MS Amlin is working with GIC Re as the reinsurance partners of New India Assurance for the state-owned insurer's newly launched and India's first protection and indemnity (P&I) cover for Indian-registered ships that ply on local routes, according to a report in Hindu Business Line.
Amlin holds the second spot globally in the fixed premium P&I cover and insures more than 5,000 ships worldwide. It is a part of the global top 10 insurance group MS&AD, with operations in the United Kingdom.
The fixed premium P&I cover of New India Assurance has a limit of $5 million per vessel. Amlin will underwrite the risk on a “case-to-case” basis ranging from 40% to 60%, a person briefed on the arrangement, said.