Marine insurance mutual Gard’s annual revenue has topped $1bn for the first time, just as its role as the industry’s dominant player is set to be challenged by the upcoming merger of two of its closest rivals.

For the policy year to 20 February 2022, Gard also reported a post-tax profit of $34m and a profitable combined ratio — which reflects the balance of premium income and claims expenses — of 94%.

That compares to gross premium of $922m, a net profit of $68m and a loss-making combined ratio of 104% in the previous year.