Gard, the world’s largest dedicated marine insurer, has reported a surprise loss — its first in 10 years.
Its post-tax loss for the 12 months to 20 February 2019 was $53m, compared with a $193m profit in the previous year. It earned premiums of $798m, up from $775m.
Gard made an investment loss of $3m. It also recorded a technical underwriting loss, reporting a combined ratio of 110%, indicating premium income did not cover claims and expenses.
