News 28 Dec, 2023 Group Reinsurance Rates 2024/25 The arrangements for the renewal of the International Group General Excess of Loss (GXL) reinsurance contract and the Hydra reinsurance programme for 2024/25 have now been finalised. These include the Collective Overspill Cover; Excess War Risks P&I cover and MLC cover.  Download PDF Whilst there has been deterioration on back years within the pool, the 2023/24 policy year has so far demonstrated a benign Pool claims development and 2023.24 continues to develop favourably. This has assisted the International Group (IG) in achieving an overall premium reduction across all categories of vessel for 2024/25 The main GXL placement (Layers 1-3, US$ 2 billion excess of US$ 100m) has been maintained as three layers. There continues to be the US$ 1 billion Collective Overspill cover excess of the GXL together with three private placements in Layer 1 (maintaining their 25% overall share). The Individual Club’s retention on any claim remains at US$ 10 m and excess of this, claims are pooled between Group Clubs for US$ 90 m excess US$ 10 m; The entire Group reinsurance placement, excess of US$ 100 million can be summarised as follows: Layer 1 – US$ 650 m excess US$ 100 m Layer 2 – US$ 750 m excess US$ 750 m Layer 3 – US$ 600 m excess US$ 1.5 bn; 75% of Layer 1 and 100% of Layers 2 and 3 are placed with the open market on a free and unlimited basis, except for malicious cyber, COVID-19 and Pandemic liabilities. For those risks, cover remains on a free and unlimited cover within layer 1, which covers almost all Clubs’ certificated risks. For 2024/25, Excess of USD 750m there is up to US$1.35bn of annual aggregated cover in respect of Malicious Cyber cover and separate annual aggregated cover of USD1.35bn in respect of COVID-19/Pandemic risks. Excess of that aggregated cover, the IG continues to pool any reinsurance shortfall, resulting in no change to shipowners’ cover. 25% of Layer 1 remains covered by three private mark