Royal & SunAlliance (R&SA) and XL are facing large marine losses after three vessels suffered severe damage within four days of each other.
The marine insurance market is predicting losses of about $250m following an explosion on board container ship Hyundai Fortune off the coast of Yemen on 21 March; followed by a fire which engulfed 100 cabins on board Caribbean cruise liner the Star Princess; and the sinking of late-night ferry Queen of the North in British Columbia.
Insurance Times understands both insurers are represented on all three risks. XL and R&SA declined to comment.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
