another record breaking year in 1993, with 62 new IPC programmes taking the total up to 314 at year's end, providing a 28 percent growth.

Total assets rose to $387 million and participants had $9.5 million paid out to them in the form of preferred shareholder dividends, compared to $17.6 million in 1992.

The reduction was as a result of a large number of the participants utilising the IPC workers' compensation large deductible plan, receiving an upfront savings by paying in a reduced amount of premium, which in turn, reduces the amount that is eventually available to be returned by way of dividend.

Insurance buyers who participate in such programmes, are in effect participating in their own risk, and if they successfully control their losses they reap rewards. The IPC programmes return underwriting profit and investment income to participants.

Total statutory capital and surplus rose 14 percent to $67.3 million at year's end, compared to $58.8 million at the end of 1992.

Net premium written was up 19 percent to $142.2 million. Underwriting and acquisition expenses amounted to $43.8 million, producing an expense ratio of 30.8 percent for 1993. The expense ratio is the acquisition cost spent on obtaining and underwriting business, expressed as a percentage of the net premium written.

Losses and loss expenses incurred totalled $100.5 million, producing a loss ratio of 72.5 percent for the year. The IPC companies' combined ratio, measuring the percentage of premiums paid out in losses and expenses, remained almost unchanged at 103.3 percent.

Investment income for the year was down to $21.7 million, compared to $26.9 million for 1992. But after including the unrealised gains on investments, the net return to shareholders for 1993 amounted to $24.3 million, compared to $26.1 million for 1992.

This represents, however, an increase of 39 percent, after eliminating from the 1992 investment return an extraordinary gain of $8.7 million, arising through the sale of stock in IPC companies' parent company, Mutual Risk Management Limited.

This increase was achieved by having more invested assets and an improved return. The Mutual Finance Investment Pool generated 8.9 per cent return for IPC participants during 1993, compared to 1992's return of 7.5 percent.