Since 1994, TIIC has been involved in the Lloyd's market, where it provides capital for a number of syndicates through the London-based Trust Underwriting Ltd. (TUL). In December 2004, TIIC entered into a retrospective quota share agreement with TUL under which 70% of the 2002 premiums, 80% of the 2003 premiums and 80% of the 2004 premiums underwritten through TUL will be ceded to TIIC. These premiums will be reflected in TIIC's account in the period 2005-07; in 2005, there will be an increase of approximately USD 22 million in respect of the 2002 underwriting year, and in 2006, there will be an increase of approximately USD 40 million in respect of the 2003 underwriting year. Finally, in 2007, there will be an increase of approximately USD 42 million in respect of the 2004 underwriting year. The 2002 underwriting year has closed with a profit, and the 2003 underwriting year, although open, is also likely to show a healthy profit. Further, the open 2004 underwriting year, although still at an early stage, is likely to show a profit.
