London

S&P Rating: BBB (Negative Outlook)

Combined Net Ratio	137%	Investment Return	5.3%	Entered Tonnage	68m GT
Underwriting Result	-USD 37m	Overall Result	-USD 20m	Free Reserves	USD 154m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	117		119
Reinsurance Premium	(19)		(20)
Net Premium		98		100
Claims	(119)		(120)
Operating Expenses	(15)		(16)
Total Expenditure		(134)		(137)
Underwriting Result		(35)		(37)
Investments	42		17
Tax	(0.4)		(0.1)
Overall Result		6		(20)

CNR		137%		137%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	157	161	188	195	169	174	154
• Entered Tonnage (m)	52	54	56	62	68	67	68

Gross Tonnage