The Fortis insurance group is moving into the P&I market following a decision to back the InterCoastal and RaetsClub schemes.

Fortis replaces Deutsche Versicherungs und Ruckversicherungs AG (DARAG) as the risk carrier of the two schemes providing up to $50m of cover per casualty.

InterCoastal is a fixed-premium scheme insuring the owners of 700 ships of nearly three million gt, while RaetsClub covers 400 charterers using a fleet of 7,500 vessels of 17 million gt.

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