Profitability of the Gard marine insurance group has taken a hammering from large claims, a soft market and a poor investment climate.

The surplus for the six months to 20 August was just $6m, more than $100m less than for the same period of last year.

The Norwegian underwriter, which is the biggest provider of insurance to shipowners, saw its underwriting slip the wrong side of the line with the combined ratio rising to 102% compared to 83% through the first half of 2010.

Claes Isacson
Combined ratios are calculated by dividing claims and expenses by premiums, so ratios above 100% indicate an underwriting loss.

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