Iron Rock came to the general insurance market just about when premium rates for catastrophe coverage is under pressure with consumers enjoying some of the lowest rates in years and with one element of good revenue losing it sting.
Iron Rock ended 2016, their first full year of operations, with a loss of $50 million, before fair value gains on investments of $5.5 million, taking the net position to a loss of $45 million, up from the forecast in the prospectus of $30 million as the company underperformed on most fronts, compared to forecast. Gross premiums written projected at $170 million ended well down, with $127 million generated in the year. Profit before operating expenses came in at $9 million versus $20 million forecasted. Investment income ended at $17 million versus $39 million while foreign exchange gains ended at $15 million with forecast being $7 million. Operating expenses ended at $91 million, lower than the $96 million projected. Underwriting loss before other income ended at $82 million versus $76 million after a lower loss claim of $6 million than the $12 million projected.
William Mc Connel one of teh directors of Iron Rock
On the plus side, the big expansion on the way in the hotel and BPO sectors and other areas will provide an expanded market going forward and thus provide a base that they can expand their income from.
In spite of the loss, the company ended with a capital base of $560 million and holds investments of $366 million with $85 million in quoted equities. There is also an additional $70 million in short term investments. With growth in local equities the company should enjoy above average returns from this area that will boost the overall investment performance that could push them into an overall profit in 2017, but they are unlikely to see the same levels of foreign exchange gains enjoyed in 2016. Overall investment income realized or accrued could end up around $50 million in 2017 and would be well ahead of forecast.
The average volume and value for February, ended at 223,938 units and $1,379,459.
Jamaican Teas rose 74 cents in trading 9,259 shares to close at $7.99, Jetcon Corporation gained 15 cents and closed trading with 27,870 shares being exchanged, to end at $12, Knutsford Express rose 11 cents to end at $42.11 with 424 shares changing hands, Lasco Distributors added 10 cents and ended with 50,572 units trading at $6.70, Lasco Financial regained the 50 cents lost on Tuesday, with 18,201 shares changing hands, to end at $4, Lasco Manufacturing closed with 146,851 units changing hands at $5.05, after rising 26 cents, Main Event closed at $5 with 385,051 shares changing hands, Paramount Trading had 15,136 shares changing hands, to close with a loss of 5 cents at $3.60 and tTech ended with 7,000 units changing hands at $6.27.
Trading in the main market of the Jamaica Stock Exchange ended with moderate gains in the indices at the close on Wednesday as 22 securities changed hands with 1 trading in the US dollar market. A total of 10 stocks advanced and 7 declined in the two markets.
The average volume for the month to date ended at 108,879 units versus 136,817 units on the prior trading day. The average volume and value for February ended at 223,938 units and $1,379,459.
Mayberry Investments closed 5 cents higher to $4.65 with trades of 18,436 shares, NCB Financial Group closed at $61.90, after exchanging 70,854 shares, Pan Jamaican lost 50 cents, closing at $34.50 trading 35,938 shares. Radio Jamaica traded 80,000 shares at $1.90, Sagicor Group gained 51 cents to close at $34.01 with trades of 703,794 shares, Sagicor Real Estate fund closed at $10.55 with gains of 5 cents and 2,422 shares being exchanged, Scotia Group added 74 cents, closing at $38.75 trading 36,800 units, Scotia Investments traded 50 cents lower to $39.50 with 50,000 units changing hands, Seprod exchanged 152 shares at $38, Supreme Ventures lost 35 cents to close at $6 trading 340,569 shares. Proven closed at 30.95 US cents, gaining 0.95 cent with an exchange of 89,820 ordinary shares, JMMB 7.25% preference share rose 2 cents in trading 56,000 units at $2.41, JMMB 7.5% preference share exchanged 27,810 units at $2, and JMMB Group 7.5% preference share closed at $1.08 with trades of 1,041,520 units.
The last prices of stocks on the Trinidad & Tobago Stock Exchange ended on Wednesday without any change from the last traded price at the close on Tuesday. Based on the weighted average price movements, used in computing the market indices, the market recorded mostly falling values. 
Point Lisas traded 6,117 shares at $3.65, after trading earlier at $3.75, Prestige Holdings closed at $10.75 trading 100 units, Republic Financial Holdings exchanged 500 shares to end at $105.48 but traded as low as $102. Sagicor Financial held firm at $9.01 with an exchange of 18,217 units, Scotiabank closed at $59.01 with 1,169 shares changing hands, Scotia Investments traded 115 shares at $2.30, but traded as high as $2.50, Trinidad Cement closed at $4.17 trading 7,629 shares and Trinidad & Tobago NGL remained at $22.71 with 3,740 units traded, after being as high as low as $21.50.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 9 stocks with bids higher than their last selling prices and 5 with lower offers.
1834 Investments closed at $1.50, losing 10 cents trading 24,112 units, Palace traded 900 units at $200, Pan Jamaican closed at $35, with a loss of 1 cent trading 59,159 shares. Pulse Investments closed at $8.40, losing 5 cents with an exchange of 2,654 units, Radio Jamaica gained 30 cents to close at $1.90 exchanging 30,300 shares, Sagicor Group closed at $33.50 trading 151,851 shares, Sagicor Real Estate fund lost 6 cents to close at $10.50 with 184,285 shares traded, Scotia Group was down 99 cents, to close at $38.01, with 513,417 units exchanged, Scotia Investments traded $1.95 higher to $40 with a mere 1,000 units changing hands, Supreme Ventures advanced 35 cents to $6.35 trading 4,710 shares. Proven closed at 30 US cents, gaining 1 cent with an exchange of 375,830 ordinary shares and JMMB Group 7.5% preference share lost 1 cent to close at $1.08 with trades of 2,730,333 units.
Trading ended with 5 stocks had bids higher than their last sale prices and 2 ended with lower offers, than the last sale.
Jetcon Corporation lost 15 cents and closed trading with 62,090 shares being exchanged, to end at $11.85, Key Insurance lost 51 cents to end at $2.99 with 1,000 shares changing hands, KLE Group ended at $3.05 with 145,856 shares changing hands after rising by 25 cents, Lasco Distributors lost 40 cents and ended with 1,014,970 units trading at $6.60, Lasco Financial lost 50 cents with 209,152 shares changing hands, to end at $3.50, Lasco Manufacturing closed with 1,403,493 units changing hands at $4.79, after losing 21 cents, Main Event gained 1 cents and closed at $5 with 31,565 shares changing hands, Medical Disposables lost 75 cents in trading 27,800 shares to close at $5.25, Paramount Trading had 17,000 shares changing hands, to close with a loss of 15 cents at $3.65 and tTech fell 48 cents and ended with 118,000 units changing hands at $6.27.
All three market indices of the Trinidad & Tobago Stock Exchange eased at the close on Tuesday as trading levels fell to 178,508 shares valued at $2,180,740 compared to Monday’s 303,967 shares valued at $3,867,966. 
First Citizens closed at $32 with an exchange of 400 shares, JMMB Group held firm at $1.22 with 47,322 units exchanged while Massy Holdings at $53 traded 1,000 units. NCB Financial Group closed at $3.78 with trades of 11,858 shares, Sagicor Financial traded at $9.01 with an exchange of 38,829 units valued at $349,494, Scotiabank closed at $59.01 with 1,343 shares changing hands, Trinidad & Tobago NGL closed at $22.71 with 501 units traded and West Indian Tobacco ended at $127 with trades of 138 shares.
Lasco Distributors lost 30 cents and ended with 216,050 units trading at $7, Lasco Financial rose 30 cents with 16,016 shares changing hands, to end at $4, Lasco Manufacturing closed with 227,140 units changing hands at $5, after losing 8 cents, Main Event gained 48 cents and closed at $4.99 with 27,861 shares changing hands, Medical Disposables traded 4,229, shares to close at $6, Paramount Trading had 13,132 shares changing hands, to close with a rise of 10 cents at $3.80, tTech fell 26 cents and ended with 15,000 units changing hands at $6.75. Derrimon Trading preference share ended with 3,970 units changing hands at $2, Eppley 10% preference share closed trading with 150 units at $6 and Eppley 8.25% preference share closed trading with 7,900 units at $6.
The Jamaica Stock Exchange corrected Friday’s error in the movement of the market indices to reflect the correct changes based on the close on Thursday and Friday. 
Kingston Properties closed at $16.35 trading 200 shares, Kingston Wharves gained 55 cents to close at $31.75, with 6,034 units changing hands, Mayberry Investments closed 60 cents lower to $4.70 with an exchange of 124,821 shares, NCB Financial Group lost 49 cents to close at $61.50, after exchanging 11,943 shares, 138 Student Living closed at $4.50 with 13,015 units exchanged, Pan Jamaican closed at $35.01, with gains of 76 cents trading 145,770 shares. Pulse Investments was down 5 cents, closing at $8.45 with an exchange of 1,809 units, Sagicor Group closed at $33.50 trading 86,987 shares, Sagicor Real Estate fund added 1 cent to close at $10.56 with 39,600 shares traded, Salada closed at $9, losing 24 cents exchanging 320 shares, Scotia Group added 65 cents to close at $39, with 1,960 units exchanged, Scotia Investments traded $2.05 higher to close at $38.05 with 105,759 units changing hands, Seprod closed at $38, for a loss of 55 cents with trades of 600 shares, and Supreme Ventures closed at $6, losing 29 cents trading 3,175 shares. Proven closed at 29 US cents with an exchange of 3,316 ordinary shares, JMMB 7.5% preference share traded 497,190 units at $2 and JMMB Group 7.5% preference share closed 1 cent lower to $1.09 with trades of 766,738 units.
Government of Jamaica could end up getting several million dollars that currently sits in dormant accounts in the country’s banks without any transactions since 2001. 
