AS climate-related disasters continue to challenge the region, IronRock Insurance Company Limited has reaffirmed its commitment to maintaining a resilient portfolio and ensuring readiness to handle potential claims.

In its recently published annual report the company’s directors identified its capital resilience and claims preparedness as strategic priorities to which it will give added focus, particularly in response to the increasing threats posed by climate change and the rising frequency of weather-related events.

The company reported a strong capital position throughout 2024, supported by solid investment performance and growing investor confidence.

“We will also continue to work closely with our reinsurance partners to ensure we maintain strong relationships,” the directors told shareholders in the report.

Having had to navigate a dynamic and often challenging market environment, IronRock delivered robust financial results for the year ended December 2024. For the 12-month period insurance revenue climbed by 26 per cent to $1.75 billion, largely driven by disciplined portfolio growth and increased market activity. The company’s insurance service result also improved significantly, rising 26 per cent to $150.6 million — standing as a clear indicator of its focused underwriting strategy amid rising reinsurance costs.

“[The year] 2024 was a year of disciplined execution and measured growth for IronRock. Amid ongoing challenges in the general insurance market — including significant increases in reinsurance costs, inflationary pressures, declining interest rates, and a rapidly changing regulatory environment — the company delivered a strong operational and financial performance, underpinned by focused underwriting and strategic portfolio management,” the directors said.

Chairman David McConnell acknowledged that while the year presented both challenges and opportunities, the company demonstrated resilience and adaptability to deliver stronger results.

“We continued to manage the significant regulatory changes transforming the local insurance industry, including continued rising costs associated with the audit process under IFRS 17 and the rapidly changing regulatory environment -– from the implementation of the Data Protection Act to the anticipated roll-out of the BOJ’s and FSC’s Twin Peaks Model and new market conduct guidelines,” he said in outlining some of the challenges with which the company had to contend.

“In addition to rising reinsurance costs and administrative expenses, we also faced an increase in claims costs, resulting in a slight 4 per cent reduction in our net profit to $80.7 million. Our investment portfolio crossed the billion-dollar mark in 2023 and has continued to perform well in 2024 amid easing interest rates. IronRock ended the year with total cash and investments of $1.17 billion, a 14 per cent increase year over year; and shareholders’ equity of $811 million, an 8 per cent increase year over year,” he further noted.

During the year, gross written premium (GWP) reached $1.81 billion, marking a 12 per cent, year on year increase. While this growth was below the extraordinary 46 per cent achieved in 2023, the directors however said the performance was driven by core portfolio expansion rather than rate-driven inflation or one-off accounts.

Segment analysis further revealed robust growth across key areas such as the motor and accident, and marine lines, which expanded by 30 per cent and 19 per cent, respectively. The fire and engineering class, IronRock’s largest line of business, also grew by 8 per cent to maintain its status as the company’s top revenue generator. The liability class slightly contracted by 7.5 per cent, in line with the company’s strategy to limit exposure in some of its most volatile areas.

Looking ahead, IronRock anticipates continued market share growth supported by a larger team, improved service delivery, and its recent relocation to its new headquarters at the former Stocks and Securities Limited (SSL) building located at 33½ Hope Road.

“Our recent move to a larger, more modern headquarters marks a significant milestone in our growth journey. This new space not only reflects the maturity of our brand but also enables us to expand our team, enhance collaboration, and serve clients and partners more effectively. We anticipate another year of measured premium growth, with initiatives that are aimed at improving underwriting precision, reducing frictional costs, and ultimately delivering more competitive pricing and better experiences for our policyholders,” McConnell said.

In April of this year IronRock underwent changes to its management structure. Former Managing Director Evan Thwaites transitioned to the role of executive director while Christian Watt, previously general manager of marketing and production, was appointed CEO.

“[The year] 2025 will be a year of focused execution. With a strengthened team, upgraded infrastructure, and a sharpened strategic agenda, IronRock is prepared to grow smartly, serve better, and lead confidently,” McConnell concluded.