Gard has turned in a half-year profit of $150m, an exceptionally strong result for the Norwegian marine underwriters that is the biggest insurer of shipowners.
The result means members of the protection-and-indemnity club face no general increase at the February renewal and the probability of a further reduction in deferred premium.
A benign claims experience and a strong investment performance lifted the equity or free reserve of “A+” rated Gard to $1.29bn.
