Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2018

Combined
31 May 2018
Combined
31 May 2017
US$
'000s

US$
'000s

Gross premiums written

51,798

 51,859

Continuity credit

(9,665)

(7,970)

Reinsurance premiums (excess loss)

(4,376)(4,634)

Claims incurred less excess loss reinsurance recoveries

(13,961)

 (11,229)

Operating expenses

(14,682)

(16,775)

Surplus for the year before investment result and exchange losses/gains

9,114

11,251

Investment result (realised and unrealised)

8,359

13,182

Taxation(158)(200)

Exchange gains / (losses)

888

(1,294)

Surplus/ (deficit) for the year

18,203

22,939

Free reserves brought forward at 1st June

159,670

136,731

Free reserves carried forward at 31st May

177,873

159,670

Free reserves:

Funds available for outstanding claims and claims incurred but not enough reserved

242,511

226,211

Less: Estimate of outstanding claims net of reinsurance recoveries (including known and incurred but not enough reserved)

(64,638)

(66,541)

Free reserves carried forward at 31st May

177,873

159,670

Gross Premium Income

The following graph shows the growth in premium income of ITIC for the years ended 31st May:

Gross premium income

Free Reserves Development

The reserves of the combined club at 31st May continue to grow through a strong investment performance and stable underwriting

Free reserves
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