Thursday, 22nd February 2007

Revised Individual Club Retention and Restructured General Excess of Loss Reinsurance contract effective noon 20 February 2007

With effect from noon on 20 February 2007, the individual club retention has been increased from US $6 million to US $ 7 million and the Group general excess of loss reinsurance contract has been restructured. The adjusted Lower Pool will provide cover for US $23million in excess of the individual club retention of US $7million and the Upper Pool (reinsured by Hydra) will provide cover for US $20 million excess US $30 million. The previous four layer General Excess reinsurance programme (3 x US$ 500 million with unlimited reinstatements and 1 x US $500 million with one reinstatement) is restructured into a three layer programme (2 x US$500 million and 1 x US$1000 million with unlimited reinstatements) on top of which the Group have arranged a Collective Overspill Protection layer (US$1,000 million with one reinstatement). The Hydra co-insurance (25%) in the first General Excess layer, Oil Pollution and Chartered Entries reinsurance structures remain unchanged save for adjustment of the individual club retention.(click header for reinsurance table).

Download Chart_of_Reinsurance.ppt
13 Nov 2019

International Group publishes a revised International Group Agreement

Please note that following a meeting on 12 November 2019 the International Group has published new guidelines on the interpretation of the International Group Agreement together with a revised agreement.
01 Nov 2019

IOPC Funds’ meetings at the IMO - International Group attendance

The International Group attended and took the lead industry role in the discussions at the meetings of the IOPC Funds that were held in London at the IMO HQ on 28 October – 31 October 2019.