The Strike & Delay Committee met in London, UK on 20 November 2025 to review the financial position of the Class and consider requirements for Renewal in 2026.The current financial year is projected to close with a combined ratio of 96% whilst the average combined ratio for the past three years is 98%. With strong investment returns over the same period, the Class remains in a robust financial position.Notwithstanding this, the projected risk environment for the year ahead remains volatile and the committee concluded that a prudent approach to the forthcoming renewal should be taken. Consequently, the Committee declared a 5% increase in premium rates.The club managers will continue to review all Members’ premium and terms to ensure these are further adjusted to reflect individual performance and exposure, prioritising long-term value creation, with costs managed in line with sustainable performance.2026 RELEASE CALLSThe open policy years 2024/25 and 2025/26 were reviewed and no call above Estimated Total Premium is expected.Release Calls were maintained for the open policy years as follows:2024/25: 5%2025/26: 10%The Class underwriting team looks forward to working with you to ensure a smooth renewal.Paul JenningsManaging DirectorNorthStandard LimitedJeremy GroseManaging DirectorNorthStandard LimitedCircular Ref 2025 / 027