Note 11 – Investments Amounts in $000
Listed Investments Fixed income securities
Shares and other variable income securities
Undertakings for Collective Investments of Transferable Securities (UCITS) Investments in unit trusts
Total listed investments Cost $1,034,700 (2010: $952,680)
Other Investments Thomas Miller Holdings Limited Hydra Insurance Co. Ltd
Open forward currency contracts Total investments
17,683 20
4,872 1,171,415
16,819 20
1,649 1,036,364
2011
624,807 198,998 235,413 89,622
1,148,840
2010
513,603 151,616 259,646 93,011
1,017,876
The market values of the listed investments, which are held for trading, are determined by reference to published price quotations in major recognised international stock exchanges.
Of the fixed income securities $410.8 million (2010: $246.7 million) relate to government securities.
The investment in Thomas Miller Holdings Limited represents approximately 15 per cent of the share capital of the entity. Thomas Miller Holdings is the ultimate parent of Thomas Miller (Bermuda) Limited which provides management services to the Association (see note 20). Since there is no active market for the shares in Thomas Miller Holdings Limited, the investment is held at cost, less provisions for any impairment. The increase in valuation during the year is the result of fluctuations in the exchange rate since the shares are denominated in sterling.
Open forward currency contracts represent potential losses or gains on forward contracts, which have been entered into for the purpose of protecting the assets of the Association. These contracts were matched against currency and asset holdings in excess of the amount of the contracts. The contracts have been re-valued at 20th February 2011 using exchange rates prevailing at that date.
Note 12 – Sundry debtors Amounts in $000
Reinsurance and pool recoveries Funds with representatives Prepayments and other debtors
2011
8,399 176
4,884 13,459
2010
12,992 185
5,934 19,111
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