The negotiations of the IG reinsurance programme took place in the immediate aftermath of the various natural disasters in 2017. Despite the much improved loss record on the IG reinsurance programme the hardening of the reinsurance market was always going to make the renewal negotiations challenging.

As anticipated however the balance of the negotiation tipped slightly in favour of the IG and modest reductions, when translated to rates per GT, were achieved. Unusually, the allocation of the reduction was applied relatively evenly across all ship types, all reducing by approximately 1.8%.