Arendal (Norway) - Gard, the largest Protection & Indemnity insurer among the thirteen members of the International Group of P&I Clubs, and the second in the marine insurance industry behind Allianz, has announced a steady performance in the first half of 2009.
The first six months of the 2019 financial year produced a total comprehensive income on an Estimated Total Call (ETC) basis of USD 65 million. The consolidated equity, which provides security and stability for the membership, was USD 1,211 million as at 20 August 2019 compared to USD 1,159 million at the end of last year. A deferred tax effect of USD 13 million has been deducted from equity due to a waiver of an intercompany loan. Gross written premium on ETC basis was USD 710 million, an increase from the comparable period last year and better than expected.
“This stability is particularly important when you operate in an industry as fundamentally volatile as marine insurance, and the last year has seen a level of claims across the industry that reminds us of its inherent unpredictability,” commented Gard’s chief executive officer, Rolf Thore Roppestad.