1 Jun 2012
The reported an overall surplus on the year of US$ 46.5 million, comprising an underwriting surplus of US$ 28.6 million and an investment return of US$ 18.9 million, before taxation.
The underwriting result represents a combined ratio 84.9% and the investment result is a return of 4.8%. Gross premium increased by 6.5% to USD 209.7 million, total funds by 16.5% to US$ 502 million and free reserves grew by 24.7% to US$ 234.5 million. The number of entered Members grew to 5,922, vessels to 31,341 and tonnage to 19.8 million GT.