Strong competitive position, supported by the significant barriers to entry within protection and indemnity insurance. Strong capitalization supported by conservative reserving and reinsurance. Strong financial flexibility based on ability to make unbudgeted supplementary calls and impose significant premium increases at renewal. Concentration on volatile insurance classes where frequency and size of large claims is unpredictable. High investment-risk tolerance compared with insurance industry norms. The ratings on Bermuda-based marine mutual protection&indemnity (P&I) association Gard P&I (Bermuda) Ltd. and its Norway-based sister mutual club Assuranceforeningen Gard - gjensidig (collectively known as Gard P&I or the club) and Bermuda-based Gard Marine&Energy Ltd. and Sweden-based Gard Marine&Energy Forsäkring AB (collectively known as Gard M&E), reflect the companies' core
