For the 2014/15 policy year, the Group has arranged a three layer GXL reinsurance programme together with an additional Collective Overspill layer which combine to provide up to just over US $3 billion of commercial reinsurance cover.
Club cover continues to contain a standalone cover limit for oil pollution of US $1 bn, a limit on passenger claims of US $2 bn and a combined limit on passenger and crew claims of US $3 bn.
For 2014/15, the GXL programme attachment has been increased from US $70 million to US $80 million, and the Hydra coinsurance within the First General Excess layer (US $500 million excess of US $80 million) remains at 30%.
The placement of the reinsurance of the 30% Hydra participation on the First General Excess layer (US $500 million excess of US $80 million) has also been completed.