Appreciation for the 2025 Renewal 25 March 2025 Tweet To the Members Naoyuki Moriya Director/Chief Underwriting Officer/Head of Underwriting Units   We would like to express our deepest appreciation to all our Members for the 2025 policy year renewal, and to report on its outcome.   As of the end of the business year 2023 (31 March 2024), the reserve amount had increased to 35.37 billion yen, the S&P credit rating was upgraded to "BBB (Outlook: Positive)", and we secured an AM Best financial strength rating of "A- (Excellent) (Outlook: Stable)".   Despite these achievements, the business environment remained challenging due to ongoing global inflation, rising insurance claims payments, and uncertainties arising from natural disasters and geopolitical risks.   In light of the declining trend in insurance premium income driven by contract cancellations following the sale of older ships, which typically paid higher premiums than newly entered ships. we implemented a general increase of 7% for ocean-going owners’ entries. This adjustment was essential to strengthen the balance of insurance income and financial position, ensuring the stable and sustainable provision of insurance services.   For Naiko Class entries (Japanese coastal vessels), there were no accidents in the 2024 policy year resulting in insurance claims exceeding 300 million yen. We thus maintained the same premium rates as the year before, making only selective adjustments based on each ship’s loss record.   While we lost some policies for both Naiko Class and ocean-going owners’ entries during this renewal, we also secured new ones. As a result, at the start of the 2025 policy year (20 February 2025), the number of policies for ocean-going owners’ entries stood at 1,857 vessels, totalling 82.9 million tons, while the number of policies for Naiko Class entries stood at 1,665 vessels, totalling 2.5 million tons.   We are sincerely grateful for the continued support of