Protection and Indemnity insurers have set a new excess war risk sub-limit for ships trading to areas affected by Russia’s war with Ukraine.

The International Group’s $3bn general excess of loss reinsurance agreement includes $500m excess war P&I cover.

New limits have been under negotiation for ships trading to Russia and areas in Ukraine and Belarus ahead of the upcoming 20 February renewal after reinsurers introduced exclusion clauses on cover.