Specialist marine insurer Gard hails ‘extraordinary’ results despite market turbulence

Gard, a shipowner-controlled provider of P&I, marine and energy insurance with direct insurance entities in Bermuda and Europe, said it managed to produce “extraordinary” results in 2022 despite the volatility and market turbulence.

Challenging investment markets meant that results of the specialist marine insurer overall ended close to break even, but marked its best insurance performance in 15 years.

The highlights from its 2022 results of roughly ten months, from February 21 to December 31, 2022 (due to a change in its financial year), included a gross written premium of $995 million, combined ratio net of 81percent, and profit after tax of $1.7 million.

Gard chief executive officer Rolf Thore Roppestad noted that despite its reporting period being two months shorter than usual, the group’s GWP was almost the same as in the previous period, when it surpassed $1 billion for the first time. Looking at the full calendar year 2022, the gross written premium was $1.167 billion.

“I am delighted to see that Gard continues to deliver strong results, offering stability, sustainability and financial strength for the benefit of our Members and clients. It has been a turbulent year, both operationally and in terms of financial markets, so it has not been straightforward,” Roppestad said.

“Still, we have focused on the fundamentals and delivered fantastic insurance results – the best we have seen in fifteen years. In fact, all five lines of business have delivered positive results. In a volatile business like ours, that is quite extraordinary.

“Overall, Gard remains well capitalised and financially robust. That is why it was agreed to give a five per cent Owners’ General Discount (OGD) to mutual entries that renewed with Gard for the 2023 policy year. For our owners, this means approximately USD 23 million in savings. With this, we continue to help and support our Members and clients in uncertain times, focusing on staying robust and well-placed to face the future.”

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