Further to the Board of Directors held this week, Gard has published their mid-year financial results with combined loss ratio of 78% and contingency reserves at USD1,047 million.

Following those strong results, the Board has decided that the 2015 General increases for mutual entries will be 2.5% on Advance calls for P&I and 10% for Defence Class. The Deferred Call for all mutual entries is 25% of the Advance Call.

With regards to open policy years, the Club expects 2012 and 2013 to be closed in due course without any further calls. Members are however advised to make provisions for the full 25% Deferred Call for 2014 policy year.

Finally, release calls are now set at:

2012 policy year: 5%

2013 policy year: 5%

2014 policy year: 20%

2015 policy year: 20%

The Club’s Circular and full details of their mid-year financial report is available on their website here