International Group

Baltimore bridge collapse set to trigger multi-billion dollar (re)insurance loss

P&C losses related to the collapse of Baltimore’s Francis Scott Key Bridge are expected to run into the billions of dollars across multiple lines of business.

International Group renews $3.1bn reinsurance program

The International Group of P&I Clubs has renewed its vast $3.1bn pooling and group excess of loss reinsurance program for the 2024/25 policy year, with Axa XL continuing as the lead.

IG’s $3.1bn XoL cover incepts for 2023/24 policy year

The International Group of P&I Clubs’ pooling and group excess of loss reinsurance has incepted today for the 2023/24 policy year.

P&I renewals complete with clubs to report improved results for 2022/23 policy year

Nine of the 13 members of the International Group of P&I Clubs have implemented 10 percent general rate increases at this year’s renewals, which are set to complete today.

International Group renews reinsurance programme with 5.8% average rate increase

The International Group of P&I Clubs (IG) has renewed its pooling and group excess of loss reinsurance (GXL) programme for 2023/24 with an average rate rise of 5.8 percent.

IG faces rate rises on $3.1bn cover as Liberty and Sompo private placements up for renewal

The International Group of P&I Clubs (IG) is gearing up for a tough renewal on its $3.1bn open market cover despite a clean run of pool claims for the policy year as the group also looks to renew two of its three private placement layers, The Insurer understands.

IG finalises 2022 placement as deteriorating claims lead to “significant rate rises”

The International Group of P&I Clubs has completed the placement of its 2022-incepting cover, with a combination of hardening market conditions, the pandemic, coverage issues as well as a worsening claims record leading to the renewal “being particularly challenging to negotiate”.

IG faces up to ~$1bn loss as probe suspects ship anchor caused California oil spill

Reinsurers on the International Group program are staring down the barrel of losses of up to $1bn as a preliminary investigation of an oil spill in California has pointed to a ship’s anchor as the likely cause of damage to an oil pipeline on the ocean floor off the coast of Huntington Beach, California.

IG faces possible ~$1bn loss as officials investigate if ship anchor caused California oil spill

Reinsurers on the International Group program are staring down the barrel of losses of up to $1bn as officials investigating an oil spill in California explore whether a ship’s anchor struck an oil pipeline on the ocean floor, causing heavy crude to leak into coastal waters.

IG ups Golden Ray loss estimate to $788mn

The International Group (IG) has informed reinsurers on its Axa XL-led XoL programme that losses stemming from the Golden Ray now stand at $788mn, marking a more than six-fold increase from its initial notification, The Insurer can reveal.

A year’s pause for the IG

Tomorrow – 20 February – is a well-known date in the marine (re)insurance calendar for two reasons.

International Group finalises 2021 reinsurance placement

The International Group of P&I Clubs said it had secured terms only slightly above expiring rates for the collective overspill layer of its reinsurance programme, which has now been finalised for 2021.

Wakashio could outstrip $440mn+ Golden Ray loss and be costliest IG claim of 2020

Losses stemming from the grounded MV Wakashio off the coast of Mauritius could far exceed the Golden Ray – one of the largest marine losses in recent years – and hit multiple layers of the International Group’s programme if it breaks up, The Insurer understands.

IG confirms 2020 renewal with two-year placement

The International Group has confirmed it has completed the renewal of its $3bn reinsurance excess of loss (XoL) reinsurance, with the placement being spread over two years.

Marsh P&I head calls for mutual market overhaul

Marsh’s head of protection and indemnity Mark Cracknell has once again called into question having 13 members of the International Group, suggesting the market only needs eight mutual members and that an overhaul of the industry organisation is warranted.

International Group names next CEO

The International Group (IG) has appointed Nick Shaw to lead the P&I club.

Maersk Honam loss feared to hit IG reinsurance programme

The fire which gutted Maersk’s Honam vessel earlier this month, killing four sailors onboard and damaging substantial cargo, is set to blow through the International Group’s (IG) $100mn pool retention and deal the reinsurance market a severe marine loss, re-Insurance.com understands.

Kea Trader bill swells to $210mn marine (re)insurance loss

Losses from the Kea Trader container ship, which ran aground in July last year, have deteriorated by an additional $40mn - pushing the cost for marine (re)insurers to $210mn, re-Insurance.com can reveal.

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