Appendices to the Directors’ report Appendix 1 - Reserves of the Association
The following appendices are provided to show the reserves of the Association during the year, and the progress and current best estimate of the outcome of the open policy years. The appendices are prepared under the accounting policies used within the Financial Statements.
Summary of Reserves Amounts in $000
Open policy years 2010 2009 2008 2007
Surplus/(Deficit) on Open years
Closed policy years Contingency Account Catastrophe reserve
Other Comprehensive income Reinsurance Retention reserve US Oil Pollution AP reserve Statutory reserve
Total surplus Outstanding claims Perpetual subordinated capital securities
3 3 3
Appendix
2 2 2 2
2011
(17,984) 48,354 92,340 -
122,710 -
204,058 46,549 5,436 - -
240 378,993 808,744
1,187,737 98,862
1,286,599 2010 -
(32,198) 39,291
(10,685) (3,592)
-
211,276 42,891
13,046 47,079 240
310,940 797,710
1,108,650 98,405
1,207,055
During the year a resolution was passed by the Board to close the Reinsurance Retention reserve and the US Oil Pollution reserve and transfer the balances into the Contingency account.
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