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 2025/26. 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 has 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 the 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. In 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 move back towards a higher level of pool claims activity the renewal has been slightly more challenging, which is reflected in this year's rate adjustments to shipowners International Group Reinsurance Arrangements for Policy Year 2025/26 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 2025/26 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) The overall limit for passenger and crew claims is USD 3 billion for any event and any one vessel, with a sub-limit of USD 2 billion for passenge