International Group renews P&I reinsurance with $3.1bn limit
The International Group signed off on its 2024/25 pooling and group excess of loss reinsurance contract, putting the basic P&I cover to a $2.1 billion limit plus an aggregate $1 billion spillover across split perils.
Individual club retention remains unchanged for the 2024/25 policy year at $10 million. The structure of the pool and the attachment point for the XoL programme also remains unchanged.
The general P&I tower runs to $2.1 billion in three layers, but excludes covid and pandemic and malicious cyber above the $750 million mark, for which separate cover in two layers takes the combined tower to the $2.1 billion mark.
A $1 billion collective overspill aggregate deal takes the total P&I cover to the $3.1 billion mark.
An oil pollution-only tower runs to $1 billion in two XoL layers.
The excess War P&I cover will be renewed for 2024/25 for a period of 12 months. The Group additionally purchased aggregated sub-limited cover of $80 million to cover risks on Russia/Ukraine/Belarus excluded elsewhere.
Mike Hall, chairman of the IG’s reinsurance committee, commented: “I am delighted to announce a positive renewal for shipowners for February 2024, with all vessel types seeing rate reductions. The IG has managed its claims profile extremely efficiently over the last few years and the efforts of Clubs and shipowners in their loss prevention programmes have helped to contribute to a more benign claims environment, despite two major conflicts and other geopolitical challenges.
“The excellent communications between the IG and the GXL leader, AXA XL, as well as with the IG’s many longstanding reinsurance partners, has reinforced both the importance and unique nature of the IG’s coverage requirements in support of the global shipping community, which helps to facilitate global maritime trade. I am therefore grateful to them and to the IG’s brokers for their continued support in finalising this year’s reinsurance programme.”
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