Suez ship owner asks for freight owners to assist with damages

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The owner of a container ship that blocked the Suez Canal for nearly a week is asking the owners of the freight the ship is carrying to help shoulder the costs of the damages demanded by Egyptian authorities.

The container ship Ever Given, owned by Japan-based Shoei Kisen Kaisha, ran aground in the canal in March, blocking the canal and halting billions of dollars in trade. Shoe Kisen said Friday that it has asked freight owners to share the damages in a deal known as a general average declaration, according to an Associated Press report.

The damage-sharing arrangement is often

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FWD, Surer show appreciation to Singapore’s foreign domestic workers

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In the spirit of Labour Day,  FWD Singapore and insurtech start-up Surer have teamed up to provide care packs for foreign domestic workers.

The effort, which was co-organised with non-profit Foreign Domestic Worker Association for Social Support and Training (FAST), gave away 1,000 care packs worth SG$50 each. The packs, containing useful items such as mobile prepaid cards, supermarket vouchers and headphones, will be distributed at the FAST hub at Chin Cheng Avenue over the next few weekends, beginning May 02.

Volunteers from FWD and Surer offered their time to assemble these care packs.

“Singapore is home to many foreign

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Using a captive in a hard insurance market

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When premium prices shoot up in a hard market, corporate entities often seek reprieve in alternative risk transfer. This allows entities to insure more of their own risks. They might do this via self-insurance (retaining more of their own risk), by joining a risk retention group where they pool premium with similar entities to cover specific risks, or by setting up a captive insurance company. Hard markets tend to broaden the appeal of captives, in particular.

“I think we all agree that we’re in the midst of one of the worst hard markets in history,” said Jim Swanke, senior director

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Ed appoints Christina Ong as Asia chair

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Ed has appointed Christina Ong as chairman of its Asia operations. Ong, who is based in Singapore, takes up the role with immediate effect.

Ong brings more than 40 years of industry experience across several key markets in both Asia and Europe. She joins from Howden Insurance Brokers Singapore, where she was most recently managing director of the specialty business. Prior to this, Ong held a number of senior positions, including managing director at Alexander & Alexander, Asia and CEO of KIB Insurance Brokers Singapore.

According to a statement by the international re/insurance brokerage, Ong’s appointment is in keeping with

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