1. International Group of P&I Clubs’ Reinsurance: What really matters to ship owners? Christopher Brown Director of Underwriting, Thomas Miller P&I, UK P&I Club

2. 1.Pooling “at cost” 2.Value for Money in RI purchase 3.High Limits of Cover 4.Scope of cover - meeting change 5.Security of top rated reinsurers 6.Prompt and certain compensation 7.Fair allocation of costs and losses 8.Consistency of Pricing from year to year 9.Facility to admit discretionary claims 10.Financial security recognised by governments What matters most to shipowners?

3. Pooling Large Losses “at cost”

4. www.igpandi.org 2014 Reinsurance Want to download?

5. Consistency of pricing and value Source: Miller Marine Average premium per USD/GT before loss record application and other costs to Hydra, War Risk, etc USD billion limit of cover

6. Source: Miller Marine Efficient and Secure purchase 18 of world’s top 25 reinsurers participate 90 Participants in 2014

7. Adapting to change

8. Draft not verified Relative Group RI premium and Claims Group Allocation principles seek balance

9. Scope of Cover --- adapting to change Source: Miller Marine

10. www.igpandi.org Fair Allocation of costs

11. Relative Group RI premium and Claims Group Allocation principles seek balance – position late 2013

12. 1.Pooling “at cost” 2.Value for Money in RI purchase 3.High Limits of Cover 4.Scope of cover - meeting change 5.Security of top rated reinsurers 6.Prompt and certain compensation 7.Fair allocation of costs and losses 8.Consistency of Pricing from year to year 9.Facility to admit discretionary claims 10.Financial security recognised by governments What matters most to shipowners?

13. | Christopher.brown@thomasmiller.com www.ukpandi.com