Summary of Significant Accounting Policies

Premiums

Gross premiums written reflect amounts recognized during the year to policyholders or other insurers for insurance contracts, and exclude any fees and other amounts calculated based on premiums. These are recognized when the underwriting process is complete.

Gross premiums include any adjustments in respect to the business written in prior accounting periods. The earned portion is recognized as income. Gross premiums are earned from the date of attachment of risk over the indemnity period and unearned premium is calculated using the basis below.