We are pleased to announce that the International Group Reinsurance Programme for Policy Year 2022/23 for members is agreed and is outlined in the attached 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 2022/23. KEY FEATURES Club retention maintained at USD 10 million Pool maintained at USD 100 million. International Group’s captive, Hydra, further utilised as part of the risk retention strategy Main General Excess of Loss have been renewed with unamended free and unlimited coverage for all risks except Malicious Cyber, Covid and Pandemic Malicious Cyber, Covid and Pandemic risks have benefit of free and unlimited cover for claims up to USD 450 million excess of USD 100 million, covering almost all Group Clubs’ certificated risks. Excess of USD 550 million there is up to USD 2.15 billion of annual aggregated cover in respect of these three risks. Group agreed to accept an increase in rates for shipowners following worsening claims record and hardening market conditions New rates are similar to those rates per GT in 2014/15. INTERNATIONAL GROUP REINSURANCE ARRANGEMENTS FOR POLICY YEAR 2022/23 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 billion in excess of USD 100 million Overspill protection:  USD 1 billion in excess of USD 2.1 billion    LIMITS ON THE ASSOCIATION’S COVER 2022/23 Oil Pollution: USD 1 billion Passenger and crew combined: USD 3 billion Passenger (sub-limit): USD 2 billion The oil pollution limit is applicable to the aggregate of