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 2024/25. 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 have been renewed with unamended free and unlimited coverage for all risks except Malicious Cyber, Covid-19 and Pandemic Malicious Cyber, Covid-19 and Pandemic risks have expanded 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. Excess of USD 750 million there is up to USD 1.35 billion of annual aggregated cover in respect of Malicious Cyber and separate annual aggregated cover of USD 1.35 billion for Covid-19/Pandemic risks. Following a relatively benign Pool claims environment the renewal has been positive for the shipowners with all vessel categories seeing rate reductions International Group Reinsurance Arrangements for Policy Year 2024/25 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 2024/25 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 owners' and bareboat charterers' liabilities. (Skuld Rules Appendix 5) For passenger and crew claims, the overall limit is USD 3 billion any one event, any one vessel and with a sub-limit of USD 2 billion in respect of passenger claims alone. (Skuld Rules