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Consolidated Schedule of Revenue and Expenses

For the year ended December 31 2010 2009

Revenue

    
Gross premiums written
$ 36,220,546
$32,715,142
Less reinsurance premiums cost
5,379,323
5,117,815
Net premiums written
30,841,223
27,597,327
Increase in provision for unearned premiums
(1,627,635)
(1,536,957)
 
29,213,588
26,060,370
Service charges
446,504
383,291
 
$ 29,660,092
$ 26,443,661

Expenses

    
Net claims incurred
$ 14,437,381
$17,748,752
Commissions
6,661,764
5,875,380
Salaries and directors' fees
2,051,229
1,655,781
Inspection and underwriting of risks
573,193
447,888
Other expenses (see below)
3,212,817
1,914,915
 
$ 26,936,384
$27,642,716
     

Other Expenses

    
Advertising $ 230,122 $ 212,442
Amortization of capital assets 317,697 190,141
Association fees 177,715 147,690
Educational seminars and conventions 64,125 73,849
Employee benefits 1,168,904 403,745
Occupancy costs 209,281 152,377
Postage, bank charges and telephone 175,255 145,370
Printing, stationery and office 447,531 266,503
Professional 157,141 101,081
Provincial premiums tax 87,679 80,859
Travel 177,367 140,858
     
$ 3,212,817 $1,914,915

The accompanying notes are an integral part of these financial statements