Property insurance company IronRock Insurance Ltd more than tripled net earned premium for its second quarter ending June 30th, triggering a reduction in underwriting loss for the company to $15.2 million.

Since its listing on the Jamaica Stock Exchange last year, IronRock has been trying to weather its losses with plans to aggressively compete in the property and motor markets. The General Insurance-owned company has since introduced renter’s insurance as part of its suite of products aimed at capturing roughly 3.5 per cent of the insurance market.

Ultimately, IronRock wants to capitalise on non-mortgagors desire to protect furniture and appliances, to include laptops and televisions, in rented homes in the event a disaster. The new product line was in anticipation that Jamaica’s hurricane season was expected to be way above average than previous years.

According to Managing Director Evan Thwaites, steps were also being taken to drive up IronRock’s marketing and advertising campaigns.

IronRock’s gross premium for the three months to June improved 14 per cent over the corresponding quarter of 2017, to total $127 million. The company also managed to keep expenses down, with a 13 per cent decline in proportional reinsurance year over year, to total $77.7 million.

Commission earned for the company doubled to $14 million, contributing to IronRock’s reduction in underwriting loss to total $15.2 million, compared to $27.1 million a year earlier. IronRock also had a favourable quarter for foreign exchange earnings, moving from $363,000 in 2017 to $3.42 million for the quarter under review. The increase in foreign exchange earnings added to IronRock’s growth of $3.1 million for other income.

Cash and cash equivalents of the property insurance company more than doubled to $117.9 million, compared to $56.5 million a year earlier.

Shareholder losses per share now stands at 0.02 cents, down from 0.09 cents in June 2017.

— Karena Bennett