Notes

Note 13 - Investments in subsidiaries

    Voting  Place   Share Cost price USD
Amounts in USD 000's Ownership share of office   capital As at 20.02.17
             
AS Assuransegården 100% 100% Norway NOK 22,220 21,095
Gard AS 100% 100% Norway NOK 30,000 70,932
Gard Marine & Energy Limited 100% 100% Bermuda USD 190,000 197,737
Gard Reinsurance Co Ltd 100% 100% Bermuda USD 150,000 295,000
Hydra Insurance Company Ltd. (Gard's cell) 100% 100% Bermuda USD 7,698 7,698
Lingard Limited 100% 100% Bermuda USD 900 900
Safeguard Guarantee Company Ltd. 100% 100% Bermuda USD 300 3,926
Total           597,289