Dear Sir / Madam,

Below you may find the 2022 excess loss of reinsurance rates of the International Group Clubs, a programme jointly purchased by all the International Group Clubs.

Individual Club Retention (ICR) remains unchanged for the 2022/23 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. Excess of US $30 million up to $100 million, the Pool is reinsured by the Group captive reinsurance vehicle, Hydra Insurance Company Limited.

For Malicious Cyber, COVID-19 and Pandemic risks there is free and unlimited cover for claims up to US$450m excess of US$100m, covering almost all Group clubs’ certificated risks. Excess of US$550m there is up to US$2.15bn of annual aggregated cover in respect of these three risks. Excess of that, the Group has decided to pool between Group clubs the unreinsured risks, resulting in no change to Members’ cover.

Due to difficult market conditions, rates for shipowners have increased by an average of 33% year-on-year, although these new rates are similar to those levels back in 2014 / 15 year.

Please find further details of this programme issued by the American Club. All Group Clubs have issued or will issue similar circular.

  

                                                                                                                                        2022 / 23 rates summary