EU Launches Probe Of Marine Insurance Network

Law360, New York (August 26, 2010, 11:44 AM EDT) -- The European Commission announced Thursday that it had begun an investigation into whether a large network of ship insurers is violating antitrust law.

The probe concerns claim-sharing and joint-reinsurance agreements within the International Group of Protection & Indemnity Clubs, a global network of 13 nonprofit associations that provide direct marine insurance to shipowners, the European Union competition agency said.

Known as the IG, the group of insurers together provides marine insurance to about 93 percent of the world’s oceangoing ships.

The EC said it intended to...
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