Offering was designed exclusively for fleets and single vessels operating throughout inland and coastal waters of the UK and Western Europe.
Ardonagh's MGA arm buys £8.5m GWP book of business from KGM.
The new offering is available to brokers and Stoneways stated that the policy includes covers such as non-medical repatriation and mental health support for those onboard.
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Provider expects its pandemic-related losses to amount to $170m as it takes underwriting action in its liability lines of business.
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CEO Andrew Horton says provider is committed to regional brokers through its Birmingham office despite recently pulling out of UK regional marine.
Keep up to date with the latest market moves.
The book of business will be transferred to N&G at renewal and NMU marine trade underwriters will move across as part of the deal.
Marine specialists expect to find replacement cover in the short-term, but predict that more market hardening is on the way.
Decision could result in a small number of redundancies as the insurer pointed to pressure and low margins in the sector.
Neon's parent company American Financial Group has decided to exit the Lloyd's market.
Offering is targeting renewable energy companies that operate domestically and abroad.
PE firm takes a 30% stake in the specialist marine broker.
Brokers report reduced numbers of staff in the provider’s Chelmsford office and say MS Amlin’s recent action is continuation of providers exiting regions.
Experts say the restructure is understandable but could lead to office closures as Amlin pulls out of nine business lines.
Although brokers are not worried by the provider going into run-off, they have concerns over tightening capacity.
Provider says reorganisation will not result in any branch closures and that it plans to keep existing staff wherever possible.
The MGA stated that the timing of the the Lloyd's review was a contributing factor in the decision.
Provider pulls out of international construction, international freight and fixed price marine protection and indemnity business and is consulting with staff members about redundancies.
Broker's fourth deal of 2018.
MGA targets small and medium sized UK brokers.
Deal adds £1.4m of GWP to the firm.