MS Amlin and GIC Re are the reinsurers for New India Assurance's recently launched protection and indemnity (P&I) coverage for Indian-registered ships that ply on local routes, according to reports.
Last month, The Hindu Business Line reported that the fixed premium P&I cover is the country’s first by a domestic insurance company and has a limit of $5mn per vessel, adding that New India Assurance has offered the maiden cover to two river sea vessels run by Mumbai-based SVS Marine after the P&I product was approved by the Indian regulator.
The publication has now reported that MS Amlin and India’s GIC Re are reinsurance partners for the new cover, adding that MS Amlin will underwrite the risk on a “case-to-case” basis, ranging from 40 percent to 60 percent, citing a person briefed on the arrangement.
Furthermore, the source indicated that New India Assurance could look to partner with other global reinsurers going forward.
