A favourable claims climate helped the Norwegian Hull Club ring up a profit of $13.6m in the first quarter of 2017.
Both underwriting and the investment performance contributed to the result that exceeded expectations.
There was an underwriting profit of $3.5m, with the combined ratio for the three months at a positive 90%, compared with a loss incurring 120% for the same quarter of 2016 and a break-even level of 100% for the full year.
