Gard has a strong competitive position supported by significant barriers to entry in the protection and indemnity sector. Through its ownership of Gard Marine&Energy Ltd. (Gard M&E), Gard is also one of the largest marine insurers globally. Favorable brand recognition and diversification within the marine insurance sector. Extremely strong risk-based capital adequacy and wide capital base. Protection and indemnity (P&I) sector relatively volatile. Strong financial flexibility based on its ability to make unbudgeted supplementary calls and impose significant premium increases for its mutual business. Gard's strong enterprise risk management (ERM) implies that it has the ability to appropriately manage its capital such that its capitalization continues to support the ratings. The stable outlook reflects our view that the
