IronRock Insurance Company Limited, on Friday last, reported an after-tax loss of $2.8 million for its first quarter ended March 31. The company was therefore able to reduce its losses when compared with the $9.7 million net loss recorded in the previous corresponding period.

In the report to shareholders, IronRock Managing Director R Evan Thwaites indicated that during the period under review, underwriting loss increased to $23.1 million — mainly due to increased operational expenses.

In addition, other income increased to $20.2 million when compared with the $7.8 million reported in the previous corresponding quarter.

Gross written premium increased by 48 per cent to $178.7 million, which was driven primarily by growth in the company’s motor and property portfolios, while net earned premium grew by 6 per cent to $50.8 million.

http://www.jamaicaobserver.com/business-observer-corporate-listing/ironrock-increases-income-and-reduces-losses-for-first-quarter-covid-19-decreases-shareholder-equity_193531