A long-term trend towards the protection-and-indemnity (P&I) clubs retaining more risk is set to continue at the February renewal of the world’s biggest reinsurance contract.
The clubs stepped up, the participation of Hydra, the Bermuda-based operation that is the captive insurance company of the 13 International Group clubs.
The move means that for a $300m claim — and fortunately there are very few that exceed this level — just over half the risk stays with the clubs.
