Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2017

Combined
31 May 2017
Combined
31 May 2016
US$
'000s

US$
'000s

Gross premiums written

51,859

 53,202

Continuity credit

(7,970)

(7,512)

Reinsurance premiums (excess loss)

(4,634)(5,363)

Claims incurred less excess loss reinsurance recoveries

(11,229)

 (19,184)

Operating expenses

(16,775)

(14,501)

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

11,251

6,642

Investment result (realised and unrealised)

13,182

3,483

Taxation(200)(124)

Exchange gains / (losses)

(1,294)

(1,023)

Surplus/ (deficit) for the year

22,939

8,978

Free reserves brought forward at 1st June

136,731

127,753

Free reserves carried forward at 31st May

159,670

136,731

Free reserves:

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

226,211

203,464

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

(66,541)

(66,733)

Free reserves carried forward at 31st May

159,670

136,731

Gross Premium Income

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

Free Reserves Development

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

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