This was the reaction of Martin Lanting of Rotterdam-based underwriter RaetsMarine as he heard the International Group had survived the European Commission (EC)’s antitrust probe.

Lanting, the chairman and founder of RaetsMarine, a leading fixed-premium rival to the group clubs, was surprised at the decision but says he was told by the investigation team they wanted clear evidence if they were to move against the clubs, as they feared anything less than watertight would lead to a legal challenge.

“We