| Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2023 | Year end May 2023 | Year end May 2022 |
|---|---|---|
| US$ '000s | US$ '000s | |
| Gross premiums written | 68,545 | 65,672 |
| Reinsurance premiums (excess loss) | (5,303) | (5,365) |
| Claims incurred less excess loss reinsurance recoveries | (18,109) | (8,517) |
| Operating expenses | (22,347) | (23,444) |
| Operating result for the year before continuity credit, investment result and exchange result | 22,786 | 28,346 |
| Continuity credit | (14,586) | (14,201) |
| Operating result for the year before investment result and exchange result | 8,200 | 14,145 |
| Combined ratio (pre continuity credit) | 67% | 57% |
| Combined ratio (post continuity credit) | 88% | 78% |
| Investment result (realised and unrealised) | (144) | (6,253) |
| Taxation | 40 | 122 |
| Surplus for the year | 8,096 | 8,014 |
| Free reserves brought forward at 1st June | 221,918 | 213,904 |
| Free reserves carried forward at 31st May | 230,014 | 221,918 |
| Free reserves: | ||
| Assets under management including accrued interest | 307,921 | 298,076 |
| Other net assets | (9,714) | (7,168) |
| Less: Outstanding claims reserves net of reinsurance recoveries | (68,193) | (68,990) |
| Free reserves carried forward at 31st May | 230,014 | 221,918 |
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
Be The Difference
An environment consistent with our ambition.
Find out more
Get a quote
Fill in the relevant proposal form to receive a quote
Talk to our experts
Contact us at ITIC.
+44 (0)20 7204 2928