Norwegian marine insurer Gard has consolidated its industry-leading position at this year’s protection and indemnity renewal thanks to the addition of newbuildings.
The Arendal-based club said it had added 7m gt to its fleet over the last 12 months.
Its total P&I book of business now stands at 284m gt.
In total, 99.4% of its existing shipowner members renewed, which chief executive Rolf Thore Roppestad said represents a “clear vote of confidence”, in the club.
Chief underwiring officer Bjornar Andresen said: “One of the highlights this season was the large share of newbuilds — more than 10m gt — committed by renewing members and to be delivered in the coming months.”
Gard is a mutual provider of P&I, marine and energy insurance products, with an annual gross written premium income of just over $1bn.
Another P&I insurer, the UK P&I Club, said it had added 2m gt of tonnage to its mutual book of business over the last 12 months.
Underperforming
The London-based club said at this year’s renewal it had undertaken some portfolio management which led to some “underperforming” tonnage leaving.
“The club’s focus on quality has led to the loss of some renewing tonnage, particularly in the underperforming charterers’ liability sector,” said chief underwriting officer William Beveridge.
“Following several tough years for P&I clubs, the landscape is improving and we anticipate another year of stable underwriting results for the club.”
Chief executive Andrew Taylor said: “Our near-term focus is to reinforce our safety and risk management services to further strengthen the value we already provide.”
