News
13 January 2012
IG reinsurance Subcommittee Chairman’s renewal statement January 2012
The arrangements for the renewal of the International Group General Excess of Loss reinsurance contract and Hydra reinsurance programme for 2012/13 have now been finalized. There will be rate reductions for all vessel categories and a further reduction in the US oil pollution voyage surcharge. The individual club retention will remain at US $8 million and the excess point on the GXL contract will be unchanged at US $60m. The Group captive, Hydra Reinsurance Company Ltd, will continue to reinsure the US $30m xs US$30m pool layer and 25% of the first layer of the Group GXL program (US $500m xs US $60m). For 2012/13 a two layer pool structure will be reintroduced with a lower pool layer from US$ 8 million to US$45 million and an upper pool layer from US$45 million to US$ 60 million.
Hugo Wynn-Williams, Chairman of the International Group Reinsurance Sub-Committee, reported that there has been continued improvement on prior year claims deterioration and that the favourable record for claims on the GXL contract for the 2008-11 policy years is reflected in the renewal terms negotiated with the Group’s reinsurers for 2012/13
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