Exclusive: Munich Re takes lead on International Group collective overspill layer

By Michael Jones Oct 16 (The Insurer) — Munich Re has taken the lead position on the International Group of P&I Clubs' $1 billion collective overspill layer, which was previously led by Chubb, multiple market sources told The Insurer. The collective overspill is the top layer of the IG's excess-of-loss program, providing $1 billion of cover excess $2.35 billion. The layer is co-brokered by Miller and Aon, with Miller the lead broker as per the other reinsurance layer, one source familiar with the matter said. Two senior reinsurance market sources said Munich Re would take the lead position on the collective overspill for the 2027/28 policy year, although they could not confirm the reinsurer's exact line size. Chubb had previously written a 15% line when it led the layer. The sources said the change in lead was partly driven by issues earlier in the year around claims payments associated with the March 2024 Baltimore bridge loss. In June, The Insurer first reported that multiple senior market sources had identified Chubb as the "reinsurance group" referenced by the IG as having failed to pay its share of claims arising from the Baltimore bridge collision in ​line with the settlement