An invitation to tender for the huge reinsurance programme, which enables the leading protection and indemnity clubs to offer $3bn of cover, has produced what may appear to be just a tweaking of arrangements.

Miller Insurance Services, the unchallenged broker of the programme for the past 65 years, retains the core contract, with Aon Benfield named as co-broker.

Miller was previously the broker of the collective excess-of-loss reinsurance programme bought by the 13 International Group clubs. Aon Benfield placed the reinsurance cover for Hydra, the club’s collective captive insurance company.

So the change is less than dramatic and may reinforce the perception of some rivals that the tender was unlikely to produce any real change.

But International Group chief executive Andrew Bardot said there has been a fundamental restructuring, with both brokers working on the whole programme being very different from the previous situation.

“It is customary for big programmes to have co-broking arrangements," Bardot said. "There will be a doubling of the intellectual input. It is a case of stronger together, and two and two making five.

“Aon Benfield, being confined to the smaller and simpler Hydra retrocessions, was not playing to their strength and expertise."

Bardot said the clubs were “entering a brave new world that should be a win-win situation producing financial efficiencies and delivering for shipowners”.

The winning brokers have come up with some good ideas and innovations, and were looking at retentions, risk appetites and optimising programme structures, Bardot said. But he cautioned that the corollary of reducing the cost was probably retaining more risk.

“This process [was] not prompted with dissatisfaction with what Miller was doing but [was] about adding value to the programme,” Bardot said.

The test of the restructuring is just six months away, when details will begin to emerge about the P&I reinsurance programme for the policy year from 20 February 2019.

The cost of the reinsurance is directly charged out to the world’s shipowners as a per-gt levy, so any benefit will be there for all to see.

Miller and Aon Benfield were reappointed as brokers to the International Group at a meeting of its reinsurance sub-committee this week.

Eleven brokers indicated initial interest in bidding for the programme, with the successful duo, and Guy Carpenter and Willis Re, then shortlisted.

The International Group described Miller as its "flag broker" for both the general excess of loss and Hydra reinsurance programmes, with Aon Benfield the co-broker in both cases.

The International Group noted that the tender process had been conducted with the help of external coordination and actuarial support.