Fidelis Partnership placed a 5% private placement at Lloyd’s on the $3.1 bn reinsurance treaty for the International Group of Protection and Indemnity Clubs (see Largest P&I Clubs Group by Premiums & Capital).
The placement, covering global marine liabilities reinsurance, was executed through Fidelis Syndicate 3123 at Lloyd’s, the company stated. Fidelis noted this deal as the first IGPIA private placement underwritten on Lloyd’s paper.
Mike Hall, chairman of the IG reinsurance committee, said the IG has worked with Fidelis Partnership for years, valuing its support. He added that this placement strengthens their relationship.
Fidelis Partnership stated the deal secures a position on the primary section of IGPIA’s excess of loss reinsurance contract. It described the contract as the largest global reinsurance program in marine liabilities and the IGPIA’s first private placement written at Lloyd’s.
The underwriter highlighted that in 2023, the newly established Fidelis Partnership became the first managing general underwriter/agent to receive IGPIA counterparty approval. This additional line follows the launch of the Fidelis Partnership Syndicate in 2024.
The launch marked the return of Richard Brindle, Fidelis Partnership’s founder and CEO, to the Lloyd’s market after 26 years.
Marine protection and indemnity P&I mutual insurers faced increased claims in the 2024-2025 fiscal year, driven by a higher level of claims activity after two relatively quiet years and the Baltimore bridge disaster in March.
These developments added pressure on reinsurance rates for the upcoming year, according to the International Group (IG) of P&I Clubs. The most significant rate increase in the new program is fully cellular container coverage, rising 23.6% next year. Clean tanker rates rose 8.9%, while chartered tanker rates increased 3.8%.
The IG finalized the pooling and group excess of loss reinsurance contract structure for the 2025-2026 policy year.
The main excess of loss program will maintain coverage at $2 bn in excess of $100 mn for the first three layers, the IG announced.
The rate adjustments include a 23.6% hike for fully cellular container coverage, an 8.9% rise for clean tankers, and a 3.8% increase for chartered tankers.
The International Group of Protection and Indemnity Clubs (IGP&I) is an association of 12 mutual insurance clubs covering about 90% of the world’s ocean-going tonnage.
These clubs provide liability insurance for shipowners, operators, and charterers, covering risks such as pollution, personal injury, cargo damage, and collisions.
Member clubs share large claims through a pooling system, allowing them to distribute risk and provide broader coverage. The IG negotiates a collective reinsurance program, securing large-scale protection against high-cost claims. It also works with international regulators and industry bodies to shape maritime liability standards while providing legal and risk management support.
One of the IG’s key strengths is its excess of loss reinsurance program, which is the largest in the marine liability market. This structure allows individual clubs to offer high coverage limits while spreading risk across global resources. The group plays a major role in setting insurance standards and collaborating with organizations like the International Maritime Organization.
Recent years have seen rising claims due to vessel incidents, pollution, and geopolitical risks. Higher reinsurance costs and stricter regulations have added pressure on the market. Despite these challenges, the IG continues to provide stability for global shipping by offering reliable coverage and ensuring compliance with evolving maritime regulations.
