STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 155 Bishopsgate, London EC2M 3TQ - Tel + 44 20 7247 5490 Club Circular International Group Reinsurances 2026/2027 December 2025 To the Members The arrangements for the renewal of the International Group reinsurance programme for the year commencing 20 February 2026, including Hydra has now been finalised. Individual Club Retention Individual Club Retention (ICR) remains unchanged for the 2026/27 policy year at US$10 million each claim. Excess Loss Rates The Group RI rates (per GT) to be charged to Members for 2026/27 are now confirmed as below reflecting their respective claims performance. Tonnage Category 2026 rate per g.t. % change from 2025 Persistent Oil tankers $0.5758 -8.0% Clean Tankers $0.4337 No change Dry $0.5751 -5.0% FCC $1.0237 +15% Passenger $3.1472 -8.5% A statement prepared by the International Group Reinsurance Subcommittee providing further information on the renewal and premium allocation can be seen here Yours faithfully, Steamship Mutual Underwriting Association Limited. Circular No. L.471