When compared to the 2024/25 policy year, the Club have seen a more benign period for their retained claims in 2025/26 to date. The Club did reiterate the point made by other Clubs that the number and value of pool claims remain high, albeit slightly lower than the previous policy year at the same point. As a result the expected combined ratio for the year as at November 2025 was 104%.

The Club’s investment performance was strong, with a 6.8% investment return meaning a significant expected increase in free reserves of USD 100m to USD 900m.

Highlighting the need for responsible rating in order to contend with inflationary pressures, the Club has resolved to declare a 5% general increase for P&I and FDD premiums.

In addition to the premium rises, the Club will require a USD 1,000 minimum increase in all P&I deductibles below USD 30,000.

Release calls were set at 12.5% for the 2026/27, no other reference has been made to the release calls for the back years at this time.

Any changes to the GXL reinsurance programme will be passed on to Members in the usual way.

The full circular can be found here.

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