International Group Reinsurance Programme for the 2026/27 Policy Year The International Group (IG) reinsurance programme structure for the 2026/27 policy year has now been finalised.   1. Overall structure The overall structure of the programme for the 2026/27 policy year is as follows:   Club retention : US$10 million Pool retention : US$90 million excess of US$10 million General Excess of Loss : US$2.25 billion excess of US$100 million Collective Overspill : US$1 billion excess of US$2.35 billion   The IG has 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 excess of US$2.35bn as opposed to US$2.1bn in 2025/26.   For more details, please refer to the attached diagramme.   2. Limits on the cover Owner’s P&I cover is subject to the following particular limits as set out in the rules (unchanged from 2025/26):   Oil pollution : US$1 billion Passenger and crew combined : US$3 billion Passenger (sub-limit) : US$2 billion   3. Excess War P&I cover The excess War P&I cover will be renewed for 2026/27 for a period of 12 months. This will be included in the total rates charged to shipowners. However, due to the ongoing active war between Russia and Ukraine, the IG’s Excess War reinsurers have maintained their requirement for Territorial Exclusion language (consistent with exclusionary language already applied by reinsurers for Primary War P&I coverage) for vessels trading in these waters. As such the Group continues to purchase aggregated sub-limited cover from the reinsurance markets to cover the Russia/Ukraine/Belarus excluded risks but this has increased from US$100m in 2025/26 to US$125m for 2026/27.   4. The IG reinsurance rates for the 2026/27 policy year To ensure the fairness of cost allocation between different vessel types, ea