Following a review by the International Group’s Reinsurance Subcommittee of the broking arrangements for its General Excess Loss and the Hydra reinsurance programmes (which are currently serviced by Miller Insurance Services LLP and Aon Benfield respectively), and a tender process (with external coordination/actuarial support) initiated at the beginning of March and completed at the beginning of June, the Group has restructured its broking arrangements going forward.
Under the new arrangements, Miller Insurance Services LLP has been appointed as flag broker for both the General Excess Loss and Hydra reinsurance programmes, and Aon Benfield as co-broker on both programmes.
This new arrangement will deliver greater value to the Group by enhancing the broking expertise and skills available through the co-broking arrangements, whilst at the same time delivering financial efficiencies.
The Group is greatly looking forward to working with both brokers under this new arrangement, and to the additional value this will deliver for the Group clubs and for their shipowner Members.
Further information can be found on the IG P&I website here