News 16 Jan, 2023 Group Reinsurance Rates 2023/24 The arrangements for the renewal of the International Group General Excess of Loss (GXL) reinsurance contract and the Hydra reinsurance programme for 2023/24 have now been finalised. These include the Collective Overspill Cover; Excess War Risks P&I cover and MLC cover.  Download PDF In contrast to recent years, 2022/23 has so far demonstrated a very benign Pool claims development, however, the conflict in Ukraine and the impact of Hurricane Ian on the wider reinsurance market, as well as back year claims deterioration on the Group contract have led to some challenging general reinsurance market conditions going into the 2023/24 renewal. Nevertheless, the favourable claims development in the current year, together with the increases paid in 2022/23, has abled the International Group (IG) to renew its reinsurance programme for 2023/24 with only a small increase in rates for shipowners. The main placement has been restructured into 3 layers and as a result, cover for COVID-19, Malicious Cyber and Pandemic risks has been expanded and is now free and unlimited for all claims up to US$ 650m xs US$ 100m, which covers almost all IG Clubs’ certified risks. Cover is aggregated above US$ 750m. In addition, there continues to be the US$ 1 bn collective overspill placement. The entire Group reinsurance placement, excess of US$ 100 million can be summarised as follows: Layer 1 and Private Placements: Layer 1 now provides cover for US$ 650 m excess USD 100m. 75% is placed with the open market with the 25% balance placed in 3 private market placements and is placed on a free and unlimited basis. Layer 2 (US$ 750 m excess US$ 750 m) and Layer 3 (US$ 600 m excess of US$ 1.5 bn) are placed with the open market on a free and unlimited basis, except for risks in respect of malicious cyber, COVID-19 and Pandemic. Excess of US$ 750m there is up to US$1.35bn of annual aggregated cover in respect of these three risks across Layers