International Group reinsurance 2017/18 placement – termination of “fall-back” cover

Date: 23/01/2017
Source: International Group
International Group reinsurance 2017/18 placement – termination of “fall-back” cover

Members are reminded of Circular 6/16: Iran Trading – increased limit of fall-back cover, which informed Members that the International Group had purchased €100 million of “fall-back” cover to respond to any reinsurance recovery shortfalls. The International Group announced last week that the "fall-back" reinsurance programme will not need to be renewed past 20th February 2017. The full text of the notice is below, and is also available on the International Group website here.

"Placement of the International Group General Excess of Loss (GXL) reinsurance and Collective Overspill contracts and the Hydra reinsurance programme for 2017 have been completed. Due to the continuing application of US primary sanctions to the current participating US person/domiciled reinsurers, their lines on the contracts will not be renewed for 2017/18 and have been substituted with alternative capacity. As a result, the risk of a shortfall in US person/domiciled reinsurer contributions due to the current US primary sanctions has been removed, and there will be no need to renew the “fall-back” reinsurance programme beyond 20th February 2017."

Members with any questions regarding this update are requested to contact Nigel Carden (

Emergency Contacts

If you need to call our offices out of hours and at weekends, click After Office hours for a up to date list of the names of the Duty Executives and their mobile phone numbers. 

Ship Finder

This Ship Finder is updated on a daily basis. Members who need to advise the Club of updates to their recorded ships' details should advise their usual underwriting contact.

You are currently offline. Some pages or content may fail to load.