IronRock Insurance says the company's business remains on solid footing with strong year-to-date premium growth of 36 per cent driven mainly by fire, liability and engineering policies.
For the third quarter ended September 30, insurance revenue climbed 21 per cent to just under $535 million.
However, higher reinsurance costs and a 28 per cent jump in motor claims, in line with market trends, pushed the insurance service result down to $11.8 million from just over $20 million a year ago.
Operating expenses also increased, reflecting higher professional and regulatory fees and the cost of expansion.
As a result, IronRock posted a pre-tax loss of $10.1 million for the quarter, compared to a profit of $7.8 million last year.
Still, the insurer says it remains well capitalised with total assets of $1.74 billion and shareholders equity of $752.5 million.
IronRock says its hurricane response protocols were activated after Hurricane Melissa and, based on preliminary assessments, it does not expect any material impact on its solvency.
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