Industry-leading marine insurer Gard reported its second-best results in its 117-year history on Tuesday with profits of $236m.
The Norwegian insurer cited a year of relatively few large claims and successful investments after adding a raft of newbuildings to its protection and indemnity book.
It reported annual gross written premiums of $1.18 billion and handed back $50m in discounts to owners renewing with Gard for 2024.
Gard chief executive Rolf Thore Roppestad said: “I am proud to see that Gard has yet again delivered very strong results.
“This year’s result is the second best we have seen in over a century of serving our members and clients.”
Gard, a mutual provider of P&I, marine and energy insurance products, was “stronger than ever”, Roppestad said, with a strong return on investments contributing to the company’s results.
“We had relatively few large claims last year, which of course contributed positively to the bottom line,” he said.
“Investments also saw a satisfactory rebound after the turmoil in the financial markets in 2022. In many ways, Gard is now stronger than ever.”
Last month, the insurer said it had added 7m gt to its fleet over the past 12 months to consolidate its industry-leading position.
The Arendal-based club said its total P&I book of business now stands at 284m gt.
Gard’s strong figures are expected to be followed across the sector after a strong-performing year for clubs.
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