International Group Reinsurance Programme for 2021/22 Policy Year We are pleased to announce that the International Group (IG) Reinsurance Programme for 2021/22 policy year has now been concluded. General Structure The general structure of the International Group Reinsurance Programme for 2021/22 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) Limits on the Cover The following special limits on the Club covers for 2021/22 policy year are applied to the Owners’ entry: Oil Pollution: US$1 billion Passenger: US$2 billion Passenger and Crew combined: US$3 billion Please see the attached diagramme for further details of the programme. The IG Reinsurance rates for 2021/22 policy year In order to ensure the fairness of cost allocation between different vessel types, IG looked at current vessel categories and noted that Fully Cellular Container Ships (FCCs) now represent approximately 20% of the tonnage entered with Group Clubs and they have experienced a significant number of large claims in recent years. Having given due consideration, the conclusions of IG are that: there should now be a fifth category splitting FCCs away from other Dry vessels and the record on FCCs should be reflected to their reinsurance rate; and that there should be an adjustment to reflect the improved record on persistent oil tankers. Consequently, the IG Reinsurance rates per GT for 2021/22 policy year, including the excess war risks cover and MLC reinsurance cover, are as follows: Category 2021 PY (US$/GT) % change from 2020 PY Persistent Oil Tankers 0.5625 -2.1 Clean Tankers 0.2619 +1.4 Dry Cargo Vessels 0.4028 +1.4 Fully Cellular Containerships 0.4249 +7.0 Passenger Vessels 3.2624 +1.4   Renewal overview The main General Excess Loss (GXL) progr