NASSAU, BAHAMAS – JS Johnson said it was ‘fortunate’ to have only suffered a net loss of just under $106,000 in its underwriting division due to Hurricane Dorian.
The company noted that overall profitability rose 17 percent despite an 11 percent increase in expenses, in the 2019 fourth quarter interim report.
Alister McKeller, the managing director of the The BISX listed insurer, stated: “Given the scale of Dorian, we are fortunate to have only suffered a net loss of $105,787 in our underwriting division.
“This accomplishment speaks volumes of the quality and financial strength of our reinsurance program, which stood behind the more than $220 million of gross claims recorded by ICB. Still a meaningful change to the $1,456,954 in profit earned the year prior.”
He noted that in contrast, the insurer’s agency division enjoyed another successful year.
“Total income grew a healthy 13 per cent from $19,645,664 to $22,110,943, the highest growth in several years, spurred on by the continued economic recovery throughout the majority of our islands,” McKeller said.
“This trend is expected to continue into 2020 with the inflow of foreign exchange and investment. Despite expenses increasing 11 percent, overall profitability rose 17 percent from $5,610,511 to $6,546,093.”