Standard

S&P Rating: A (Negative outlook)

Combined Net Ratio	127%	Investment Return	4.7%	Entered Tonnage	149m GT
Underwriting Result	-USD 62m	Overall Result	-USD 33m	Free Reserves	USD 360m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	353		293
Reinsurance Premium	(96)		(64)
Net Premium		257		228
Claims	(309)		(260)
Operating Expenses	(58)		(30)
Total Expenditure		(367)		(290)
Underwriting Result		(110)		(62)
Investments	69		29
Tax	(0.7)		(0.7)
Overall Result		(41)		(33)

CNR		143%		127%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves ('000)	380	390	430	461	435	393	360
• Entered Tonnage (m)	136	138	149	159	155	156	149

Gross Tonnage