Renewal Report: Gard says “strong renewal in a market seeking stability”

Norway-based marine insurer and Group P&I Club Gard has reported “yet another” strong P&I renewal for 2023.

It said that over the past 12 months it had added 17m gt, bringing the mutual tonnage to a total of 277m gt. The insurer said that 99.4% of the existing tonnage stayed with the club.

Gard’s CEO Rolf Thore Roppestad said that it had been “a good renewal season for Gard, in which we have seen sustainable growth across regions and segments”, adding that “the late announcement of reinsurance rates from the International Group of P&I Clubs meant that this renewal went right to the wire as some owners waited to see the full picture before making their final decisions. We are delighted that Gard continues to be the preferred insurance partner for a growing part of the world fleet.”

Gard has more than 600 staff in 13 offices around the world. The direct insurance entities within the Gard group are Gard P&I (Bermuda) Ltd, Assuranceforeningen Gard, Gard Marine & Energy Ltd and Gard Marine & Energy Insurance (Europe) Ltd.