Monday, 18th January 2010
International Group General Excess Loss Reinsurance Contact Renewal 2010/2011
The arrangements for the renewal of the International Group General Excess of Loss reinsurance contract and Hydra reinsurance programme for 2010/11 have now been finalized. For 2010 there will be rate reductions for tankers and passenger vessels and a modest increase in the rate for dry cargo vessels. Hugo Wynn-Williams, Chairman of the International Group Reinsurance Sub- Committee, reported that notwithstanding some further claims deterioration on the 2006 and 2007 policy years, the claims picture for 2008 and 2009 is looking more positive and is reflected in the terms negotiated with the Group’s reinsurers. The Hydra reinsurance of the Group US$20m xs US$30m pool layer has been renewed on more favourable terms than for 2009, and the improved claims picture for 2008 and 2009 will positively impact on Hydra’s financial position and future development.