Changes to the brokering of the International Group of Protection & Indemnity Clubs’ $3.1bn reinsurance deal — known as the Group General Excess of Loss programme — have been welcomed by both its members and the market.
The retendering of the brokerage was initially met with cynicism as the incumbent brokers — Aon and Miller — were both reappointed.
However, International Group chief executive Andrew Bardot says there is a key difference: where the brokers previously worked separately on different aspects of the excess programme, this time around they worked together to foster a more innovative approach to the reinsurance model.
