Chairman of IronRock Insurance Company, William McConnell is reporting a total comprehensive loss of almost $45-million.

He says there have also been negative earnings per share of $0.23.

This as the company completes its first full year of operation.

Gross Premiums Written amounted to just over $127-million. Approximately 20-percent of that is business placed directly by clients, with the other 80-percent generated from broker partners.

Mr. McConnell says management’s main objective in the first year of operation, was to underwrite a profitable portfolio of risks that would serve as a foundation for future profitable growth. He says the economic outlook for this year is promising.

He says new car sales have increased significantly, and many new investment projects are either underway or expected to begin soon.

The Chairman says he anticipates growth in the insurance market, even as rates in the property market continue to fall.

Mr. McConnell was addressing shareholders at the company’s first Annual Report meeting.