V.TIL | 5 days ago
Till Capital Releases 2014 Earnings
Hamilton, Bermuda (FSCwire) - Till Capital Ltd. (TSX.V: TIL) (the “Company” or “Till”), a Bermuda domiciled company, announces today its year-end earnings showing a loss of $5.5 million, or $1.66 per share for the 10-month period ended December 31, 2014. Till’s book value per share was $13.08 as of December 31, 2014. All figures are in Canadian dollars unless otherwise indicated.
Financial highlights for the 10-months ended December 31, 2014 include:
- $30.5 million in cash and marketable securities;
- Shareholders’ equity of $46.7 million.
The Company’s loss can be attributed to several factors including the consolidation of financial reports of the Company’s majority owned subsidiaries, foreign exchange losses and expenses associated with the reorganization of the Company. The Company’s investment strategy operated at a profit for the 10-month year end.
“After a complex and challenging year reinventing and transitioning the Company we have accomplished the majority of our goals,” said William M. Sheriff, Chairman and Chief Executive Officer. “While these changes come at an immediate cost, we are well-positioned to execute our new corporate strategy focusing on insurance premium collection and the generation of investment income going forward.”
The Company’s Financial Statements and Management’s Discussion and Analysis are available under the Company’s profile on SEDAR at www.sedar.com.
Omega Holdings Ltd. Transaction Update
On October 14th, 2014 Till announced the execution of the definitive agreement and share purchase agreement to acquire Omega Insurance Holdings, Inc. (“Omega”), a privately held and fully licensed Toronto, Canada based insurance provider. Till advises that Canada’s Office of the Superintendent of Financial Institutions has submitted the transaction to Canada’s Minister of Finance for final approval which is now pending. The acquisition of Omega increases the Company’s insurance and reinsurance capacity and its assets under management. The combination of Omega’s insurance expertise and the Company’s investment and technical teams is a solid foundation for growth.
Omega Insurance Holdings, Inc.
With approximately $40 million in assets and operating since 2004, Omega offers secure, innovative and customized solutions for Insurers and Reinsurers entering and exiting the Canadian insurance market. Omega offers cost-effective, unique insurance solutions managed by a team of dedicated, seasoned professionals.
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