Posted on: 26 March 2026
Gard, a world’s leading provider of protection & indemnity (P&I), marine and energy insurance, has issued its Annual Report for 2025, in which the annual results reflect continued business growth and solid investment performance against a more challenging claims year.
CEO Rolf Thore Roppestad and Chairman Morten W. Høegh reflect on Gard’s performance in 2025, highlighting some of the milestones as well as challenges facing the maritime industry today.
Morten Høegh said: “Despite all the turbulence, markets held up, shipowners delivered solid results, and the wheels kept turning.”
“It was certainly an eventful year, both geopolitically and financially. There were several uncertainties and clouds on the horizon, but at the same time financial markets performed very well, and in the end, it turned out to be a good year, at least for most of the shipping industry. Looking back, what stands out is really the resilience of the global economy and the ability of financial markets to absorb external shocks. So, despite all the turbulence, markets held up, shipowners delivered solid results, and the wheels kept turning.”
Rolf Thore Roppestad commented: “I agree, it was a very eventful year, both globally and for Gard. We experienced some challenging and large claims in the first half of the year, but the second half developed more positively. Overall, we ended the year close to expectations. With a total result of 173 million USD after a return of capital of 54 million USD to Members, and a combined ratio net of 105 per cent, I think we can be very satisfied, especially given the volatility around us.”
He added: “Our mission is to help our Members and clients navigate uncertainty by providing the very best risk management solutions in the market.”
View the report in full here.
