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).