Market Reference

RELEASE CALLS

Club	2016	2017	2018	2019	2020	2021
America	Closed	Closed	20	20	20	20
Britannia	Closed	Closed	0	5	7.5	15
Gard	Closed	Closed	5	5	10	10
Japan	Closed	Closed	5	5	5	5
London	Closed	Closed	5	12.5	15	15
North	Closed	Closed	0	5	15	15
Shipowners	Closed	Closed	0	0	0	0
Skuld	Closed	Closed	7.5	10	15	15
Standard	Closed	Closed	0	0	6	TBA
Steamship	Closed	Closed	5	10	10	10
Swedish	Closed	Closed	5	12	15	15
UK	Closed	Closed	5	10	15	20
West of England	Closed	Closed	0	7.5	15	15

SUPPLEMENTARY CALL HISTORY

Club	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
America	25/25	0/0	0/0	0/0	0/0	0/22.5	0/17.5	0/0	0/0	0/0	0/0
Britannia	40/32.5	40/40	45/45	45/35	45/40	45/45	45/45*	45/45*	45/45*	45/45***	45/45
Gard	25/20	25/15	25/15	25/15	25/15	25/0	25/0	25/12.5	20/15	20/20	0/-5
Japan	40/40	40/40	40/40	40/20	40/30	40/30	40/40	40/40	40/40	40/40	40/40
London	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0
North	0/0	0/0	0/0	0/0	0/0	0/-5	0/0	0/0	0/0	0/0	0/0
Shipowners	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0	0/0
Skuld	0/0	0/0	0/0	0/0	0/-2.5	0/-2.5	0/0	0/0**	0/0	0/0	0/0
Standard	0/0	0/0	0/0	0/0	0/0	0/-5	0/-5	0/0	0/0	0/0	0/0
Steamship	0/0	0/0	0/0	0/-10	0/-10	0/0	0/0	0/-10	0/-7.5	0/0	0/0
Swedish	0/0	0/0	0/0	0/0	0/0	0/0	0/-3	0/-4	0/0	0/0	0/0
UK	0/-2.5	0/0	0/0	0/-2.5	0/-3	0/0	0/0	0/0	0/0	0/0	0/0
West of England	30/30	30/30	35/35	35/35	35/35	35/35	35/35	0/0	0/0	0/0	0/0

* Britannia have made dividend payments to membership totalling USD 75mil since 2017. A total of USD 30mil in 2017, USD 30mil in 2018 and USD 15m in 2019.

** Skuld returned USD 5m to membership as a % of individual member contribution.

*** Britannia and Gard are set to announce any further returns or reduction in deferred call in October 2020.

GENERAL INCREASE HISTORY

Policy Year	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
America	2	5	10	10	4.5	2.5	0	0	0	0	5
Britannia	5	5	12.5	2.5	2.5	2.5	0	0	0	0**	N/A
Gard	0	5	5	5	2.5	2.5	0	0	0	0	N/A
Japan	10	3	5	7.5	3	3	0	0	0	7.5	10
London	5	5	12.5	10	6	5	0	0	0	7.5	10
North	3	5	15	7.5	4.75	2.5	0	0	0	7.5	10
Shipowners	0	0	5	5	0	0	0	0	0	5	5
Skuld	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Standard	3.5	5	7.5	12.5	5	2.5	0	0	0	7.5	10
Steamship	0	5	7.5	10	0	0	0	0	0	7.5	5
Swedish	2.5	5	7.5	7.5	2.5	0	0	0	0	5	5
UK	5	3	7.5	10	6.5	2.5	N/A	N/A	N/A	0**	10
West of England	5	5	7.5	7.5	2.5	0	0	0	5	2.5	7.5

* Skuld do not announce a General Increase, instead they approach each risk on an individual basis.

** These clubs didn’t not announce a General Increase, but did announce they wished to increase premiums across the whole book by 7.5%