Bermudian-domiciled insurance company Gard is returning capital to its membership and offering owners renewing their P&I cover for the next policy year a 10 per cent owners general discount.

The move, the sixteenth year in a row it has returned capital, was announced by Gard’s board of directors meeting last week.

Gard chief executive Rolf Thore Roppestad said: “With this, we continue our streak of returning capital to our membership, providing stability and consistency in a volatile time.

“We ensure financial robustness and long-term resilience, while at the same time not holding more capital than is needed.”

Gard estimates that a 4 per cent premium increase for the upcoming P&I renewal is necessary to keep next year’s underwriting result in balance, with a marginal loss on the mutual insurance product.

Bjørnar Andresen, Gard’s chief underwriting officer, explained: “The macroeconomic outlook continues to be uncertain, and we need to take into account an expected increase in claims. With a moderate premium adjustment, we are ensuring that we can continue to offer mutual P&I at competitive prices, while at the same time ensuring the group’s long-term stability.”

Gard is a shipowner-controlled provider of P&I, marine and energy insurance products, with gross written premium of S1.18 billion.

Gard has approximately 700 staff in 13 offices around the world.