Attached files
| file | filename |
|---|---|
| 8-K - Q409 FORM 8K - PLATINUM UNDERWRITERS HOLDINGS LTD | fourthquarter2009_8k.htm |
| EX-99.2 - FINANCIAL SUPPLEMENT - PLATINUM UNDERWRITERS HOLDINGS LTD | financialsupplementq4_2009.htm |
Exhibit 99.1
| Contact: | Lily Outerbridge |
|
Investor
Relations
|
|
|
(441)
298-0760
|
PLATINUM
UNDERWRITERS HOLDINGS, LTD. REPORTS RECORD YEAR ENDED DECEMBER 31,
2009 FINANCIAL RESULTS
HAMILTON, BERMUDA, FEBRUARY 17, 2010
– Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net
income of $383.3 million, or a record $7.33 per diluted common share, for the
year ended December 31, 2009.
The
results for the quarter ended December 31, 2009 include net income of $90.8
million or $1.76 per diluted common share. Net premiums earned were
$227.6 million, net favorable development was $35.0 million and net investment
income and net realized gains on investments were $65.6 million for the
quarter.
Michael
D. Price, Platinum’s Chief Executive Officer, commented, “Platinum performed
very well in 2009 producing record earnings per share and record growth in book
value per share. Our results reflect a disciplined approach to
underwriting, investing and capital management aided by a low level of major
catastrophe loss activity. Our book value per share was $45.22 as of December
31, 2009, an increase of 3.8% from September 30, 2009 and 30.8% from December
31, 2008.”
Mr. Price
added, “Absent a major event in the insurance or capital markets, we expect the
reinsurance marketplace to show deterioration over the course of
2010. We will continue with our strategy of responding to changes in
market conditions and underwriting for profitability, not market share. We
believe 2010 will be a challenging year from an underwriting perspective, but
market conditions should allow us to participate selectively in a range of
reinsurance classes.”
Results
for the quarter ended December 31, 2009 are summarized as follows:
|
·
|
Net
income was $90.8 million or $1.76 per diluted common
share.
|
|
·
|
Net
premiums written were $200.9 million and net premiums earned were $227.6
million.
|
|
·
|
GAAP
combined ratio was 77.3%.
|
|
·
|
Net
investment income was $40.9
million.
|
|
·
|
Net
realized gains on investments were $24.7
million.
|
Results
for the quarter ended December 31, 2009 as compared with the quarter ended
December 31, 2008 are summarized as follows:
|
·
|
Net
income increased $26.7 million (or
41.7%).
|
|
·
|
Net
premiums written decreased $36.4 million (or 15.4%) and net premiums
earned decreased $46.7 million (or
17.0%).
|
|
·
|
GAAP
combined ratio decreased 20.4 percentage
points.
|
|
·
|
Net
investment income decreased $1.7 million (or
3.9%).
|
|
·
|
Net
realized gains on investments decreased $35.8
million.
|
Net
premiums written for Platinum’s Property and Marine, Casualty and Finite Risk
segments for the quarter ended December 31, 2009 were $114.4 million, $82.6
million and $3.9 million, respectively, representing 57.0%, 41.1% and 1.9%,
respectively, of total net premiums written. Combined ratios for these segments
were 70.0%, 86.4% and 112.3%, respectively. Compared with the quarter ended
December 31, 2008, net premiums written decreased $24.1 million (or 17.4%),
$12.2 million (or 12.9%) and $0.07 million (or 1.8%) in the Property and Marine,
Casualty and Finite Risk segments, respectively.
Results
for the year ended December 31, 2009 are summarized as follows:
|
·
|
Net
income was $383.3 million or $7.33 per diluted common
share.
|
|
·
|
Net
premiums written were $897.8 million and net premiums earned were $937.3
million.
|
|
·
|
GAAP
combined ratio was 76.7%.
|
|
·
|
Net
investment income was $163.9
million.
|
|
·
|
Net
realized gains on investments were $78.6
million.
|
Results
for the year ended December 31, 2009 as compared with the year ended December
31, 2008 are summarized as follows:
|
·
|
Net
income increased $157.1 million (or
69.4%).
|
|
·
|
Net
premiums written decreased $139.7 million (or 13.5%) and net premiums
earned decreased $177.5 million (or
15.9%).
|
|
·
|
GAAP
combined ratio decreased 15.2 percentage
points.
|
|
·
|
Net
investment income decreased $22.6 million (or
12.1%).
|
|
·
|
Net
realized gains on investments increased $21.4
million.
|
Net
premiums written for Platinum’s Property and Marine, Casualty and Finite Risk
segments for the year ended December 31, 2009 were $517.0 million, $356.5
million and $24.3 million, respectively, representing 57.6%, 39.7% and 2.7%,
respectively, of total net premiums written. Combined ratios for
these segments were 67.2%, 87.6% and 116.2%, respectively. Compared
with the year ended December 31, 2008, net premiums written decreased $76.1
million (or 12.8%) and $73.6 million (or 17.1%) in the Property and Marine and
Casualty segments, respectively, and increased $9.9 million (or 69.1%) in the
Finite Risk segment.
Total
assets were $5.02 billion as of December 31, 2009, an increase of $94.4 million
(or 1.9%) from $4.93 billion as of December 31, 2008. Cash, cash
equivalents and fixed maturity investments were $4.37 billion as of December 31,
2009, an increase of $109.7 million (or 2.6%) from $4.26 billion as of December
31, 2008.
Shareholders’
equity was $2.08 billion as of December 31, 2009, an increase of $268.3 million
(or 14.8%) from $1.81 billion as of December 31, 2008. Book value per
common share was $45.22 as of December 31, 2009 based on 45.9 million common
shares outstanding, an increase of $10.64 (or 30.8%) from $34.58 as of December
31, 2008 based on 47.5 million common shares outstanding. Book value
reflects common share repurchases of $252.3 million at a weighted average cost,
including commissions, of $32.13 per share during the year ended December 31,
2009.
Financial
Supplement
Platinum
has posted a financial supplement on the Financial Reports page of the Investor
Relations section of its website (Financial
Supplement). The Financial Supplement provides additional
detail regarding the financial performance of Platinum and its business
segments.
Teleconference
Platinum
will host a teleconference to discuss its financial results on Thursday,
February 18, 2010 at 8:00 a.m. Eastern time. The call can be accessed
by dialing 888-264-8893 (US callers) or 913-312-1430 (international callers) or
in a listen-only mode via the Investor Relations section of Platinum’s website
at www.platinumre.com. Those
who intend to participate in the teleconference should register at least ten
minutes in advance to ensure access to the call.
The
teleconference will be recorded and a replay will be available from 11:00 a.m.
Eastern time on Thursday, February 18, 2010 until midnight Eastern time on
Thursday, February 25, 2010. To access the replay by telephone, dial
888-203-1112 (US callers) or 719-457-0820 (international callers) and specify
passcode: 5494228. The teleconference will also be archived on the
Investor Relations section of Platinum’s website at www.platinumre.com for
the same period of time.
Non-GAAP Financial
Measures
In
presenting the Company's results, management has included and discussed certain
schedules containing financial measures that are not calculated under standards
or rules that comprise accounting principles generally accepted in the United
States (GAAP). Such measures, including segment underwriting income (or loss)
and related underwriting ratios are referred to as non-GAAP. These non-GAAP
measures may be defined or calculated differently by other companies. Management
believes these measures, which are used to monitor the results of operations,
allow for a more complete understanding of the underlying business. These
measures should not be viewed as a substitute for those determined in accordance
with GAAP. A reconciliation of such measures to the most comparable GAAP figures
such as income before income tax expense and total shareholders’ equity is
presented in the attached financial information in accordance with Regulation
G.
About
Platinum
Platinum
Underwriters Holdings, Ltd. (NYSE: PTP) is a leading provider of property,
casualty and finite risk reinsurance coverages, through reinsurance
intermediaries, to a diverse clientele on a worldwide basis. Platinum
operates through its principal subsidiaries in Bermuda and the United
States. The Company’s operating subsidiaries have financial strength
ratings of A (Excellent) from A.M. Best and A (Strong) from Standard &
Poor’s. For further information, please visit Platinum’s website at www.platinumre.com.
Safe
Harbor Statement Regarding Forward-Looking Statements:
This press release contains
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange
Act of 1934 (the “Exchange Act”). Forward-looking statements are
based on our current plans or expectations that are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. These uncertainties and contingencies can affect
actual results and could cause actual results to differ materially from those
expressed in any forward-looking statements made by, or on behalf of,
us. In particular, statements using words such as “may,” “should,”
“estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,”
or words of similar import generally involve forward-looking
statements. The inclusion of forward-looking statements in this press
release should not be considered as a representation by us or any other person
that our current plans or expectations will be achieved. Numerous
factors could cause our actual results to differ materially from those in
forward-looking statements, including, but not limited to, severe catastrophic
events over which we have no control, the effectiveness of our loss limitation
methods and pricing models, the adequacy of our liability for unpaid losses and
loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc.
and Standard & Poor’s ratings, our
ability to raise capital on acceptable terms if necessary, the
cyclicality of the property and casualty reinsurance business, the
highly competitive nature of the property and casualty reinsurance
industry, our ability to maintain our business relationships with
reinsurance brokers, the availability of retrocessional reinsurance on
acceptable terms, market volatility and interest rate and currency exchange rate
fluctuation, tax, regulatory or legal restrictions or limitations applicable to
us or the property and casualty reinsurance business generally, general
political and economic conditions, including the effects of civil unrest, acts
of terrorism, war or a prolonged United States or global economic downturn or
recession; and changes in our plans, strategies, objectives, expectations or
intentions, which may happen at any time at our discretion. As a consequence,
our future financial condition and results may differ from those expressed in
any forward-looking statements made by or on behalf of us. The
foregoing factors should not be construed as
exhaustive. Additionally, forward-looking statements speak only as of
the date they are made, and we undertake no obligation to revise or update
forward-looking statements to reflect new information or circumstances after the
date hereof or to reflect the occurrence of future events.
# # #
|
Platinum
Underwriters Holdings, Ltd.
|
||||||||
|
Condensed
Consolidated Balance Sheets
|
||||||||
|
As
of December 31, 2009 and December 31, 2008
|
||||||||
|
(amounts
in thousands, except per share amounts)
|
||||||||
|
December
31, 2009
|
December
31, 2008
|
|||||||
|
(Unaudited)
|
||||||||
|
Assets
|
||||||||
|
Investments
|
$ | 3,660,515 | $ | 3,371,886 | ||||
|
Cash,
cash equivalents and short-term investments
|
709,134 | 888,053 | ||||||
|
Reinsurance
premiums receivable
|
269,912 | 307,539 | ||||||
|
Accrued
investment income
|
29,834 | 29,041 | ||||||
|
Reinsurance
balances (prepaid and recoverable)
|
29,710 | 23,310 | ||||||
|
Deferred
acquisition costs
|
40,427 | 50,719 | ||||||
|
Funds
held by ceding companies
|
84,478 | 136,278 | ||||||
|
Other
assets
|
197,568 | 120,337 | ||||||
|
Total
assets
|
$ | 5,021,578 | $ | 4,927,163 | ||||
|
Liabilities
|
||||||||
|
Unpaid
losses and loss adjustment expenses
|
$ | 2,349,336 | $ | 2,463,506 | ||||
|
Unearned
premiums
|
180,609 | 218,890 | ||||||
|
Debt
obligations
|
250,000 | 250,000 | ||||||
|
Commissions
payable
|
90,461 | 125,551 | ||||||
|
Other
liabilities
|
73,441 | 59,819 | ||||||
|
Total
liabilities
|
2,943,847 | 3,117,766 | ||||||
|
Total
shareholders' equity
|
2,077,731 | 1,809,397 | ||||||
|
Total
liabilities and shareholders' equity
|
$ | 5,021,578 | $ | 4,927,163 | ||||
|
Book
value per common share (a)
|
$ | 45.22 | $ | 34.58 | ||||
(a) Book
value per common share is determined by dividing shareholders' equity, excluding
capital attributable to preferred shares, by actual common shares
outstanding.
|
Platinum
Underwriters Holdings, Ltd.
|
||||||||||||||||
|
Condensed
Consolidated Statements of Operations and Comprehensive
Income (Unaudited)
|
||||||||||||||||
|
For
the Three and Twelve Months Ended December 31, 2009 and
2008
|
||||||||||||||||
|
(amounts
in thousands, except per share amounts)
|
||||||||||||||||
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Net
premiums earned
|
$ | 227,584 | 274,238 | 937,336 | $ | 1,114,796 | ||||||||||
|
Net
investment income
|
40,871 | 42,537 | 163,941 | 186,574 | ||||||||||||
|
Net
realized gains on investments
|
24,713 | 60,521 | 78,630 | 57,254 | ||||||||||||
|
Net
impairment losses
|
(5,864 | ) | (17,590 | ) | (17,603 | ) | (30,686 | ) | ||||||||
|
Other
(expense) income
|
(1,138 | ) | (195 | ) | 3,084 | 337 | ||||||||||
|
Total
revenue
|
286,166 | 359,511 | 1,165,388 | 1,328,275 | ||||||||||||
|
Expenses
|
||||||||||||||||
|
Net
losses and LAE
|
109,993 | 193,775 | 478,342 | 718,233 | ||||||||||||
|
Net
acquisition expenses
|
47,916 | 59,716 | 176,419 | 242,715 | ||||||||||||
|
Net
changes in fair value of derivatives
|
2,913 | 5,700 | 9,741 | 14,114 | ||||||||||||
|
Operating
expenses
|
25,698 | 20,265 | 94,682 | 88,208 | ||||||||||||
|
Net
foreign currency exchange (gains) losses
|
(242 | ) | 3,497 | (399 | ) | 6,760 | ||||||||||
|
Interest
expense
|
4,759 | 4,753 | 19,027 | 19,006 | ||||||||||||
|
Total
expenses
|
191,037 | 287,706 | 777,812 | 1,089,036 | ||||||||||||
|
Income
before income tax expense
|
95,129 | 71,805 | 387,576 | 239,239 | ||||||||||||
|
Income
tax expense
|
4,358 | 7,753 | 4,285 | 12,999 | ||||||||||||
|
Net
income
|
90,771 | 64,052 | 383,291 | 226,240 | ||||||||||||
|
Preferred
dividends
|
- | 2,602 | 1,301 | 10,408 | ||||||||||||
|
Net
income attributable to common shareholders
|
$ | 90,771 | 61,450 | 381,990 | $ | 215,832 | ||||||||||
|
Basic
|
||||||||||||||||
|
Weighted
average common shares outstanding
|
48,294 | 47,363 | 49,535 | 49,310 | ||||||||||||
|
Basic
earnings per common share
|
$ | 1.88 | 1.30 | 7.71 | $ | 4.38 | ||||||||||
|
Diluted
|
||||||||||||||||
|
Adjusted
weighted average common shares outstanding
|
51,466 | 54,499 | 52,315 | 56,855 | ||||||||||||
|
Diluted
earnings per common share
|
$ | 1.76 | 1.18 | 7.33 | $ | 3.98 | ||||||||||
|
Comprehensive
income
|
||||||||||||||||
|
Net
income
|
$ | 90,771 | 64,052 | 383,291 | $ | 226,240 | ||||||||||
|
Other
comprehensive income (loss), net of deferred taxes
|
(36,726 | ) | (18,730 | ) | 133,226 | (164,648 | ) | |||||||||
|
Comprehensive
income
|
$ | 54,045 | 45,322 | 516,517 | $ | 61,592 | ||||||||||
|
Platinum
Underwriters Holdings, Ltd.
|
||||||||||||||||
|
Segment
Reporting
|
||||||||||||||||
|
For
the Three Months Ended December 31, 2009 and 2008
|
||||||||||||||||
|
($
in thousands)
|
||||||||||||||||
|
Three Months Ended December 31, 2009
(Unaudited)
|
||||||||||||||||
|
Segment
underwriting results
|
Property
and Marine
|
Casualty
|
Finite
Risk
|
Total
|
||||||||||||
|
Net
premiums written
|
$ | 114,423 | 82,548 | 3,884 | $ | 200,855 | ||||||||||
|
Net
premiums earned
|
133,934 | 89,189 | 4,461 | 227,584 | ||||||||||||
|
Net
losses and LAE
|
64,081 | 47,085 | (1,173 | ) | 109,993 | |||||||||||
|
Net
acquisition expenses
|
19,281 | 22,821 | 5,814 | 47,916 | ||||||||||||
|
Other
underwriting expenses
|
10,406 | 7,094 | 370 | 17,870 | ||||||||||||
|
Total
underwriting expenses
|
93,768 | 77,000 | 5,011 | 175,779 | ||||||||||||
|
Segment
underwriting income (loss)
|
$ | 40,166 | 12,189 | (550 | ) | 51,805 | ||||||||||
|
Net
investment income
|
40,871 | |||||||||||||||
|
Net
realized gains on investments
|
24,713 | |||||||||||||||
|
Net
impairment losses
|
(5,864 | ) | ||||||||||||||
|
Net
changes in fair value of derivatives
|
(2,913 | ) | ||||||||||||||
|
Net
foreign currency exchange gains
|
242 | |||||||||||||||
|
Other
expense
|
(1,138 | ) | ||||||||||||||
|
Corporate
expenses not allocated to segments
|
(7,828 | ) | ||||||||||||||
|
Interest
expense
|
(4,759 | ) | ||||||||||||||
|
Income
before income tax expense
|
$ | 95,129 | ||||||||||||||
|
GAAP
underwriting ratios:
|
||||||||||||||||
|
Loss
and LAE
|
47.8 | % | 52.8 | % | (26.3 | %) | 48.3 | % | ||||||||
|
Acquisition
expense
|
14.4 | % | 25.6 | % | 130.3 | % | 21.1 | % | ||||||||
|
Other
underwriting expense
|
7.8 | % | 8.0 | % | 8.3 | % | 7.9 | % | ||||||||
|
Combined
|
70.0 | % | 86.4 | % | 112.3 | % | 77.3 | % | ||||||||
|
Three Months Ended December 31,
2008
|
||||||||||||||||
|
Segment
underwriting results
|
||||||||||||||||
|
Net
premiums written
|
$ | 138,546 | 94,789 | 3,957 | $ | 237,292 | ||||||||||
|
Net
premiums earned
|
152,241 | 118,241 | 3,756 | 274,238 | ||||||||||||
|
Net
losses and LAE
|
118,035 | 84,818 | (9,078 | ) | 193,775 | |||||||||||
|
Net
acquisition expenses
|
21,697 | 27,041 | 10,978 | 59,716 | ||||||||||||
|
Other
underwriting expenses
|
8,718 | 5,248 | 309 | 14,275 | ||||||||||||
|
Total
underwriting expenses
|
148,450 | 117,107 | 2,209 | 267,766 | ||||||||||||
|
Segment
underwriting income
|
$ | 3,791 | 1,134 | 1,547 | 6,472 | |||||||||||
|
Net
investment income
|
42,537 | |||||||||||||||
|
Net
realized gains on investments
|
60,521 | |||||||||||||||
|
Net
impairment losses
|
(17,590 | ) | ||||||||||||||
|
Net
changes in fair value of derivatives
|
(5,700 | ) | ||||||||||||||
|
Net
foreign currency exchange losses
|
(3,497 | ) | ||||||||||||||
|
Other
expense
|
(195 | ) | ||||||||||||||
|
Corporate
expenses not allocated to segments
|
(5,990 | ) | ||||||||||||||
|
Interest
expense
|
(4,753 | ) | ||||||||||||||
|
Income
before income tax expense
|
$ | 71,805 | ||||||||||||||
|
GAAP
underwriting ratios:
|
||||||||||||||||
|
Loss
and LAE
|
77.5 | % | 71.7 | % | (241.7 | %) | 70.7 | % | ||||||||
|
Acquisition
expense
|
14.3 | % | 22.9 | % | 292.3 | % | 21.8 | % | ||||||||
|
Other
underwriting expense
|
5.7 | % | 4.4 | % | 8.2 | % | 5.2 | % | ||||||||
|
Combined
|
97.5 | % | 99.0 | % | 58.8 | % | 97.7 | % | ||||||||
|
The
GAAP underwriting ratios are calculated by dividing each item above by net
premiums earned.
|
||||||||||||||||
|
Platinum
Underwriters Holdings, Ltd.
|
||||||||||||||||
|
Segment
Reporting
|
||||||||||||||||
|
For
the Twelve Months Ended December 31, 2009 and 2008
|
||||||||||||||||
|
($
in thousands)
|
||||||||||||||||
|
Twelve Months Ended December 31, 2009
(Unaudited)
|
||||||||||||||||
|
Segment
underwriting results
|
Property
and Marine
|
Casualty
|
Finite
Risk
|
Total
|
||||||||||||
|
Net
premiums written
|
$ | 517,011 | 356,488 | 24,335 | $ | 897,834 | ||||||||||
|
Net
premiums earned
|
528,488 | 388,901 | 19,947 | 937,336 | ||||||||||||
|
Net
losses and LAE
|
250,646 | 226,511 | 1,185 | 478,342 | ||||||||||||
|
Net
acquisition expenses
|
66,992 | 88,841 | 20,586 | 176,419 | ||||||||||||
|
Other
underwriting expenses
|
37,331 | 25,644 | 1,412 | 64,387 | ||||||||||||
|
Total
underwriting expenses
|
354,969 | 340,996 | 23,183 | 719,148 | ||||||||||||
|
Segment
underwriting income (loss)
|
$ | 173,519 | 47,905 | (3,236 | ) | 218,188 | ||||||||||
|
Net
investment income
|
163,941 | |||||||||||||||
|
Net
realized gains on investments
|
78,630 | |||||||||||||||
|
Net
impairment losses
|
(17,603 | ) | ||||||||||||||
|
Net
changes in fair value of derivatives
|
(9,741 | ) | ||||||||||||||
|
Net
foreign currency exchange gains
|
399 | |||||||||||||||
|
Other
income
|
3,084 | |||||||||||||||
|
Corporate
expenses not allocated to segments
|
(30,295 | ) | ||||||||||||||
|
Interest
expense
|
(19,027 | ) | ||||||||||||||
|
Income
before income tax expense
|
$ | 387,576 | ||||||||||||||
|
GAAP
underwriting ratios:
|
||||||||||||||||
|
Loss
and LAE
|
47.4 | % | 58.2 | % | 5.9 | % | 51.0 | % | ||||||||
|
Acquisition
expense
|
12.7 | % | 22.8 | % | 103.2 | % | 18.8 | % | ||||||||
|
Other
underwriting expense
|
7.1 | % | 6.6 | % | 7.1 | % | 6.9 | % | ||||||||
|
Combined
|
67.2 | % | 87.6 | % | 116.2 | % | 76.7 | % | ||||||||
|
Twelve Months Ended December 31,
2008
|
||||||||||||||||
|
Segment
underwriting results
|
||||||||||||||||
|
Net
premiums written
|
$ | 593,087 | 430,084 | 14,394 | $ | 1,037,565 | ||||||||||
|
Net
premiums earned
|
599,110 | 503,300 | 12,386 | 1,114,796 | ||||||||||||
|
Net
losses and LAE
|
397,200 | 337,051 | (16,018 | ) | 718,233 | |||||||||||
|
Net
acquisition expenses
|
90,816 | 125,934 | 25,965 | 242,715 | ||||||||||||
|
Other
underwriting expenses
|
38,492 | 23,982 | 1,270 | 63,744 | ||||||||||||
|
Total
underwriting expenses
|
526,508 | 486,967 | 11,217 | 1,024,692 | ||||||||||||
|
Segment
underwriting income
|
$ | 72,602 | 16,333 | 1,169 | 90,104 | |||||||||||
|
Net
investment income
|
186,574 | |||||||||||||||
|
Net
realized gains on investments
|
57,254 | |||||||||||||||
|
Net
impairment losses
|
(30,686 | ) | ||||||||||||||
|
Net
changes in fair value of derivatives
|
(14,114 | ) | ||||||||||||||
|
Net
foreign currency exchange losses
|
(6,760 | ) | ||||||||||||||
|
Other
income
|
337 | |||||||||||||||
|
Corporate
expenses not allocated to segments
|
(24,464 | ) | ||||||||||||||
|
Interest
expense
|
(19,006 | ) | ||||||||||||||
|
Income
before income tax expense
|
$ | 239,239 | ||||||||||||||
|
GAAP
underwriting ratios:
|
||||||||||||||||
|
Loss
and LAE
|
66.3 | % | 67.0 | % | (129.3 | %) | 64.4 | % | ||||||||
|
Acquisition
expense
|
15.2 | % | 25.0 | % | 209.6 | % | 21.8 | % | ||||||||
|
Other
underwriting expense
|
6.4 | % | 4.8 | % | 10.3 | % | 5.7 | % | ||||||||
|
Combined
|
87.9 | % | 96.8 | % | 90.6 | % | 91.9 | % | ||||||||
|
The
GAAP underwriting ratios are calculated by dividing each item above by net
premiums earned.
|
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