Financial highlights
2011 | 2010 | |
|---|---|---|
(restated) | ||
US$ | US$ | |
'000s | '000s | |
Gross premiums written | 46,923 | 48,212 |
Continuity credit | (6,157) | (6,473) |
Reinsurance premiums (excess loss) | (5,566) | (6,739) |
Claims incurred less reinsurance recoveries | (23,243) | (17,620) |
Operating expenses and taxation | (14,566) | (14,349) |
Surplus for the year before investment result and exchange losses / gains | (2,609) | 3,031 |
Investment result (realised and unrealised) | 13,400 | 7,053 |
Exchange gains / (losses) | 991 | (797) |
(Deficit) / surplus for the year | 11,782 | 9,287 |
Free reserves brought forward at 1st June | 67,391 | 58,104 |
Free reserves carried forward at 31st May | 79,173 | 79,173 |
Free reserves: | ||
Funds available for outstanding claims and claims incurred but not enough reserved | 127,753 | 107,117 |
Less: Estimate of outstanding claims net of reinsurance recoveries (including known and incurred but not enough reserved) | (48,580) | (39,726) |
Estimated free reserves at 31st May | 79,173 | 67,391 |
Free Reserves Development
The combined club has regained its strong level of reserves through strong underwriting together with a positive investment performance.
