Managers Gard AS
Gross Tonnage
| Owned | 277,000,000 |
| Chartered | 95,000,000 |
Free reserves
| 2023 | 1,260,451,000* |
| 2022 | 1,278,281,000* |
| 2021 | 1,262,920,000* |
| 2020 | 1,179,200,000* |
| 2019 | 1,158,391,000* |
Standard & Poor’s Rating A+
Tonnage by vessel type
| Tankers & Gas | 37% |
| Bulkers / OBO | 31% |
| Containers | 17% |
| Dry Cargo | 6% |
| Passenger / cruise / MOU / Other | 9% |
Vessel tonnage by geography
| Asia | 32% |
| Norway | 12% |
| Europe | 17% |
| Germany | 6% |
| Greece | 21% |
| Americas | 10% |
| Middle East | 3% |
KPIs (All figures $’000)
| Year | 2023 | 2022 | 2021 | 2020 | 2019 |
| Calls/Premium | 512,065 | 509,959 | 519,838 | 442,052 | 481,130 |
| Reinsurance Cost | 104,822 | 98,687 | 103,238 | 97,890 | 102,296 |
| Net Claims (incurred) | 347,400 | 384,323 | 412,504 | 405,015 | 338,538 |
| Operating Expenses | 46,282 | 47,716 | 35,088 | 38,831 | 102,190 |
| Net Underwriting Result | 13,561 | (20,767) | (30,992) | (99,864) | (61,894) |
| Gross Outstanding Claims | 1,427,846* | 1,403,790* | 1,473,288* | 1,381,122* | 1,409,646* |
| Total Assets | 3,123,766* | 3,222,487* | 3,206,380* | 2,881,429* | 2,858,758* |
| Average Expense Ratio | 14.80% | 13.70% | 13.51% | 12.81% | 13.04% |
| Solvency Margin | 2.19* | 2.30* | 2.18* | 2.09* | 2.03* |
| Reserves/GT Ratio | $4.55* | $4.72* | $4.83* | $4.82* | $5.05* |
Note: items marked * are Group figures and include all business lines, not just P&I.
2023 figures for period Feb/Dec 2022 and net of Owners General Discount $19,563,000.
Broker Comment
Tysers noted that Gard P&I had changed its financial year to a calendar year basis so the 2022 Accounts covered a 10 month period from February 2022 to December 2022.
Many of the 10-month 2022 figures were similar to the full 12 months for 2021.
The underwriting results were the best for 15 years, with a combined ratio of 81% producing a technical profit of $150m before application of the Owners General Discount (OGD) worth $20m.
All lines of business were profitable, with P&I improving to 92% from 100%, and Marine & Energy to 66% from 87%.
P&I owned tonnage increase by 6m to 277m GT and chartered business remained around 95m GT.
The Club experienced an investment loss of $149m, but with around 70% of its assets in bonds it expected future returns to improve as interest rates increase.
Overall, and after the OGD of $20m, free reserves fell slightly to $1,260m from $1,278m. Chair Martin Hoegh commented that lower claims levels were the main driver for the good underwriting results but, while marine insurance was inherently volatile, luck could never replace good underwriting and good claims handling