Norwegian marine insurer Gard has reported an underwriting loss for the first half of the policy year on the back of a rise in costly claims for protection and indemnity clubs.
The Arundel-based company said its technical underwriting loss was $54m for the six-month period. It also made a post-tax loss of $62m, on an estimated total call basis.
Gard’s net combined ratio, which reflects the balance of premium income and claims costs, was 116% — indicating a significant deficit.
