Image credit to: donvictorio / Getty images Circular to all members At the Board meeting on 8 May 2025, the Board reviewed the policy years for the Association and decided on release calls for the open years. At the Committee meeting on 13 June 2025, the Committee made a recommendation to the AGM to close the 2022 policy year. Please see further details on the review of policy years below. Review of open policy years Release call percentages per policy year should reflect the incurred loss of the policy year and the risk of deterioration. Skuld will apply the value at risk (VaR) with a confidence interval of 99.5% when assessing the risk of deterioration. This is the risk measure which is applied in terms of Solvency II. In contrast to Solvency II where the risk horizon is the next 12 months, the risk of deterioration is calculated for the full development of the individual policy year. The risk model takes into consideration: premium risk reserve risk market risk counterparty risk operational risk For current policy year, all risk factors mentioned are relevant. For old policy years, only reserve risk, counterparty risk and operational risk are relevant. Policy year 2022 The policy year 2022 generated a positive result of USD 58 million. The Board and the Committee has recommended to the Annual General Meeting to close the 2022 policy year without further calls. Policy year 2023 The policy year is assessed according to the model described above and due to its maturity, the relevant risks are reserve risk, counterparty risk and operational risk. The Board decided to reduce the release call to 7.5% , applicable from the AGM 4 September 2025. Policy year 2024 The policy year is assessed according to the model described above and due to its maturity, the relevant risks are reserve risk, counterparty risk and operational risk. The Board decided to reduce the release call to 10% , applicable from the AGM 4 September 2025. Policy year 2025 The policy year is assessed