Iran Sanctions being lifted…but still in place (Updated 3 Sept 15)
Update 3 September 2015: As the US moves towards congressional approval of the deal with Iran, timelines are becoming a little clearer now. Whilst, as at today’s update, the sanctions remain fully in place it appears more likely that the deal will be approved by the US, then the UN and, of course, Iran. At the same time, there appears ...
Continue ReadingThe New Marine Insurance Act 2015 (sadly now just called the Insurance Act 2015)
It’s fair to say that Marine Insurance isn’t well known for its rapid evolutionary pace. The Marine Insurance Act 1906 codified in law the practices at the time, which themselves dated back another 200 years in some parts. ‘Fast’ forward another 110 years and the new Insurance Act 2015 (no longer the Marine Insurance Act) will finally become law in ...
Continue ReadingConstruction Projects – what’s the Marine connection?
Almost every week there is news of a commitment to finance construction projects around the world, either at a governmental level or through private investment. For most large multi-year projects, the necessary materials are not available domestically and have to be shipped in from around the world in a complex logistical operation, with each component arriving at the project site just ...
Continue ReadingCuban Sanctions – Cargo Insurance
Given the US and Cuba are restarting their diplomatic relationship, the sanctions that have been in place for over 50 years are anticipated to be softened and finally extinguished completely. Whilst regular trade to/from Cuba has been complicated and rare until now, this is set to change and quickly – so how does is your insurance affected? Cargo Insurance Cargo insurances often (but ...
Continue ReadingFalling Oil Prices – How do they affect your insurance rates?
From 2010 until mid-2014, oil prices had been fairly stable, at about $110 a barrel. However, as we have seen constantly in the news, the oil price has fallen sharply over the past seven months (as at January 2015) with Brent crude oil now dipping below $50 a barrel. Why does the price of oil keep falling? Very briefly – oil ...
Continue ReadingXL to buy Catlin Group for USD4.1bn (Updated)
The purchase of Catlin Group by the global insurer XL Group Plc is to proceed according the their Press Release of yesterday. The new entity will trade as XL Catlin, with the parent company remaining as XL Group. According to the press release, the companies are expecting the transaction to be completed in mid-2015. What’s interesting about this is, aside ...
Continue Reading