Norwegian insurer Gard has reported a $68m profit for the 2020 policy year thanks to the improving marine and energy market and strong investment returns.
Gard made a $93m profit in the previous policy year.
In 2020, Gard’s marine and energy and its mutual protection and indemnity businesses together reported a combined ratio of 104%. The figure, which reflects the balance of income and claims expenses, indicating an underwriting loss.
