International Group Reinsurance Programme for the 2025/26 Policy Year The International Group (IG) reinsurance programme structure for the 2025/26 policy year has now been concluded. Overall structure The overall structure of the programme for the 2025/26 policy year is as follows (unchanged from 2024/25): Club retention : US$10 million Pool retention : US$100 million (US$90 million excess of US$10 million) General Excess Loss (GXL) cover : US$2 billion excess of US$100 million Collective Overspill cover : US$1 billion excess of US$2.1 billion For more details, please refer to the attached diagramme. Limits on the cover Owner’s P&I cover is subject to the following particular limits as set out in the rules (unchanged from 2024/25): Oil pollution : US$1 billion Passenger and crew combined : US$3 billion Passenger (sub-limit) : US$2 billion Excess War P&I cover The excess War P&I cover will be renewed for 2025/26 for a period of 12 months. This will be included in the total rates charged to shipowners. However, due to the ongoing active war between Russia and Ukraine, the IG’s Excess War reinsurers have maintained their requirement for Territorial Exclusion language (consistent with exclusionary language already applied by reinsurers for Primary War P&I coverage) for vessels trading in these waters. For 2025/26 the Group has purchased aggregated sublimited cover of US$100m (increased from US$80m from 2024/25) from the reinsurance markets to cover the Russia/Ukraine/Belarus excluded risks. The IG reinsurance rates for the 2025/26 policy year To ensure the fairness of cost allocation between different vessel types, each year the IG’s Reinsurance Committee considers the vessel categories used. Having given due consideration to possible variations, the conclusions are that there should be no change in the number of categories at this time, but that there should be some adjustments to the relative rate changes having regard to each category’s historical cla