Gard continues to maintain a strong financial position, as reflected in its A+ rating from Standard & Poor’s, the highest among the International Group of P&I Clubs. Supported by its strong capital base, the Club has announced a 10% Owners’ General Discount (OGD) on an Estimated Total Call (ETC) basis for 2027 renewals.
The Board is satisfied with the Association’s development, with the mutual P&I portfolio remaining competitively priced. To maintain the portfolio at a sustainable level while keeping their estimated loss to a minimum, the Club will seek an average 4% premium increase on the ETC for the 2027 renewal.
Underwriters will continue to assess risks on an individual basis, taking into account pricing adequacy and loss history. Any adjustments to the reinsurance rates will also be passed on to Members in accordance with usual practice. Similarly, any future excess capital generated by the Club will continue to be returned to Members through the OGD.
The Board has also agreed that the 2023 policy year will close with no supplementary calls being levied, as well as the following during the meeting:
Estimated Total Call
- 2024: Expected to close in November 2027 with no supplementary calls. The year was underwritten with a 10% OGD on ETC.
- 2025: Expected to close in November 2028 with no supplementary calls. The year was underwritten with a 10% OGD on ETC.
- 2026: The year was underwritten with a 10% OGD on ETC.
Release calls
- 2024: 5%
- 2025: 5%
- 2026: 10%
- 2027: 10%
Full details of the announcement can be found in the Club’s Renewal Circular.
