Gard posts 95.5% CR in 2024
By Michael Jones
March 17 - P&I club Gard has reported a net combined ratio of 95.5% for 2024, a 2.5 percentage point deterioration on the prior year.
Gard saw profit after tax of $124 million, down from $236 million in 2023.
The P&I club reported a technical insurance result of $67 million, while its investment result was $43 million.
Gross written premium of $1.19 billion was a 2.5% increase on 2023’s $1.16 billion.
Gard’s board of directors approved a 10% owners’ general discount for members renewing for the 2025 policy year. This is the 16th consecutive year it has returned capital to members.
Last month a number of P&I market commentators told this publication that free reserves for the International Group of P&I Clubs are expected to reach record highs in 2024/2025 after strong investment performance more than offset deteriorating underwriting returns.
