Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2013

31 May 201331 May 2012
US$
'000s

US$
'000s

Gross premiums written

50,055

50,609

Continuity credit

(3,320)

(5,214)

Reinsurance premiums (excess loss)

(6,617)

(6,406)

Claims incurred less reinsurance recoveries

(21,730)

(21,702)

Operating expenses

(16,321)

(15,542)

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

2,067

1,745

Investment result (realised and unrealised)

10,782

850

Taxation(250)(38)

Exchange gains / (losses)

303

(3,261)

Surplus / (Deficit) for the year

12,902

(704)

Free reserves brought forward at 1st June

78,469

79,173

Free reserves carried forward at 31st May

91,371

78,469

Free reserves:

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

149,250

129,071

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

(57,879)

(50,602)

Free reserves carried forward at 31st May

91,371

78,469

Gross Premium Income

The following graph shows the growth in premium income of ITIC:

Free Reserves Development

The combined club continues to maintain its strong level of reserves through strong underwriting together with a positive investment performance:

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