Shipping insurance costs across the Black Sea are skyrocketing

LONDON, Feb 25 (Reuters) – Insurers have raised the cost of cover for merchant ships crossing the Black Sea, adding to soaring freight rates in the region for vessels still ready to sail after the invasion of Ukraine by Russia. Shipowners pay war risk insurance annually as well as an additional “infraction” premium when entering … Read more

Analysis: Aircraft lessors prepare to fight insurers over Russian plane default

Passenger planes of Aeroflot – Russian Airlines are parked at Sheremetyevo International Airport in Moscow, Russia March 12, 2022. REUTERS/Marina Lystseva Join now for FREE unlimited access to Register Major landlord promises ‘vigorous’ pursuit of claims Legal expert says results could be unpredictable Soaring insurance rates ‘are not a pretty sight’ Lessors keep in … Read more

Explanation: Can companies leaving Russia recover their losses through insurance?

March 23 (Reuters) – Hundreds of companies said they were pulling out or suspending operations in Russia after it invaded Ukraine, by energy producer Shell Plc (SHELL) to car manufacturer Hyundai Motor Co (005380.KS) to PwC, a global professional services firm. Here’s a look at how insurance and international arbitration could soften the blow to … Read more

LIC’s $2.7 billion IPO in India was subscribed 67% on day one

Investors bid for 108.7 million shares vs. 162.1 million offered Insured, IPO Employee Portions Oversubscribed Stock market falls as RBI hikes rates MUMBAI, May 4 (Reuters) – The $2.7 billion IPO of Life Insurance Corp (LIC), India’s largest public issue, was 67% subscribed on the first day of the call. offers, even as a surprise … Read more

Launch into space? Not so fast. Insurers balk at new coverage

September 1 (Reuters) – An ever-growing amount of space debris threatens satellites hovering around Earth, making insurers reluctant to offer cover to devices that transmit text, maps, video and scientific data , said industry sources. Thousands of new satellites are being launched into areas where orbital trash has been piling up since the first space … Read more

Ukrainian UIA loses insurance coverage for some aircraft in Ukrainian airspace

UIA insurers end cover for flights in Ukrainian airspace KLM halted flights, Lufthansa considering suspension BA takes longer path due to ‘geopolitics’, pilot says Insurance will also be considered, says OPSGROUP KYIV, Feb 14 (Reuters) – Two Ukrainian airlines revealed insurance problems for some of their flights on Monday as foreign carriers began avoiding the … Read more

Italian Banco BPM takes the first step in a new insurance strategy

Exercises the option to purchase Covea’s stake in partnership Insurance insourcing projects are attracting interest May consider new interested partners – sources MILAN, April 12 (Reuters) – Banco BPM (BAMI.MI)is to acquire full ownership of its life insurance partnership with France’s Covea, which could lead the Italian bank to strengthen its commercial ties with its … Read more

SocGen sever ties with Russia with sale of Rosbank to oligarch Potanin

PARIS, April 11 (Reuters) – French bank Societe Generale said on Monday it would leave Russia and earn 3 billion euros ($3.3 billion) in revenue from the sale of its Rosbank unit to Interros Capital , a company linked to Russian oligarch Vladimir Potanin. Rosbank will join the business empire of Potanin, the 61-year-old boss … Read more

Indian Life Insurance Corp files $8 billion IPO documents

Planned stake sale would eclipse Paytm’s record $2.5 billion IPO LIC’s offer crucial to government’s privatization goal The company manages over $500 billion in assets NEW DELHI, Feb 13 (Reuters) – The state-run Life Insurance Corporation of India (LIC) has filed draft documents with the market regulator to sell 5% of its shares to raise … Read more

EXCLUSIVE AIG plans to cut insurance for Russia and Ukraine – sources

The AIG logo is seen at its building in New York’s Financial District March 19, 2015. REUTERS/Brendan McDermid Join now for FREE unlimited access to Register LONDON, April 8 (Reuters) – AIG (AIG.N)one of the world’s largest commercial insurers is considering reducing coverage for Russia and Ukraine, to protect itself from the risk of … Read more