The International Group (IG) Pooling and Group Excess of Loss Reinsurance contract (GXL) structure for the 2024/25 Policy Year has now been finalised.
The International Group (IG) finalizes Pooling and GXL Reinsurance contract structure for 2023/24 Policy Year, outlining the renewal rates for shipowners.
The International Group Pooling and GXL Reinsurance contract structure for 2022 has now been finalised
A major strength of the International Group remains its pooling arrangements and the General Excess of Loss and Collective Overspill Programme (GXL programme), which provides shipowners with un-paralleled levels of cover. All shipowners will be aware of the hardening reinsurance market and upward pressure on premiums. Despite this, the longevity and relative stability of the GXL programme has enabled the Group to achieve renewal for 2020/21 on expiring rates for shipowners. Of additional benefit, the US$2 billion excess of US$100 million placed in the commercial market has been confirmed for two years. This will help provide a degree of reinsurance pricing stability for the next two years whilst maintaining flexibility to fund claims within the Pool.