Gard reports record renewal, says many owners are consolidating their fleets with one insurer

Norway-based marine insurer Gard has announced that over the past 12 months it has added 17m tonnes to its insured fleet, the majority of this arriving during the renewal period. The insurer said that this brought the total owners’ mutual tonnage to 246m gt, noting that 99.4% of existing tonnage stayed with Gard.

Gard Chief Underwriting Officer Bjornar Andresen said that “the key theme of this renewal was consolidation. We saw many owners shifting more, or all, of their fleet to Gard to benefit from the financial strength and predictability that we offer”.

He added that Gard had achieved a record amount of new business at renewal “at prices that achieve a good balance between owners’ needs and underwriting profitability”.