We expect Gard P&I (Bermuda)Ltd. (Gard, the club or the mutual) to substantially outperform our underwriting expectations for the financial year ending Feb. 20, 2022 (FY2022). We are therefore revising the outlook to stable from negative. The stable outlook indicates that we expect marine insurer Gard to record at least break-even underwriting results over the next two years and generate earnings of over $50 million. On March 24, 2022, S&P Global Ratings revised its outlook on marine insurer Gard P&I (Bermuda) Ltd. to stable from negative. At the same time, we affirmed our 'A+' insurer financial strength and issuer credit ratings on Gard P&I (Bermuda) Ltd. and its core subsidiaries. The outlook revision indicates that we consider Gard's underwriting performance
