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Committee Meeting
Highlights from the held in Vienna on 28th October 1996

This autumn’s meeting was held at the ANA Grand Hotel in Vienna. We report on some of the items of interest discussed at the .

FUNDS
The Committee noted that the total funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited amounted to USD 592 million with investments stated at valuation.

OVERALL INVESTMENT RETURN
During the six months to 31st August 1996 the combined funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited achieved a total return of2.6 per cent compared to a benchmark return of2.1 per cent.

CLOSING OF THE 1993 POLICY YEAR
The 1993 policy year was closed without further contribution being levied. Due to the favourable claims development for this year, the year is expected to end in a surplus.

OPEN YEARS
The 1994 policy year is expected to be closed in 1997 without further contribution being levied. The 1995 policy year has developed very favourably and it is not anticipated that a further contribution will be required. The 1996 policy year has so far experienced an increase in the value of reported P&I liabilities compared with the 1995 policy year, as at six months from inception. The forecast 30 per cent contribution is maintained.

RELEASE CONTRIBUTION
The Committee resolved that the release contributions should be as follows:
1994 5 per cent
1995 5 per cent
1996 55 per cent
1997 55 per cent

GENERAL INCREASE
The Committee set the general premium increase for owners’ entries and charterers’ Defence entries for the 1997 policy year at 7.5 per cent.