MAY 28, 2013 — Claes Isacson (left), CEO of Gard, has reason to look cheery. The Norway based P&I Club today announced that its Board has decided to return $31 million to the mutual members of the Club by reducing the deferred call for the 2012 policy year from 25 percent to 15 percent of the advanced call.
"Gard reported strong results for the financial year ending 20 February 2013, with a surplus after tax of $99 million on an estimated total call basis" commented Claes Isacson, CEO of Gard.
"Ensuring that our business is strong and robustly capitalised is one of the core foundations of the organization. However, we are also committed to being as fair – and predictable – as possible in setting premium levels and, when the results and capital position allow, reduce the insurance cost for the Members below the estimated total call.
Over the last four years we have returned a total of $113 million to our Members by reducing the deferred call."
After the reduction in deferred call, Gard will have $895 million in free reserves, an increase of 8 percent.