Financing matters
Key figures 2009
For the year to 20 August 2009
| Gross written premium | USD 644 m |
| General contingency reserve | USD 627 m |
| Total assets | USD 2.02 bn |
| Combined net ratio | 92% |
| Result after tax | USD 197 m |
| Technical surplus | USD 27 m |
| Non-technical result | USD 169 m |
Management reports
Corporate governance
We believe that effective corporate governance is essential and have established an open and transparent framework to deliver insurance products and services to our Members and clients.
Ratings
Our interactive rating is A / Stable | Standard & Poor's considers that the prospects for the Gard group's competitive position remain very strong. The strategy underlying the joint P&I/M&E concept has proved to be successful, while the overall quality of ERM enhances financial management. |
Increase & reserves
Key facts
- Gard was founded on 9 October 1907
- P&I tonnage on 20 February 2009 180 m gt
- 14.5% market share in P&I
- In 2001 43% of our vessels were under 10 years old - today it is 62%
- In 2003 we bought majority ownership in Gard Marine & Energy Ltd
- On 20 August 2009 the marine book insured 6,619 vessels
- Gard accounted for 30% of the Nordic marine hull premium in 2008
- We have been in the offshore energy sector for over 35 years
- Our market share in energy is 6%
- We have 11 offices around the world employing nearly 400 people
Record of estimated and actual deferred calls
Stability and predictability in the level of calls is a highly desirable outcome for Members, and our track record demonstrates our ability to manage this process.
| Per cent | 2008 | 2007 | 2006 | 2005 | 2004 |
| Estimated at inception | 25 | 25 | 25 | 25 | 25 |
| Actual | 25 | 25 | 20 | 20 | 25 |