WISMAR GREAVES, managing director and chief executive officer of the ICBL, addressing the Press conference. At left, financial controller Jennifer Clarke. (CH)

by Carmel Haynes

INSURANCE CORPORATION OF BARBADOS LTD (ICBL) has amassed more than $100.7 million in capital and reserves since its divestment and privatisation by Government in 2000.

This now makes ICBL the general insurance company with the strongest capital and reserve base in Barbados, reported managing director and chief executive officer Wismar Greaves to the media last Tuesday at a Press conference on ICBL's 2006 performance, held at its Roebuck Street headquarters.

This six-year growth in ICBL's share capital, the catastrophe reserve, surplus reserve, revaluation surplus and retained earnings, realised a 260 per cent increase over the $38.7 million held by ICBL in 2000.

Greaves characterised last year as another successful one for ICBL, noting that net premiums written increased by nine per cent to $46.91 million; net income attributed to shareholders increased by 11 per cent to $20.05 million; and total assets increased by 14 per cent to $342.46 million.

While short-term liabilities at $144.8 million surpassed current assets by $54 million, Greaves dismissed this as a matter of no concern.

"Essentially the provision for outstanding claims and the provision for unearned premium income, those two items are the significant items under the current liabilities, and most of those would be invested as investments within the long-term assets." (CH)