Following consideration within the International Group Reinsurance Subcommittee, the Group has agreed that the individual club retention which was last increased from US$ 7 million to US$ 8 million with effect from the 2010 policy year will be increased to US$ 9 million with effect from 20 February 2013.
At the Annual General Meeting of the International Group of P and I Clubs managers held in London on 13 November 2012, the managers of the 13 member Clubs unanimously endorsed and welcomed the election of Grantley Berkeley, Chairman of Tindall Riley (Britannia) Ltd, to succeed Gard CEO Claes Isacson as Chairman of the International Group.
Further to the FAQs published in respect of Council Regulation 267/2012, which dealt with the prohibitions on the purchase, import and transport of Iranian oil/petroleum products and the insurance related to such activities, the EU Foreign Affairs Council has recently published new prohibitions contained in Council Decision 2012/635.
The Group attended the meetings of the 1992 IOPC Funds governing bodies, 6th and 7th intersessional working groups that were held in London from 15 to 19 October 2012.
The 40th Conference of the Comite Maritime International was held in Beijing from 14th to 19 October 2012.
The Group is represented on the IUMI Legal Liability Committee and attended the annual IUMI conference held from 16-20 September 2012 in San Diego.
The Group has continued its engagement with the UK’s Competent Authorities seeking further clarification on the scope of application of the measures contained in Council Regulation 267/2012
The European Commission has today announced that it has closed its review of the International Group's claims-sharing and reinsurance arrangements.
A lengthy and detailed consultation has taken place over recent months with the Boards of all thirteen Clubs in the International Group on the question of extending the scope of the Group’s pooling and reinsurance arrangements to include cover for war and terrorism risks.
On 23 January 2012 The European Union Foreign Affairs Council agreed to introduce further measures impacting on trade that would or could support the furtherance of the Government of Iran’s nuclear aspirations.
The Group attended the 90th session of the IMO Maritime Safety Committee (MSC) held at the IMO headquarters from 16 - 25 May 2012.
The Group attended and took a full and active role in the meetings of the 1992 IOPC Fund governing bodies, 6th and 7th intersessional working groups that were held in London from 23 April – 27 April.
The Group attended and took a full and active role in both the 99th session of the IMO Legal Committee that was held in London from 16 – 20 April.
Representatives of Group Clubs participated in the recent Interspill 2012 Conference and Exhibition held at London’s Excel Arena on 13 – 15 March 2012.
The first International Group Annual Review has been published and is available via the PDF link below.
The latest round of EU measures against Iran impacting on shipowners and insurers were published in Council Decision 2012/35 on 23 January 2012.
The arrangements for the renewal of the International Group General Excess of Loss reinsurance contract and Hydra reinsurance programme for 2012/13 have now been finalized.