Iron Rock experienced strong growth in the first quarter this year with gross written premium increasing 150 percent to $155 up from $62 million in 2017.
The company generated a loss for the period of $4.6 million well below the loss of $27.3 million recorded in the previous year’s March quarter. Net earned premium also rose sharply to $38.4 million from $9.7 million in the first quarter of 2017 for an increase of 296 percent. Other income consisted primarily of investment income for the period totalled $10.5 million 2017 of $6.2 million.
Claims Incurred for the quarter increased 36 percent to $17.3 million from $12.7 million in 2017. Operating Expenses 21 percent to $37.6 million from $31 million in 2017. The company incurred a reduced Underwriting Loss of $15 million versus a loss of $33.5 million in 2017.
The stock ended at $3 on Junior Market fell at the close of trading on Thursday.
Iron Rock post vast improved results
April 26, 2018 by
