STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) Aquatical House, 39 Bell Lane, London, E1 7LU Tel + 44 20 7247 5490 International Group Reinsurances 2024 /2025 December 2023 To the Members The arrangements for the renewal of the International Group reinsurance programme for the year commencing 20 February 2024, including Hydra have now been finalised. Individual Club Retention Individual Club Retention (ICR) remains unchanged for the 2024/25 policy year at US$10 million each claim. Excess Loss Rates We are pleased to advise that an overall reduction of 4.4% has been achieved and this has been allocated across the various vessel categories below to reflect their respective claims performance. Tonnage Category 2024 rate per g.t. % change from 2023 Persistent Oil tankers $0.6163 -7.5% Clean Tankers $0.3982 -1.7% Dry $0.5863 -2.1% FCC $0.7204 -1.0% Passenger $3.3842 -12.5% A statement prepared by the International Group Reinsurance Committee providing further information on the renewal and premium allocation can be seen here Club Circular L.434 Yours faithfully, STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Renewal of the International Group Reinsurance Programme