I didn't know that either until I joined maritime! They are still very much a thing, and Nick could tell you stories forever - in some cases it's a well oiled machine, where the pirates know the insurance negotiators and vice versa.
It's also an unfortunate result of conditions today. If you look at some of our risk maps [1] you'll see that the hotspots are pretty consistent and predictable. Somalia, Nigeria, Malacca Strait, etc.
Best of luck to you both!