Auditor's report
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To the Shareholders of Gard P. & I. (Bermuda) Ltd.

We have audited the accompanying financial statements of Gard P. & I. (Bermuda) Ltd., which comprise the financial statements of the parent company and the financial statements of the group.  The financial statements of the parent company and the financial statement of the group comprise the balance sheet as at February 20, 2016 and the statement of comprehensive income and cash flow analysis for the year then ended, and a summary of significant accounting policies and other explanatory information.

 

The Board of Directors and the Chief Executive Officer’s responsibility for the financial statements

The Board of Directors and the Chief Executive Officer are responsible for the preparation and fair presentation of these financial statements in accordance with “Regulations for Annual Accounts for Insurance Companies” approved by the Norwegian Ministry of Finance, and for such internal control as the Board of Directors and the Chief Executive Officer determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the  financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the parent company and the group Gard P. & I. (Bermuda) Ltd. as at February 20, 2016, and its financial performance and its cash flows for the year then ended in accordance with the “Regulations for Annual Accounts for Insurance Companies” approved by the Norwegian Ministry of Finance.

 

PricewaterhouseCoopers Ltd.
Chartered Professional Accountants

May 9, 2016