Image credit to: irin-k / Shutterstock.com Circular to all members INTERNATIONAL GROUP REINSURANCE PROGRAMME In this circular to members, we will outline the International Group’s Reinsurance Programme for the Policy Year 2026/27. Key Features Club retention maintained at USD 10 million. Pool maintained at USD 100 million. International Group’s captive, Hydra, utilised as part of the risk retention strategy. Main General Excess of Loss has been renewed with unamended free and unlimited coverage for all risks except Malicious Cyber, Covid-19 and Pandemic. The IG has also extended the cover offered by Clubs to their shipowner members by expanding Layer 3 of the GXL from US$600m excess of US$1.5bn to US$850m excess of US$1.5bn. This, in turn, means that the IG’s Collective Overspill cover of US$1bn is now in excess of US$2.35bn as opposed to US$2.1bn in 2025/26. Malicious Cyber, Covid-19 and Pandemic risks have expanded the benefit of free and unlimited cover for claims up to USD 650 million excess of USD 100 million, covering almost all Group Clubs’ certificated risks. In excess of USD 750 million, there is up to USD 1.6 billion of annual aggregated cover in respect of Malicious Cyber and a separate annual aggregated cover of USD 1.35 billion for Covid-19/Pandemic risks. Policy year 2025/26 has seen a high level of pool claims activity and the individual vessel category’s performance against the GXL is reflected in the rate adjustments to shipowners. International Group Reinsurance Arrangements for Policy Year 2026/27 The structure of the cover reinsured through International Group and the Pool is set up as follows: Club retention USD 10 million Pool retention USD 100 million (USD 90 million excess of USD 10 million) (Part of the Pool is covered by Hydra excess USD 30 million) General Excess cover USD 2.25 billion in excess of USD 100 million Overspill protection USD 1 billion in excess of USD 2.35 billion Limits on the Association's Cover 2026/27 Oil Pollution USD 1