group pool are…

Britannia has becomes the first P&I club to be accepted as a member of the Maritime Anti-Corruption Network (MACN). The organisation was set up in 2011 by a group of maritime companies committed to eradicating the industry of all forms of corruption. It has more than 100 members, representing a sizeable percentage of the global fleet, Britannia said. “We’re proud to be the first P&I Club to have been accepted…

The Lutine Bell still hangs in ceremonial splendour in the underwriting room of Lloyd’s of London, a historic reminder of the global insurance market’s maritime heritage and tradition. But the bell itself is no longer rung as it once was to signal to brokers and insurers that a ship had been lost or returned safe. That is because the 160-year-old bell is now sadly cracked — cracked like the market…

Lloyd’s of London has unveiled what it calls a “bold new strategy” that could shape the future of the world’s (re)insurance market. The proposals are focused on delivering higher quality risk protection for its customers, it said. The overhaul will see costs cut and the market split into two, with a greater emphasis on online deals. The Financial Times reported that Lloyd’s has been facing pressure to change following costly…

A decline in investment income at protection and indemnity (P&I) mutual the Shipowners’ Club has put it into the red. The club reported a $37.9m loss in 2018 compared to a $47.4m surplus in the previous year. Shipowners also had a technical underwriting loss in 2018 with a combined ratio of 104% which was less than the 105% it had been predicting. A combined ratio in excess of 100% indicates…

Insurance market Lloyd’s of London has tightened up its alcohol ban for passholders. Access to the building will not be granted during working hours if the passholder is “under the influence of alcohol or any illegal drug.” The pass is liable to be confiscated and returned to the employee’s boss, Lloyd’s said. “A passholder is required to act professionally and respectfully towards other users of Lloyd’s premises at all times,”…

UK insurer International Transport Intermediaries Club (ITIC) has warned brokers and agents to be on their guard following cases of email fraud. It cites the case of a shipbroker that received an emailed freight invoice from an owner for $120,000. ITIC: Expert sued over ‘arson’ casualty report The bank account detailed in the invoice was the same as that previously used by the owner. But, several hours later, another email…