Although the International Transport Intermediaries Club (ITIC) is a mutual with roots in the shipping industry, it competes with commercial professional indemnity underwriters — making a cash call unthinkable.
There has never been an unforecast call and ITIC chief executive Stuart Munro acknowledged that one day it is possible that the club could convert to being a fixed-premium insurer.
But, for now, ITIC is the market leader, although there is no shortage of competitors in the Lloyd’s market.
