IG P&I renewal pays $40mn increase as pressure builds for 2013
The first two layers of the excess of loss (XoL) reinsurance programme protecting the 13-strong International Group (IG) of protection and indemnity (P&I) clubs have enjoyed a premium increase of just under 20 percent at today's renewal after two major marine claims in the 2011-12 underwriting year.
The Insurance Insider has learned that aggregate premiums on the first two $500mn layers of the giant $2bn reinsurance programme have increased from $206mn in 2011/12 to $246mn for the 2012/13 policy, which...
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