Quarterly profit for IronRock

Sunday, October 21, 2018

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For the first time since listing on the Jamaica Stock Exchange, IronRock Insurance generated a trading profit of $1.1 million for its second quarter ended 30th September, 2018.

“We are delighted that IronRock has generated a trading profit of $1.1 million for the quarter. This marks the first quarter of profit for IronRock and although the trading loss for the nine months is $7.55 million, this is a considerable improvement over the prior years loss of $60.43 million,” Managing Director Richard Evan Thwaites told shareholders.

IronRock attributed its first quarter of profit to gross premium of the company, which increased by $15.5 million to total $99.4 million. Net premium also moved from $29.4 million to $41 million, while net earned premium doubled to $48.3 million.

Net commissions of the company amounted to $1.4 million, a reflection of the increase in IronRock's motor and liability portfolios. The company, however, managed to control operating expenses which came in at $36.5 million, slightly above 2017's $34.9 million.

Claims incurred of $22.8 million compared to the September quarter of 2017 at $12 million, also contributed to IronRock's underwriting loss at $12.4 million, compared to the loss of $24 million in 2017. Other income of the company totaled $13.5 million and thus the trading result for the quarter amounted to a profit of $1.1 million as opposed to a loss of $14 million in 2017.

Cash and cash equivalents of the company moved up to $69.5 million, compared to $24.7 million in the comparative quarter of 2017.

IronRock Insurance Company was founded by Thwaites, an insurance veteran who formerly ran Globe Insurance Company, and William 'Billy' McConnell, who formerly ran the conglomerate Lascelles deMercado that once owned Globe. Billy McConnell passed last month.

“We wish to recognise his invaluable contribution to the formation and operation of IronRock and the wider Jamaican business community. We thank our directors, staff, clients and brokers for their support during the year,” Thwaites said.

IronRock debuted on the junior market of the Jamaica Stock Exchange in March 2016. In the prospectus for its initial public offering, Thwaites outlined that the company expects to establish an investment portfolio that provides dependable returns and to record an underwriting profit by end of financial year 2018.

The company also aims to capture at least 3.5 per cent of the local market for general insurance by end of financial year 2020.

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