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Highlights from the Committee meeting held in Hamburg on 26th May 1997

The Gard Committee Spring meeting was held at the Steinberger Hotel in Hamburg. We report below on some of the items of interest discussed at the meeting.

Funds
The Committee noted that the total funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited amounted to USD 631 million.

No further contributions is expected for the 1994 and 1995 policy years
The Committee does not anticipate any further contributions for the 1994 and 1995 policy years.

1996 policy year
The Committee reviewed reported claims for the 1996 policy year. Although it was too early to derive a clear picture of the claims development it was expected that the eventual claims outcome would be worse than average. Nonetheless, the Committee decided that no contribution should be levied for the 1996 policy year in view of the fact that the Association’s overall contingency reserves exceeded the currently laid down strategical target even if no contributions were to be levied.

Release contributions
The Committee resolved that the release contribution should be as follows:
1994 Nil
1995 5 per cent
1996 10 per cent
1997 55 per cent

New Committee members
The Committee recommended to the Annual General Meeting that the following persons should be elected to the Committee:
Katsuyuki Totoki, Sanko Steamship Co., Tokyo
Axel Eitzen, Tschudi & Eitzen A/S, Oslo
Gerry Buchanan, Wallem Shipmanagement Ltd., Hong Kong
Ioannis Alafouzos, Ermis Maritime Corporation, Piraeus
Ricardo Claro, Compañía Sudamericana de Vapores (CSAV), Valparaíso

New Executive Committee members
The Committee noted with regret that the Executive Committee Chairman had indicated that he wished to resign from the Executive Committee at the forthcoming Annual General Meeting. Ms Jane Hinkley of Gotaas-Larsen Limited, and Mr Dieter Ostendorf of Aug. Bolten Wm. Miller’s Nachfolger were proposed as new members of the Executive Committee.