Gard P&I (Bermuda) Ltd.'s (Gard or the Club) half-year results indicate that it is unlikely to return to breakeven underwriting performance in 2021. We expect the Club's combined ratio for full-year 2021 to exceed our current expectations due to the significant amount of claims on the International Group's (IG) pool. We have affirmed the 'A+' ratings on Gard. The outlook remains negative, reflecting the risk that the Club may not return to breakeven levels of underwriting performance (on a total call basis) by the end of financial year 2022/2023. On Oct. 21, 2021, S&P Global Ratings affirmed its 'A+' insurer financial strength and issuer credit ratings on Gard P&I (Bermuda) Ltd. and its core subsidiaries. The outlook remains negative. We
