Gard’s shock $53m loss announced last week for the policy year ending 20 February was the biggest surprise of all the results announced by protection and indemnity mutuals so far this year.
Not only was it the largest loss recorded by any club, it was Gard’s first set of red figures in a decade.
But much of its deficit now appears to have been down to an IT setback, according to more detailed figures released this week by the Norwegian marine insurer, rather than just the troubled markets.
