2026 Policy Year P&I Renewal Statement: Maintaining Long-Term Stability 25 March 2026 Tweet To the Members Ryoichi Oda Executive Director Representing Director Chief Underwriting Officer   We are pleased to announce the successful conclusion of the 2026 Policy Year P&I renewal, a result that underscores our disciplined underwriting and unwavering commitment to long-term financial stability. Our mutual model continues to be highly valued by our Members and their Brokers, as demonstrated by an overall retention rate of nearly 99% (based on vessel numbers) across both our ocean-going and coastal vessel portfolios. We extend our deep gratitude for their continued trust and support in a highly competitive market.   Ocean-Going Vessels The ocean-going portfolio remains robust, commencing the 2026 policy year with a total of 80.1 million GT. Despite severe competition and the calculated outflow of certain contracts with high claims histories, which resulted in a nominal decrease of 0.4% in our premium base, our portfolio quality has been significantly strengthened. The renewal was positively bolstered by the commitment of newly entered vessels, totaling 1.77 million GT, approximately 2% in new premium. Furthermore, we implemented our first deductible increase in five years as a prudent measure to improve overall profitability and secure our financial resilience.   Coastal Vessels Our coastal vessel portfolio has demonstrated remarkable stability and positive financial development. We successfully maintained our entered tonnage at 2.47 million GT. Reflecting our disciplined approach, the annual premium for coastal vessels increased by a substantial 7.9%, with the average premium per vessel increasing by 8.2%. This positive development is a key factor in ensuring the long-term stability and robustness of this important portfolio segment.   Looking Ahead While these positive renewal results are gratifying, our primary focus remains fixed on buildin