The European Commission (“Commission”) has opened formal proceedings to investigate whether certain provisions accompanying claim-sharing and joint-reinsurance agreements in the marine insurance sector might infringe EU antitrust rules. The Commission suspects that the provisions at stake in the agreements between the Protection & Indemnity Clubs within the International Group of P&I Clubs (“IG”) may harm ship owners and the insurers that are not members of the IG. The agreements are not exempted from the application of competition rules under the insurance block exemption regulation because the market share concerned is well above the 20-25% threshold provided for in the block exemption. Click here for more information.