The International Group of Protection & Indemnity Clubs has restructured the broking arrangements for its General Excess Loss and Hydra reinsurance programmes following the completion of its previous tender process in June 2018.
London-headquartered Miller Insurance Services has been appointed flag broker for both programmes with Aon Benfield set to serve as co-broker on each.
The deal, decided upon by International Group’s Subcommittee, sees Miller forfeit exclusivity on the larger of the two programmes, having previously serviced General Excess Loss, and can be considered of greater benefit to Aon.
International Group – a group consisting of thirteen underwriting associations providing liability cover for approximately 90% of the world’s ocean-going tonnage – is hoping these new co-broking arrangements will drive greater value by enhancing the available skills and experience, whilst delivering new financial efficiencies.
