• Individual club retention remains unchanged USD 10 million
• The attachment point of the IG excess of loss reinsurance programme will remain at USD 100 million
• Following the simplification of the IG reinsurance structure in 2017, the pattern continues in 2018. With effect from 20 February 2018, the lower pool layer ceiling/upper pool attachment point will be increased from USD 45 million to USD 50 million and the layer from USD 80 million to the excess of loss attachment point (USD 100 million) will be absorbed into the pool and merged with the upper pool layer which will attach from USD 50 million to USD 100 million with an individual club retention of 7.5% across the layer.
• Following the changes mentioned above, Hydra's participation in the layer from USD 80 million to USD 100 million will be reduced to 92.5% (the remaining 7.5% being retained within the individual club retention). Hydra's participation in the first layer of the IG excess of loss reinsurance programme (30% of the first layer) will remain unchanged.

• The three multi-year placements of USD 1 billion excess of USD 100 million will remain unchanged for 2018/19

The 2018/19 structure of the IG Reinsurance programme will be as the structure chart on the following page.

Cost changes

• Reduction of 1.8% in reinsurance rates (allocated almost evenly across all ship types)

Following the simplification of the IG reinsurance structure in 2017, the pattern continues in 2018...