IG GXL placement completed

The International Group has announced that the Placement of its General Excess of Loss (GXL) reinsurance and Collective Overspill contracts, and the Hydra reinsurance programme have been completed for 2017.

The Group said that “due to the continuing application of US primary sanctions to the current participating US person/domiciled reinsurers, their lines on the contracts will not be renewed for 2017/18 and have been substituted with alternative capacity”.

As a result, the risk of a shortfall in US person/domiciled reinsurer contributions due to the current US primary sanctions has been removed, and there will be no need to renew the old fall-back reinsurance programme beyond February 20th 2017.