The International Group of P&I Clubs’ $3bn Pooling and Group Excess of Loss (GXL) cover has been hit by its reinsurers’ decision to exclude Russian conflict-related war risks.
The International Group confirmed its $500m excess war placement, which is included in the GXL policy, would continue for 12 months but apply the “territorial exclusion language” introduced by reinsurers.
TradeWinds earlier reported how reinsurers have universally applied war exclusion clauses to all risks related to Russia, Belarus and Ukraine at their 1 January treaty renewals.
