We are pleased to announce that the International Group Reinsurance Programme for 2020/21 policy year has now been concluded.

1. General Structure

The general structure of the International Group Reinsurance Programme for 2020/21 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 2020/21 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 2020/21 policy year

The IG Reinsurance rates per GT for 2020/21 policy year, including the excess war risks cover and MLC reinsurance cover, are as follows:

4. Renewal overview

The loss experience of the GXL programme on the policy years 2012/13 to 2019/20 (year to date) remains acceptable to reinsurers. The Group’s reinsurance captive Hydra continues to give positive results through its loss retention strategy. In addition, there has been considerable appetite in the market to write multi-year private placements at competitive pricing. Together, these factors enabled the Group to achieve another satisfactory GXL programme renewal result, with rates for shipowners remaining flat across all vessel categories.