The broker describes the alliance as amounting to "reinsurance by another name" and therefore forbidden under the rules of the International Group P&I cartel.
Most of the P&I clubs have objected to the deal and "lawyers are feasting" on this stance, according to UIB's review of the P&I market.
UIB's P&I operation is led by Phil Mitchell, a more than 20-year veteran of the P&I market who has been a manager of the Britannia Club, so he should know his way around the rules of the International Group.
The
