Protection and indemnity insurers have been forced to recapitalise a key reinsurance captive after a series of costly claims pushed it below statutory requirements.
The shortfall has occurred in the Hydra captive reinsurance facility, run by the International Group of P&I Clubs’ members, under its pool claims scheme.
Hydra forms an integral part of the International Group's pool claims system, which covers claims in excess of $10m filed by its 13 members.
