“However, due to the change from positive other comprehensive income in Q1 2023 to negative in Q1 2024, the overall total comprehensive loss increased by 16.7 percent over Q1 2023. The change in other comprehensive income was due to the decline in the market value of our global bond portfolio and the decline in the price of equity security,” Treco noted.
Regarding its health segment, Treco highlighted that in Q1 2024, Cayman First Insurance Company Limited’s (“CFI’s”) health premiums continued to decline, though less than anticipated. “The insurance service result declined from Q1 2023 to Q1 2024 from a loss of $0.4 million to $1.1 million. While claims declined from the prior year at a similar rate as the premiums, operational costs have increased to support ongoing remediation efforts,” Treco noted.
Regarding the property and casualty segments, it was noted that Cayman and Bahamas combined have shown a reduction in the loss over Q1 2023 of $0.7 million or 40.9 percent. “This improvement emanated from the insurance service result, specifically within the Bahamas P&C segment which represented $0.6 million of the change. The key driver for this was an improvement in insurance service expense, mostly impacted by the improvement in the motor claims loss ratio. All other components of the P&C insurance service result have remained relatively consistent with the prior year,” said Treco.
