We are pleased to announce that the International Group Reinsurance Programme for 2019/20 policy year has now been concluded.

1. General Structure

The general structure of the International Group Reinsurance Programme for 2019/20 policy year is as follows (Four categories shown remain unchanged):

• Club retention: US$10 million
• Group retention: US$100 million
• General Excess Loss 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)

Please see the attached diagramme for further details of the programme.

2. Limits on the Cover

The following special limits on the Club covers for 2019/20 policy year are applied to the Owners’ entry:

• Oil Pollution: US$1 billion
• Passenger: US$2 billion
• Passenger and Crew combined: US$3 billion

3. The IG Reinsurance rates for 2019/20 policy year

The IG Reinsurance rates per GT for 2019/20 policy year, including the excess war risks cover and MLC reinsurance cover, are as follows:

*The “Dirty Tankers” category is renamed “Persistent Oil Tankers”. 

4. Renewal overview

The loss experience of the reinsurance programme on the 2012/13 to 2018/19 (year to date) policy years remains acceptable to reinsurers, notwithstanding the claims development during the 2018/19 policy year. This factor, combined with continuing surplus market capacity, the consistently positive financial development of the Group captive, Hydra, and the effective use of multi-year private placements, has enabled the Group to achieve another satisfactory reinsurance renewal terms which results in a further year of reinsurance rate reductions across all vessel categories.