Lloyd’s Performance Management Directorate (PMD) will reportedly work with a group of high-performing syndicates early next year to pilot “light-touch” oversight by the Corporation.
It has been reported that the group of syndicates, which are assessed as high-performing both operationally and financially, will start working together in Q1 to draw up a framework for a far more hands-off approach to oversight by the PMD.
Protection & Indemnity club renewals in February 2019 will mainly be flat. 12 out of the 13 strong International Group of P&I clubs have announced zero General Increases (prior to individual loss record and Group reinsurance adjustments).
The only club charging an increase is the West of England who have opted for a 5% General Increase. Meanwhile the International Group of P&I Clubs (IG) General Excess of Loss reinsurance contract and the Hydra reinsurance programme for policy year 2019/20 has been renewed with low single digit reductions in all classes of vessels despite the Marine market in London securing increases elsewhere.
The general structure of the IG reinsurance programme, which is the largest marine insurance programme in the market, remains pretty much unchanged for 2019/20 except the IG’s Captive, Hydra, will in addition to their participation of 100% of the pool layer USD 30mm to USD 50mm, and 92.5% of the pool layer from USD50mm to USD100m, now retain a USD 100mm Annual Aggregate Deductible in the market share (80%) of the first layer of the General Excess Loss programme.
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