Till Capital Announces Q3 2016 Results, Appoints Tilton And Rohlinger To Board

HAMILTON, Bermuda, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Till Capital Ltd. (Nasdaq:TIL) (TSX-V:TIL) (" Till") reports the filing on November 14, 2016 of its financial statements for the third quarter of 2016.  Till is pleased to report that its shareholders earned $1,029,139 (unaudited) in the third quarter, which amounts to $0.30 per share.  This represents the second consecutive quarterly profit for the company.  The primary contributors to this profit were gains in the company's investment portfolio, including unrealized gains in longer-held positions and realized gains in active trading, lower expenses and no mineral property impairments.  Year-to-date (" YTD", since December 31, 2015), the shareholders of Till have earned a profit of $1,863,511 (unaudited), which equates to $0.55 per share. The financial results are based on IFRS accounting standards and all items are reported in U.S. dollars unless otherwise indicated. 

Operational Results

As of the quarter ended September 30, 2016, Till reports:
  • An increase in insurance premiums written (total premiums of $9,983,193 in Q3 2016 vs. $8,997,841 in Q3 2015).
  • An increase in investment gain (Investment gain of $1,460,767 in Q3 2016 vs. an investment loss of $120,339 in Q3 2015).
  • Cash and cash equivalents of $6,493,470 at September 30, 2016, an increase of $2,551,331 for the quarter.

Financial Results

Net income attributable to Till shareholders for the quarter ended September 30, 2016 was $1,029,139 compared to a net loss of $4,507,516 for the 3 rd quarter of 2015.  Primary contributors to the financial performance for the quarter ended September 30, 2016 were:
  • Investment gain of $1,460,767 (compared to Q3 2015 investment loss of $120,339).
  • Expenses of $733,659 (compared to Q3 2015 expenses of $1,617,429), comprised of $457,771 of general and administrative expenses and $275,888 staff costs (including those of Till's wholly-owned subsidiary Omega Holdings).
  • No mineral property impairment (compared to Q3 2015 mineral property impairment of $3,380,907).

Till is also very pleased to announce that Ms. Patricia Tilton and Mr. George Rohlinger have joined the Board of Directors of the Company (the "Board") as independent directors.  This brings the Till Board to seven members, five of whom are independent directors, and adds substantial depth to the Board in both the insurance industry and in corporate development and financing.