9 November 2021
Key figures for the period ending 20 August are:
A loss after tax of USD 27 million on an Estimated Total Call (ETC) basis.
A technical loss of USD 50 million.
A Combined Ratio Net (CRN) of 113 per cent.
A non-technical result of USD 23 million, including taxation and other comprehensive income/loss.
Equity of USD 1,226 million on an Actual Call basis.
Rolf Thore Roppestad, CEO of Gard, said: “The Gard results for the first half of the year are being shaped by a number of forces – most of which are being experienced across the sector. The first is the ongoing trend of increasingly severe Pool claims. In addition, we have seen a higher-than-normal number of severe marine claims, as well as increased costs of claims from the impact of COVID-19.
“Gard remains strongly capitalised however and our financial results, both for underwriting and investments, have improved since 20 August. This has allowed the Board to give an Owners’ General Discount for the 2022 policy year of 5% on the agreed ETC.
“Our ambition remains consistent; to deliver value through a comparatively low insurance cost for Members over the long term, to support individual Members and clients with the products and services needed to manage risks and maintain the long-term financial health of the group. In recent years, buyers of owners’ mutual P&I have benefitted from reduced premium rates due to a more benign claims environment. The reversal of this means we need to adjust rates upwards for the 2022 renewal. Premium income has increased in the first six months – mainly due to rate rises, but further adjustment is necessary for the portfolio overall. That said, we continue to price risks individually. As in past years, we are seeking to balance a small loss for our mutual P&I book with contributions from our commercial business lines and our investment portfolio.”
Directors' Report and Financial Statements as at 20 August 2021
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ENDS
Notes to Editors
Gard is a shipowner-controlled provider of P&I, marine and energy insurance products, with gross written premium of USD 922 million, with nearly 550 staff in 13 offices around the world.
The direct insurance entities within the Gard group; Gard P. & I. (Bermuda) Ltd, Assuranceforeningen Gard, Gard Marine & Energy Limited and Gard Marine & Energy Insurance (Europe) Limited are rated ‘A+' by Standard & Poor’s.
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Contacts
Caroline Wagstaff Luther Pendragon
Mobile +44 7767 794208
