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AXA retreat rocks P'I boat for shipowners.
(From Lloyds List)
Byline: Global giant tight-lipped over reasons for move, writes James Brewer
INSURANCE group AXA Corporate Solutions has surprised the marine market by scrapping its shipowner protection and indemnity business line.
The P'I portfolio was growing towards the 1,000 vessel mark, led in volume by dry bulk carriers, containerships and general cargoships.
Fishing vessels, supply ships and passengerships are also in the book.
The decision has been announced ahead of the February 2006 renewals and could see a shake-up in the market for smaller and niche tonnage.
It is unclear whether the entire portfolio will be offered to another provider, or whether it will be left to brokers to find new homes for the tonnage.
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