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 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 2023/2024 January 2023 To the Members The arrangements for the renewal of the International Group reinsurance programme for the year commencing 20 February 2023, including Hydra premium, the Collective Overspill Cover, TRIA allocation War cover and Laid Up rates, has now been finalised. Individual Club Retention and General Excess Loss (GXL) programme attachment Individual Club Retention (ICR) remains unchanged for the 2023/24 policy year at US$10 million, as does the structure of the Pool above that and the attachment point for the GXL programme at US$100m. The further ICR of 7.5% in the upper layer of the Pool also remains unchanged. Hydra participation Hydra continues to retain 100% of the Lower Pool layer US$30 million – US$50 million and 92.5% of the Upper Pool layer US$50 million – US$100 million. Hydra will increase its retention to $107.1 million as an Annual Aggregate Deductible in the 75% market share of the GXL programme. Excess Loss Placement Private Placements: 25% of the Layer US$650m excess of US$100m has been secured. This percentage is covered by three private market placements which are renewed independently of the main General Excess Loss programme. Main General Excess of Loss: These placements have been renewed with unamended, free and unlimited, coverage for all risks except Malicious Cyber, COVID and Pandemic risks. For Malicious Cyber, Covid and Pandemic risks there is now free and unlimited cover for claims up to US$650m excess of US$100m. Excess of US$750m there is up to US$1.35 bn of annual aggregated cover in respect of these three risks. Excess of that the Group continues to pool between Group Clubs the unreinsured risks. This combination means that there is no change to Members’ cover for 2023. The Collective Overspill (US$1bn excess of US$2.1 bn) and ancillary covers are being renewed with premiums included within the overall rate per GT. The Group RI rates (per GT) to be charged to Members for 2023/24 are now confirmed as below; Excess Loss Rates The overall increase of 5.8% has been allocated across the various vessel categories below to reflect their respective claims performance. The arrangements for the Renewal of the International Group Reinsurance Programme 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 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,