- 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.
- 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).
Ms. Tilton is a Certified Public Accountant with strong professional experience in the financial industry, particularly in the insurance, mutual fund, and asset management industries. In addition to her financial expertise, she also has a strong background in operational, risk, regulatory and governance matters. Ms. Tilton is a retired KPMG LLP Partner with over 30 years of experience in public accounting, including auditing, consulting, and forensics. Ms. Tilton retired in 2009 as a Forensics Partner and served as a Retired Partner Consultant from 2009 until 2011. Ms. Tilton currently works as an independent consultant, including as an Accreditation Team Member of the National Association of Insurance Commissioners (NAIC). Ms. Tilton also serves on the Boards of Directors of CoffeeHouse Press, Inc. and Thrivent Federal Credit Union. She holds a B.S. in Accounting from Sienna College.Mr. Rohlinger has extensive corporate development and executive leadership experience in both start-up and mature company environments. His expertise includes business planning, financings and mergers and acquisitions in domestic and international jurisdictions. As Chief Business Development Officer for a healthcare services and technology company, Mr. Rohlinger led the successful development and launch of a software service and medical practice procedural improvements, resulting in 70% profit growth over a two-year period. Mr. Rohlinger also has over 15 years of investment banking experience with involvement in transactions aggregating over $25 billion in value. He is currently Executive Vice President of Corporate Development at Apogee Physicians and is a highly respected advocate of empowerment and accountability with a strong work ethic and team orientation. Mr. Rohlinger holds a Bachelor of Science degree in Mathematics/Economics from the University of California, Los Angeles and a Master in Business Administration degree from Harvard Business School. "This second consecutive quarterly profit is further evidence of our team's commitment to creating value for Till shareholders," said Dr. John T. (Terry) Rickard, CEO of Till. "We continue our efforts to grow our core insurance business, enhance investment returns on our portfolio and tightly control our expenses, while dealing with the uncertainties in the insurance industry and the financial markets, which will affect our performance. I congratulate and thank each member of the Till organization for their contributions to this quarter's results. I'm also extremely pleased to welcome two highly qualified and respected individuals such as Patricia Tilton and George Rohlinger to the Till Board. Ms. Tilton will greatly strengthen our board expertise in the insurance industry, and Mr. Rohlinger will provide strong leadership in both corporate finance and strategy. Their insurance, financial, governance and leadership expertise will make a significant contribution as we continue to advance the Company's development."
Investors are invited to participate in a conference call with company management on Monday, November 21, 2016, at 12 PM Eastern Time, 9 AM Pacific Time. Dial-in instructions are as follows:
|PARTICIPANT DIAL IN (TOLL FREE):||1-877-270-2148|
|PARTICIPANT INTERNATIONAL DIAL IN:||1-412-902-6510|
|US Toll Free:||1-877-344-7529|
|Canada Toll Free:||1-855-669-9658|
|Replay Access Code:||10096853|
For additional information:Till Capital Ltd.Monique Hayes(208) email@example.com www.tillcap.com