UK provider of P&I, marine and energy insurance products, Gard announced the highlights from its consolidated results for the year ending February 20, 2010, with the following key financial results:
"2009 saw positive results across all areas of the group's operations," said Stephen Pan, Chairman of the Board. "The insurance operations performed very well with a combined ratio across the group of 92 percent which demonstrates underwriting discipline as well as lower claims costs. The recovery in the financial markets meant that asset values improved significantly, and our investment return was 19%."
Claes Isacson, CEO, said that the last 18 months had been characterised by lower claims costs, partly as a result of a decline in utilisation rates for most shipping segments around the world. However, there has lately been increase in costs from these low levels.
