Appendix 3 - Development of closed policy years, contingency account and catastrophe reserve
Amounts in $000
Balance at 20th February 2010 Investment return
Perpetual subordinated capital securities interest
Transfers on closure: Deficit on 2007 policy year Balance of 2007 policy year Premium adjustments Reserve transfer
Claims paid net of reinsurance recoveries
Transferred to Contingency account on review of estimated and unreported claims
Balance at 20th February, 2011 Outstanding claims Net surplus (see Appendix 1)
Closed policy Contingency Catastrophe years
Account
242,618 466 -
-
109,881 (3,069) -
(126,957) 67,862 290,801
290,801 -
211,276 20,704 (9,000)
(10,685) - -
60,125 (500) (67,862) 204,058 - 204,058
42,891 3,658 -
- - - - -
- 46,549 - 46,549 reserve
Notes:
(a) The outstanding claims on closed years include a provision for Group pooled claims of $65 million (prior year $67.4 million) including a forecast for unreported claims. The outstanding claims figure is shown net of recoveries from excess loss underwriters of $32.4 million (prior year $33.7 million), from the Pool of $41.4 million (prior year $57.9 million) and from other reinsurers of $15.6 million.
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