P&I MUTUAL ENTRIES
- 4% premium increase on ETC for the 2025 renewal
- 10 % owners’ general discount (OGD) on an Estimated Total Call (ETC) basis for vessels renewed by Members with Gard for the 2025 policy year
- There were no reported changes in the deductibles
FD&D ENTRIES
- No premium increases were reported in this respect
- There were no reported changes in the deductibles
Following the recent meeting in Bermuda, the Board of Directors of the Gard Club in November 2025, please find below the detailed highlights and developments:
Financial strength:
- The Gard Club continues to be well capitalised and its financial rating remains strong with an A+ (stable outlook) rating by Standard and Poor’s; the highest of any P&I club in the International Group of P&I Clubs.
Premium adjustments:
- The Board is satisfied with the Association's mutual P&I portfolio, which is currently priced competitively. However, as the Mutual P&I product develops, the Board wants to ensure that the Association maintains the Mutual P&I portfolio with only a small estimated loss. Premium adjustments will therefore have to be applied to maintain predictability and stability in the portfolio. In light of the above, the Board has decided to apply an average premium increase of 4% to ETC for the 2025 renewals.
- In addition, in view of the strong capital situation the Board agreed a 10% owners’ general discount (OGD) on an Estimated Total Call (ETC) basis for vessels renewed by Members with Gard for the 2025 policy year. In 2025, Gard will mark its 16th consecutive year of returning capital to its mutual members.
Investment Performance:
- With good overall performance by the investments, the Club has maintained and built a solid base to meet future developments of the insurance portfolio.
Underwriting Results:
- The Board observed that the Club has demonstrated a strong insurance performance over the past decade. Despite the inherent volatility in the business lines, the overall insurance result at the Club level has remained stable in comparison to its peers.
- The 2024 policy year was underwritten with a 10% Owners’ General Discount (OGD) on the ETC.
Release Calls:
- The Board has decided to maintain the level of release calls as follows:
2022: 5%
2023: 5%
2024:10%
2025: 10%