| 2021 | 2020 | |
| (in thousands of U.S. dollars) | ||
| Underwriting income | ||
| Insurance premium revenue | 213,641 | 212,290 |
| Reinsurance cost | (95,653) | (101,044) |
| Net premiums earned | 117,988 | 111,246 |
| Commission expense | (33,537) | (34,442) |
| Net insurance premium revenue | 84,451 | 76,804 |
| Other underwriting income | 1,582 | 1,081 |
| Total underwriting income | 86,033 | 77,885 |
| Underwriting expenses | ||
| Insurance claims and loss adjustment expenses, net of recoveries from reinsurers |
44,746 | 46,361 |
| Other underwriting expenses | 345 | 292 |
| Total underwriting expenses | 45,091 | 46,653 |
| Net underwriting income | 40,942 | 31,232 |
| Other expenses | ||
| Personnel expenses | 23,666 | 22,529 |
| Administrative expenses | 5,700 | 5,152 |
| Other operating expenses | 11,515 | 12,596 |
| Amortization | 1,757 | 1,755 |
| Depreciation | 1,836 | 2,164 |
| Total other expenses | 44,474 | 44,196 |
| Other income | ||
| Investment income | 2,952 | 6,542 |
| Other income | 1,281 | 1,739 |
| Total other income | 4,233 | 8,281 |
| Net result before taxation | 701 | (4,683) |
| Taxation | (1,009) | (629) | Net result after taxation | (308) | (5,312) |
| Other comprehensive income | ||
| Other comprehensive income to
be reclassified to profit or loss in subsequent years (net of tax): |
||
| Exchange differences on translation of foreign operations |
- | 256 |
| Net (loss) /gain on available-for- sale financial assets |
26 | (13) |
| 26 | 243 | |
| Other comprehensive income not to be reclassified to profit or loss in subsequent years (net of tax): |
||
| Remeasurement gains/(losses) on defined benefit plans |
909 | (423) |
| Revaluation of land and buildings | 376 | - |
| 1,285 | (423) | |
| Net other comprehensive income / (loss) for the year |
1,311 | (180) |
| Comprehensive loss for the year | 1,003 | (5,492) |