The general insurer told investors at its June 23 annual general meeting (AGM) that it had settled and closed 78 per cent of the claims arising from Hurricane Melissa. Since then, it has settled additional claims, taking its settlement rate to more than 87 per cent, and made settlement offers on a further eight per cent of hurricane-related claims.

“Accordingly, the company has substantially concluded approximately 95 per cent of Hurricane Melissa claims for policies where IronRock is the sole or lead insurer by 31 July 2026, achieving this milestone approximately two months ahead of schedule,” the company said in its second-quarter report for the six months ended June 30.

IronRock indicated that its overall settlement rate across all Hurricane Melissa-related claims was 56 per cent as at May 31, with the lower rate reflecting co-insurance arrangements in which it was not the lead insurer. By assets, IronRock is the smallest general insurer in Jamaica.

Several businesses and industry groups have reported delays in receiving insurance proceeds after the storm impacted western Jamaica eight months ago. Prime Minister Dr Andrew Holness and the Financial Services Commission (FSC) recently weighed in on delays in insurance claims payments.

“Our remaining Hurricane Melissa claims now primarily relate to co-insurance placements, where the claims settlement process is coordinated by the lead insurer. This achievement reflects the dedication of our employees and business partners, and our continued focus on delivering timely outcomes for policyholders as they restore their homes, businesses, and livelihoods,” IronRock noted.

The company’s financial statements showed a cash outflow of $1.10 billion during the first six months of 2026 for payments on insurance contract liabilities. By the end of May, IronRock had paid clients a combined $1.21 billion in Hurricane Melissa settlements, comprising US$5.7 million — equivalent to $891.59 million — and a further $317.5 million.

IronRock’s second-quarter insurance revenue rose seven per cent to $577.76 million, while its insurance service result improved to $17.48 million from a loss of $2.80 million a year earlier. A tenfold increase in other investment income and an increase in other income helped the company record a net profit of $21.71 million, compared with a net loss of $23.35 million a year earlier.

“Insurance Revenue increased by 14 per cent year-to-date, driven primarily by continued expansion within the fire, liability, and accident segments, reflecting the ongoing execution of our corporate growth strategy,” IronRock said of the improvement in six-month insurance revenue to $1.17 billion.

IronRock’s insurance service result for the six-month period grew from $8.98 million to $42.05 million despite a 14 per cent increase in reinsurance contract expenses to $756.99 million. Higher other investment income and other income helped the general insurer record a net profit of $28.68 million compared with a net loss of $31.66 million a year earlier.

IronRock’s total assets declined 24 per cent over the six-month period to $3.50 billion as the company continued to pay insurance claims, reducing its cash and reinsurance contract assets. Total liabilities decreased 29 per cent to $2.69 billion with insurance contract liabilities at $2.42 billion. Equity increased three per cent to $808.46 million, equivalent to a book value per share of $3.78.

IronRock’s stock closed Monday at $2, giving the company a market capitalisation of $428 million. The company has not declared a dividend so far in 2026, after paying dividends annually 2023. Mayberry Jamaican Equities Limited (MJE) sold 1,653,769 ordinary shares during the second quarter, leaving it with 48.64 million ordinary shares or a 22.73 per cent stake, as the company’s second largest shareholder. Its 10 largest shareholders control 85.92 per cent of the company’s issued shares.