International Group Reinsurance Programme for 2022/23 Policy Year Please be advised that the International Group (IG) Reinsurance Programme for 2022/23 policy year has now been concluded. General Structure The general structure of the IG Reinsurance Programme for 2022/23 policy year is as follows (Four categories shown remain unchanged): Club retention: US$10 million Group retention: US$100 million General Excess Loss (GXL) Cover: US$2 billion (US$2 billion in excess of US$100 million) Collective Overspill Cover: US$1 billion (US$1 billion in excess of US$2.1 billion) Limits on the Cover The following special limits on the Club covers for 2022/23 policy year are applied to the Owners’ entry (Three categories shown remain unchanged): Oil Pollution: US$1 billion Passenger: US$2 billion Passenger and Crew combined: US$3 billion Losses arising from Malicious Cyber, Covid-19 and other new Pandemics Since the inception of the two-year GXL programme placed in 2020, reinsurers have introduced market-wide coverage restrictions in respect of Malicious Cyber, Covid-19 and other new Pandemics. Nonetheless, as a result of negotiation, the IG have secured a significant level of cover, as follows: Layer 1 (US$450 million in excess of US$100 million): Free and unlimited cover Layer 2-4 (US$1.55 billion in excess of US$550 million): Each layer has an annual aggregate limit in place, totalling US$2.15 billion for abovementioned three risks. The IG agreed to pool losses that exceed the annual aggregate limit and therefore could not be recoverable from reinsurers. Accordingly, there is no change to Member cover. Please see the attached diagramme for further details of the programme. The IG Reinsurance rates for 2022/23 policy year The IG concluded that there should be no change in the number of categories but that there should be some adjustments to the relative rate changes having regard to historical claims performance. The IG Reinsurance rates per GT for 2022/23 policy year, includi