Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2016

Combined
31 May 2016
Combined
31 May 2015
US$
'000s

US$
'000s

Gross premiums written

53,202

 52,259

Continuity credit

(7,512)

 (4,907)

Reinsurance premiums (excess loss)

(5,363)(6,143)

Claims incurred less reinsurance recoveries

(19,184)

 (15,862)

Operating expenses

(14,501)

(16,924)

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

6,642

8,423

Investment result (realised and unrealised)

3,483

11,258

Taxation(124)(214)

Exchange losses

(1,023)

(3,584)

Surplus for the year

8,978

15,883

Free reserves brought forward at 1st June

127,753

111,870

Free reserves carried forward at 31st May

136,731

127,753

Free reserves:

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

203,464

194,035

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

(66,733)

(66,282)

Free reserves carried forward at 31st May

136,731

127,753

Gross Premium Income

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

Gross premium graph for 2016

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 graph for 2016

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