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Bermuda P&I Club the top premium writer among peers

Top ranking: Rolf Roppestad, left, chief executive of Gard, meeting his childhood hero, Bermudian footballer Clyde Best in 2022 (Photograph by Jessie Moniz Hardy)

A Bermudian-domiciled insurer continues to be ranked atop the International Group of Protection & Indemnity Clubs for gross premiums written.

Three Bermuda companies are among the dozen, including Gard P&I (Bermuda) Ltd, at the top of the table.

The International Group is a not-for-profit association of 13 P&I Clubs providing marine liability cover for 90 per cent of the world's ocean-going tonnage – the ship owning members.

The International Group holds reinsurance cover up to the value of $3.1 billion.

The May issue of insurance magazine Best’s Review still lists Gard P&I (Bermuda Ltd) as number one in the International Group, in terms of gross premiums written and capital and surplus.

Gard, led by CEO Rolf Roppestad, wrote more than $972 million in 2022 down from nearly $1.02 million the previous year. Capital and Surplus was more than $1.26 billion, down from more than $1.28 billion.

By comparison, the second ranked firm, UK Mutual Steam Ship Assurance Association Ltd, based in the United Kingdom, wrote almost $510 million in gross premiums and had capital and surplus of more than $430 million.

Another Bermuda headquartered firm, Steamship Mutual Group, was in fifth place, having written more than $407 million in 2022. The Standard Club Ltd, Bermuda, was sixth with nearly $346 million in premiums.

“Liability claims will significantly impact the International Group,” John Miklus, president of the American Institute of Marine Underwriters, told Best Review, after the container ship Dali’s deadly collision with the Francis Scott Key Bridge in Baltimore, Maryland, this year.

The P&I Clubs may be liable for issues such as the repair of the bridge and clearance of the wreckage, one industry source said.

“The claim has the potential to approach or exceed the $1.5 billion paid for the costly Costa Concordia salvage operation in 2012,” Mr Miklus said.

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Published May 23, 2024 at 7:59 am (Updated May 23, 2024 at 7:33 am)

Bermuda P&I Club the top premium writer among peers

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