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P&I Club Comparison

Compare the major P&I clubs on market data — pick any clubs from the list to compare profiles, business spread and the full metric set side by side.

Placeholder data. These figures are illustrative — anchored to each club’s published 2021–2024 results but back-projected and synthetic, not audited actuals. Use them to review the tool, not to make decisions; the real market data swaps in behind the same views later.
3 clubs charted
Range

Whole-field overview

Year
Total GT — 2024 by club
1GardGard290m
2NorthStandardNorthStandard235m
3UKUK165m
4BritanniaBritannia150m
5SteamshipSteamship140m
6SkuldSkuld95m
7JapanJapan90m
8WestWest82m
9SwedishSwedish50m
10LondonLondon45m
11ShipownersShipowners30m
12AmericanAmerican20m
Total GT over time
100m150m200m250m300m'20'21'22'23'24
GardNorthStandardUKMarket avg

Placeholder seed figures (P013) — not actuals. As-at the 2024 policy year. Logos belong to the respective clubs.

P&I Club Comparison

Full report

Manifest

Prepared in Manifest · 14 September 2026

Placeholder seed figures — not actuals. As-at the 2024 policy year.

Whole-field overview

Year
Total GT — 2024 by club
1GardGard290m
2NorthStandardNorthStandard235m
3UKUK165m
4BritanniaBritannia150m
5SteamshipSteamship140m
6SkuldSkuld95m
7JapanJapan90m
8WestWest82m
9SwedishSwedish50m
10LondonLondon45m
11ShipownersShipowners30m
12AmericanAmerican20m
Total GT over time
100m150m200m250m300m'20'21'22'23'24
GardNorthStandardUKMarket avg

Club profiles

GardGardNorthStandardNorthStandardUKUK
S&P ratingS&P A+ · StableS&P A · StableS&P A- · Stable
Last S&P changeAffirmed A+ (stable), 2024Affirmed A (stable) post-merger, 2024Affirmed A- (stable), 2023
Employees650800380
Total assets$4,250m$3,050m$2,330m
Abatement policyOwners' general discount at renewal in strong years.NoneNone
Free reserve$1,290m$800m$560m

Owned GT

indexed · start = 100
100105110115'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100104.6105.5110.4112.3
NorthStandard100104.6106.6112.7112.4
UK100104.4112108.8112.6
Market avg100103.2107.8110.5110.3

Chartered GT

indexed · start = 100
90100110120130'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100104.1123.6117.5124.8
NorthStandard10095.1110.1103.1111.2
UK10093.690.1117.7112.4
Market avg100102.4105106.4112.7

Total GT

indexed · start = 100
100105110115'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100104.5108.4111.6114.4
NorthStandard100102.6107.3110.7112.1
UK100102.3107.8110.5112.6
Market avg100103107.1109.5110.6

Actual premium

indexed · start = 100
100110120130'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100103.4106.4108.6111.5
NorthStandard100103.3106.9110.6114.3
UK100106.3110.2118.1122
Market avg100103.8107.7112.3116.8

Average expense ratio

%
12%14%16%18%20%22%'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard13.5%15.9%12.7%15.7%13.8%
NorthStandard16.6%19.1%21.3%14.8%16.7%
UK19.2%19.1%16.6%21.2%18.2%
Market avg16.1%16.6%17.2%17.6%16.1%

FY combined ratio

%
90%95%100%105%110%115%'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard92.1%95%108%100.5%97.5%
NorthStandard97.5%99%110.5%103%100%
UK101.8%100.5%112%104%101.5%
Market avg93.6%96%108.5%101.5%98.5%

FY change in combined ratio

pts
-10pts0pts+10pts+20pts'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard-4.6pts+2.9pts+13pts-7.5pts-3pts
NorthStandard-1.5pts+1.5pts+11.5pts-7.5pts-3pts
UK+4.5pts-1.3pts+11.5pts-8pts-2.5pts
Market avg+0.3pts-1.4pts+11.8pts-7.3pts-3pts

Investment return

%
-4%-2%0%2%4%6%'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard1.6%4.5%-2%5.5%5.8%
NorthStandard3.6%3.6%-1.6%4.9%5.4%
UK4.7%3.4%-2.2%4.6%4.9%
Market avg3%4%-1.8%5.2%5.6%

General / target increase

%
0%5%10%15%'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard4.5%7.5%10.3%2.3%4.6%
NorthStandard7.7%7.5%4.5%10.2%6.4%
UK0.5%0.6%0%10%2.8%
Market avg4.3%4.8%6.1%6.2%4.1%

Cumulative G/I

index
100110120130140'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100107.5118.6121.3126.9
NorthStandard100107.5112.3123.8131.7
UK100100.6100.6110.7113.8
Market avg100104.8111.2118122.9

Capital distribution

$m
$-15m$-10m$-5m$0m'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard$-4m$-4m$0m$0m$-13m
NorthStandard$0m$0m$0m$0m$0m
UK$0m$0m$0m$0m$0m
Market avg$-0m$-8m$0m$-2m$-6m

Excess call history

%
0%1%2%3%4%'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard0%0%0%0%0%
NorthStandard0%0%0%0%0%
UK0%0%0%0%0%
Market avg0%0%3.8%0%0%

Incurred claims

indexed · start = 100
100110120130'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100102.4117109.7110.6
NorthStandard100108.8125.5118.2117.2
UK100104.6121.3116.1117.2
Market avg100103.7123.7113.8115

Total assets

indexed · start = 100
100105110115120'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100102.3104.9108.9112.9
NorthStandard100101.7104.3109.1112.8
UK100106.1108.5112.5114.9
Market avg100103.9106.3111.2115.5

Free reserve

indexed · start = 100
90100110120'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
Gard100103.397107.8115.9
NorthStandard100102.393.8105.1113.6
UK100101.292.1106.3113.4
Market avg100104.796108.8118.2

S&P rating

grade
BBB+A-AA+'20'21'22'23'24
GardNorthStandardUKMarket avg
Club20202021202220232024
GardA+A+A+A+A+
NorthStandardAAAAA
UKA-A-A-A-A-
Market avgA-A-A-A-A-

Business Spread

Market avg
Year
Business Spread
Geographical spread of business · 2024
EuropeAsiaAmericasRest of worldMarket avg
GardGard
55%Europe
55%Europe20%Asia17%Americas8%Rest of world
NorthStandardNorthStandard
49%Europe
49%Europe25%Asia15%Americas11%Rest of world
UKUK
51%Europe
51%Europe25%Asia17%Americas7%Rest of world
Business Spread over time
Geographical spread of business — over time
EuropeAsiaAmericasRest of worldMarket avg
GardGard
0%25%50%75%100%'20'21'22'23'24
NorthStandardNorthStandard
0%25%50%75%100%'20'21'22'23'24
UKUK
0%25%50%75%100%'20'21'22'23'24
Business Spread
Type of entered vessel · 2024
Tanker / GasContainer / GeneralBulkerPassenger / FerryOffshoreOtherMarket avg
GardGard
33%Container / General
31%Tanker / Gas33%Container / General20%Bulker5%Passenger / Ferry6%Offshore5%Other
NorthStandardNorthStandard
30%Bulker
18%Tanker / Gas28%Container / General30%Bulker11%Passenger / Ferry7%Offshore7%Other
UKUK
27%Bulker
26%Tanker / Gas21%Container / General27%Bulker9%Passenger / Ferry8%Offshore8%Other
Business Spread over time
Type of entered vessel — over time
Tanker / GasContainer / GeneralBulkerPassenger / FerryOffshoreOtherMarket avg
GardGard
0%25%50%75%100%'20'21'22'23'24
NorthStandardNorthStandard
0%25%50%75%100%'20'21'22'23'24
UKUK
0%25%50%75%100%'20'21'22'23'24
P&I Club Comparison — Manifest