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8-K - Amtrust Financial Services, Inc. | v211471_8k.htm |
EXHIBIT
99.1
February
15, 2011
AmTrust Financial Services, Inc.
Reports Fourth Quarter Operating Earnings(1)
of
$34.0 Million and Net Income of $33.6 Million
Full
Year Operating Earnings(1) of
$136.5 Million and Net Income of $142.5 Million
Book
Value per Share of $12.03, Up 25.3% since Year-end 2009
Financial
Highlights
·
|
Annualized
return on equity of 19.0% and operating(1)
return on equity of 19.2% for the quarter
|
·
|
Gross
written premium of $474.9 million, up 30.0%, and net earned premium of
$210.4 million, up 32.0% from fourth quarter
2009
|
·
|
Commissions
and other revenues of $72.2 million up 65.5% from fourth quarter
2009
|
·
|
Operating
earnings(1)
of $34.0 million up 5.9% from fourth quarter
2009
|
·
|
Operating
EPS(1)
of $0.57 compared to $0.53 in the fourth quarter
2009
|
·
|
Net
income of $33.6 million up 19.9% from fourth quarter
2009
|
·
|
EPS
of $0.56 compared to $0.47 in the fourth quarter
2009
|
·
|
Combined
ratio of 87.6% compared to 81.8% in the fourth quarter
2009
|
·
|
Full
year return on equity of 22.2% and operating return on equity of
21.2%(1)
|
·
|
Full
year gross written premium of $1.6 billion, up 30.2%, and net earned
premium of $745.7 million, up
29.9% over 2009
|
·
|
Full
year operating earnings(1)
of $136.5 million up 6.9% from 2009
|
·
|
Full
year operating EPS(1)
of $2.26 compared with $2.13 in
2009
|
·
|
Full
year net income of $142.5 million up 38.0% from
2009
|
·
|
Full
year EPS of $2.36 compared with $1.72 in
2009
|
·
|
Full
year combined ratio of 85.3% compared to 79.8% in
2009
|
·
|
Book
value per share of $12.03, up from $9.60 at year-end
2009
|
(New York) – AmTrust Financial
Services, Inc. (Nasdaq: AFSI) today reported net income of $33.6 million for the
fourth quarter of 2010, an increase of 19.9% from $28.1 million in the fourth
quarter of 2009. Earnings per diluted share totaled $0.56 in the quarter, up
19.1% from $0.47 in the same period last year. Operating earnings(1)
totaled $34.0 million for the quarter, or $0.57 per diluted share, compared with
$32.1 million, or $0.53 per diluted share, in the fourth quarter of
2009.
(more)
Page 2 of 5
For the
full-year 2010, net income totaled $142.5 million, up 38.0% from 2009. Earnings
per diluted share of $2.36 increased 37.2% from $1.72 in 2009. Operating
earnings(1) in
2010 totaled $136.5 million, or $2.26 per share, compared with $127.7 million,
or $2.13 per share in the same period last year.
”Our
fourth quarter and full year 2010 results reflect the power of our
niche-oriented, lower-risk platform as we once again delivered strong returns
for our shareholders” said Barry Zyskind, President and Chief Executive Officer
of AmTrust Financial Services, Inc. “We remain committed to our core strategy of
disciplined underwriting, risk and capital management coupled with strong
efficiency centered around our proprietary technology platform.” Zyskind
continued, “I am proud of the great work of the entire AmTrust team as we
continued to capture new market opportunities, broaden our geographic and
product reach and enhance our fee and other income streams, which should provide
even greater diversity and stability in the future.”
Fourth
Quarter 2010 Results
Total
revenue of $282.7 million increased $79.7 million, or 39.2%, from $203.0 million
in the fourth quarter of 2009. Gross written premium of $474.9 million rose
$109.6 million, or 30.0%, from fourth quarter 2009. Net written premium of
$258.6 million increased $55.8 million, or 27.5%, from $202.8 million in the
fourth quarter of 2009. Net earned premium of $210.4 million increased $51.0
million, or 32.0%, from $159.4 million in the fourth quarter of 2009. Commission
and other revenues of $72.2 million increased $28.6 million, or 65.5%, from
fourth quarter 2009, and represented 25.6% of total revenue. The combined ratio
totaled 87.6% compared with 81.8% in the fourth quarter of 2009. Results include
the effect of the Warrantech and Risk Services acquisitions, the investment in
ACAC, and other acquisitions.
Ceding
commission, primarily related to the quota-share reinsurance agreement with
Maiden Holdings, Ltd. (Maiden), totaled $35.2 million, up 31.7% from $26.7
million a year ago. During the quarter, AmTrust ceded $127.0 million of gross
written premium and $112.0 million of earned premium to Maiden compared to
$110.0 million of gross written premium and $86.1 million of earned premium
ceded in the fourth quarter of 2009.
Total
service, fee and other income of $22.6 million increased $13.9 million from $8.7
million in the fourth quarter of 2009 and included $3.5 million from related
parties compared with $2.8 million in the fourth quarter of 2009.
(more)
Page 3 of 5
Investment
income, excluding net realized gains and losses, totaled $11.3 million compared
with $13.3 million in the fourth quarter of 2009. Results also reflect net
realized investment gains of $3.3 million, or $2.1 million after-tax, on certain
fixed income and equity investments compared with losses of $5.0 million, or
$3.2 million after-tax in the fourth quarter of 2009.
Loss and
loss adjustment expense of $139.7 million increased $41.0 million from $98.7
million in the fourth quarter of 2009, and resulted in a loss ratio of 66.4%
compared with 62.0% for the fourth quarter of 2009.
Acquisition
costs and other underwriting expense of $79.7 million increased $21.3 million
from the fourth quarter of 2009. Acquisition costs and other underwriting
expenses less ceding commissions totaled $44.6 million compared with $31.7
million in the year ago quarter. The expense ratio totaled 21.2% compared with
19.9% in the fourth quarter of 2009.
Other
expense of $20.6 million increased $15.1 million from $5.5 million in the fourth
quarter of 2009, largely reflecting the effect of the Warrantech and Risk
Services acquisitions.
Full
Year 2010 Results
Total
revenue of $1.0 billion increased $262.2 million, or 35.4%, from $740.2 million
in 2009. Gross written premium of $1.6 billion rose $361.9 million, or 30.2%
from 2009. Net written premium of $827.2 million increased $183.8 million, or
28.6%, from $643.4 million in 2009. Net earned premium of $745.7 million
increased $171.8 million, or 29.9% from 2009. Commission and other revenues of
$256.8 million increased $90.5 million, or 54.4%, from 2009 and represented
25.6% of total revenue. The combined ratio totaled 85.3% compared with 79.8% in
2009. Results include the effect of the Warrantech and Risk Services
acquisitions, the investment in ACAC, and other acquisitions.
Ceding
commission, primarily related to the quota-share reinsurance agreement with
Maiden, totaled $138.3 million, up 21.4% from $113.9 million a year ago. During
2010, AmTrust ceded $463.0 million of gross written premium and $441.3 million
of earned premium to Maiden compared to $379.7 million of gross written premium
and $357.9 million of earned premium ceded in 2009.
Total
service and fee income of $62.1 million more than doubled from $30.7 million in
2009 and included $12.3 million from related parties compared with $8.6 million
in 2009.
(more)
Page 4 of 5
Investment
income excluding net realized gains and losses totaled $50.5 million compared
with $55.3 million in 2009. Results also reflect net realized investment gains
of $6.0 million, or $3.9 million after-tax, on certain fixed income and equity
investments compared with losses of $33.6 million, or $21.8 million after-tax,
in 2009.
Loss and
loss adjustment expense of $471.5 million increased $143.7 million from $327.8
million in 2009, and resulted in a loss ratio of 63.2% compared with 57.1% in
2009.
Acquisition
costs and other underwriting expense of $302.8 million increased $58.5 million
from $244.3 million in 2009. Acquisition costs and other underwriting expenses
less ceding commissions totaled $164.5 million compared with $130.3 million in
2009. The expense ratio of 22.1% improved from 22.7% in 2009.
Total
assets of $4.2 billion increased 23.1% from $3.4 billion at December 31, 2009
and included a 10.4% increase in cash and investments to $1.6 billion. AmTrust
Financial shareholders’ equity of $716.5 million increased 25.8% from $569.4
million at year-end 2009. During the quarter, the Board of Directors declared a
quarterly dividend of $0.08 per share. As of December 31, 2010, the Company’s
long-term debt-to-capitalization ratio was 16.8% compared with 22.5% at year-end
2009.
(1)
References to operating earnings, operating EPS, and operating return on
equity are non-GAAP financial measures defined by the Company as results
excluding after-tax net realized investment gains and losses on securities,
non-cash amortization of certain intangible assets and gain on investment in
unconsolidated subsidiary. Please see the Non-GAAP Financial Measures table at
the end of this release for important information about the use of these
non-GAAP measures and their reconciliation to GAAP.
Conference
Call:
At 9:00
a.m. ET, CEO Barry Zyskind and CFO Ron Pipoly will review these results via a
conference call and webcast that may be accessed as follows:
Toll-free
Dial-in: 877.755.7421
Toll
Dial-in (Outside the U.S.): 973.200.3087
Webcast
Registration: http://ir.amtrustgroup.com/events.cfm
A replay
of the conference call will be available starting at 12:00 p.m. ET on Tuesday,
February 15th through Tuesday, February 22nd, 2011 by dialing toll-free
800.642.1687 or toll 706.645.9291 and entering passcode 37165448. You may also
access a replay of the webcast at
http://ir.amtrustgroup.com/events.cfm.
(more)
Page 5 of 5
For
more information, please contact:
AmTrust
Financial Services, Inc.
IR@amtrustgroup.com
About
AmTrust Financial Services, Inc.
AmTrust
Financial Services, Inc., headquartered in New York City, is a multinational
insurance holding company, which, through its insurance carriers, offers
specialty property and casualty insurance products, including workers’
compensation, commercial automobile and general liability; extended service and
warranty coverage. For more information about AmTrust, visit www.amtrustgroup.com,
or call AmTrust toll-free at 866.203.3037.
Forward
Looking Statements
This news
release contains "forward-looking statements" that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements are based on the Company's current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that actual developments will be those
anticipated by the Company. Actual results may differ materially from those
projected as a result of significant risks and uncertainties, including, but not
limited to, non-receipt of expected payments, changes in interest rates, effect
of the performance of financial markets on investment income and fair values of
investments, development of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the impact of competition and pricing environments,
changes in the demand for the Company's products, the effect of general economic
conditions, adverse state and federal legislation, regulations and regulatory
investigations into industry practices, developments relating to existing
agreements, heightened competition, changes in pricing environments, and changes
in asset valuations. The forward-looking statements contained in this news
release are made only as of the date of this release. The Company undertakes no
obligation to publicly update any forward-looking statements except as may be
required by law. Additional information about these risks and uncertainties, as
well as others that may cause actual results to differ materially from those
projected, is contained in the Company's filings with the Securities and
Exchange Commission, including its annual report on Form 10-K and its quarterly
reports on Form 10-Q.
AFSI-F
###
Income
Statement
|
|||||||||||||||||
(in
thousands, except per share data)
|
|||||||||||||||||
(Unaudited)
|
|||||||||||||||||
Three
Months Ended December 31,
|
Year
Ended December 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Gross
written premium
|
$ | 474,865 | $ | 365,248 | $ | 1,560,822 | $ | 1,198,946 | |||||||||
Premium
income
|
|||||||||||||||||
Net
written premium
|
$ | 258,581 | $ | 202,810 | $ | 827,226 | $ | 643,426 | |||||||||
Change
in unearned premium
|
(48,168 | ) | (43,446 | ) | (81,567 | ) | (69,544 | ) | |||||||||
Net
earned premium
|
210,413 | 159,364 | 745,659 | 573,882 | |||||||||||||
Ceding
commission (primarily related party)
|
35,152 | 26,693 | 138,261 | 113,931 | |||||||||||||
Service,
fee and other income
|
22,562 | 8,678 | 62,067 | 30,690 | |||||||||||||
Investment
income, net
|
11,280 | 13,252 | 50,517 | 55,287 | |||||||||||||
Net
realized gains (losses)
|
3,252 | (4,979 | ) | 5,953 | (33,579 | ) | |||||||||||
Commission
and other revenues
|
72,246 | 43,644 | 256,798 | 166,329 | |||||||||||||
Total
revenue
|
282,659 | 203,008 | 1,002,457 | 740,211 | |||||||||||||
Loss
and loss adjustment expense
|
139,718 | 98,740 | 471,481 | 327,771 | |||||||||||||
Acquisition
costs and other underwriting expense
|
79,732 | 58,384 | 302,809 | 244,279 | |||||||||||||
Other
expense
|
20,623 | 5,500 | 56,403 | 22,232 | |||||||||||||
240,073 | 162,624 | 830,693 | 594,282 | ||||||||||||||
Income
before other, provision for income taxes, equity in earnings (loss)
of unconsolidated subsidiaries and non-controlling
interest
|
42,586 | 40,384 | 171,764 | 145,929 | |||||||||||||
Other
income (expense):
|
|||||||||||||||||
Foreign
currency gain
|
787 | 1,263 | 684 | 2,459 | |||||||||||||
Interest
expense
|
(2,857 | ) | (4,893 | ) | (12,902 | ) | (16,884 | ) | |||||||||
Income
from life settlement contracts (1)
|
- | - | 11,855 | - | |||||||||||||
(2,070 | ) | (3,630 | ) | (363 | ) | (14,425 | ) | ||||||||||
Income
before provision for income taxes, equity in earnings (loss) of
unconsolidated subsidiaries and non-controlling
interest
|
40,516 | 36,754 | 171,401 | 145,929 | |||||||||||||
Provision
for income taxes
|
(9,089 | ) | (8,648 | ) | (49,105 | ) | (27,459 | ) | |||||||||
Equity
in earnings (loss) of unconsolidated subsidiaries (related
party) (2)
|
2,241 | (37 | ) | 24,044 | (822 | ) | |||||||||||
Non-controlling
interest
|
(22 | ) | - | (3,875 | ) | - | |||||||||||
Net
income
|
$ | 33,646 | $ | 28,069 | $ | 142,465 | $ | 103,223 | |||||||||
Operating
earnings (3)
|
$ | 33,983 | $ | 32,080 | $ | 136,512 | $ | 127,665 | |||||||||
Earnings
per common share:
|
|||||||||||||||||
Basic
earnings per share
|
$ | 0.57 | $ | 0.47 | $ | 2.39 | $ | 1.74 | |||||||||
Diluted
earnings per share
|
$ | 0.56 | $ | 0.47 | $ | 2.36 | $ | 1.72 | |||||||||
Diluted
operating earnings per share (4)
|
$ | 0.57 | $ | 0.53 | $ | 2.26 | $ | 2.13 | |||||||||
Weighted
average number of basic shares outstanding
|
59,548 | 59,309 | 59,453 | 59,433 | |||||||||||||
Weighted
average number of diluted shares outstanding
|
60,698 | 60,022 | 60,346 | 59,954 | |||||||||||||
Combined
ratio
|
87.6 | % | 81.8 | % | 85.3 | % | 79.8 | % | |||||||||
Return
on equity
|
19.0 | % | 20.3 | % | 22.2 | % | 21.5 | % | |||||||||
Operating
return on equity (5)
|
19.2 | % | 23.2 | % | 21.2 | % | 26.5 | % | |||||||||
Reconciliation
of net realized losses:
|
|||||||||||||||||
Other-than-temporary
investment impairments
|
$ | - | $ | (9,418 | ) | $ | (21,196 | ) | $ | (24,778 | ) | ||||||
Impairments
recognized in other comprehensive income
|
- | - | - | - | |||||||||||||
- | (9,418 | ) | (21,196 | ) | (24,778 | ) | |||||||||||
Net
realized gains (losses) on sale of investments
|
3,252 | 4,439 | 27,149 | (8,801 | ) | ||||||||||||
Net
realized gains (losses)
|
$ | 3,252 | $ | (4,979 | ) | $ | 5,953 | $ | (33,579 | ) | |||||||
AmTrust
Financial Services, Inc.
|
||||||||
Balance
Sheet Highlights
|
||||||||
(in
thousands)
|
||||||||
(Unaudited)
|
||||||||
December
31,
|
December
31,
|
|||||||
2010
|
2009
|
|||||||
Cash,
cash equivalents and investments
|
$ | 1,561,611 | $ | 1,414,824 | ||||
Premiums
receivables
|
727,561 | 495,871 | ||||||
Goodwill
and intangible assets
|
197,826 | 115,828 | ||||||
Total
assets
|
4,186,456 | 3,400,364 | ||||||
Loss
and loss expense reserves
|
1,263,537 | 1,091,944 | ||||||
Unearned
premium
|
1,024,965 | 871,779 | ||||||
Trust
preferred securities
|
123,714 | 123,714 | ||||||
AmTrust's stockholders'
equity
|
$ | 716,514 | $ | 569,392 | ||||
Non-GAAP
Financial Measures
|
|||||||||||||||||
(in
thousands, except per share data)
|
|||||||||||||||||
(Unaudited)
|
|||||||||||||||||
Three
Months Ended December 31,
|
Year
Ended December 31,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Reconciliation of net income to operating earnings: | |||||||||||||||||
Net income | $ | 33,646 | $ | 28,069 | $ | 142,465 | $ | 103,223 | |||||||||
Less: |
Net
realized gains (losses) net of taxes/other
|
2,114 | (3,236 | ) | 3,869 | (21,826 | ) | ||||||||||
Gain
on investment in unconsolidated subsidiary net of
tax (2)
|
- | - | 6,792 | - | |||||||||||||
Non
cash amortization of certain intangible assets
|
(2,451 | ) | (775 | ) | (4,708 | ) | (2,616 | ) | |||||||||
Operating earnings (3) | $ | 33,983 | $ | 32,080 | $ | 136,512 | $ | 127,665 | |||||||||
Reconciliation of diluted earnings per share to diluted operating earnings per share: | |||||||||||||||||
Diluted earnings per share | $ | 0.56 | $ | 0.47 | $ | 2.36 | $ | 1.72 | |||||||||
Less: |
Net
realized gains (losses) net of taxes
|
0.03 | (0.05 | ) | 0.06 | (0.37 | ) | ||||||||||
Gain
on investment in unconsolidated subsidiary
|
- | - | 0.11 | - | |||||||||||||
Non
cash amortization of certain intangible assets
|
(0.04 | ) | (0.01 | ) | (0.07 | ) | (0.04 | ) | |||||||||
Diluted operating earnings per share (4) | $ | 0.57 | $ | 0.53 | $ | 2.26 | $ | 2.13 | |||||||||
Reconciliation of return on equity to operating return on equity: | |||||||||||||||||
Return on equity | 19.0 | % | 20.3 | % | 22.2 | % | 21.5 | % | |||||||||
Less: |
Net
realized gains (losses) net of taxes
|
0.2 | % | (2.4 | )% | 0.6 | % | (4.5 | )% | ||||||||
Gain
on investment in unconsolidated subsidiary
|
- | - | 1.1 | % | - | ||||||||||||
Non
cash amortization of certain intangible assets
|
(0.4 | )% | (0.5 | )% | (0.7 | )% | (0.5 | )% | |||||||||
Operating return on equity (5) | 19.2 | % | 23.2 | % | 21.2 | % | 26.5 | % | |||||||||
(1)
|
Income
from life settlement contracts includes a retrospective pre-tax gain of
$1,263 before non-controlling interest for the three months ended
September 30, 2010.
|
(2)
|
Equity
in earnings (loss) of unconsolidated subsidiaries (related party) includes
a gain on investment related to ACAC of $10,450 and an after tax amount of
$6,792.
|
(3)
|
Operating
earnings is a non-GAAP financial measure defined by the Company as net
income less after-tax realized investment gains and losses, gain on
investment in unconsolidated subsidiary and certain amortization expense
and should not be considered an alternative to net income. The
Company's management believes
that operating earnings is a useful indicator of trends in the Company's
underlying operations because it provides a more meaningful representation
of
the Company's earnings power. The Company's measure of
operating earnings may not be comparable to similarly titled measures used
by other
companies.
|
(4)
|
Diluted
operating earnings per share is a non-GAAP financial measure defined by
the Company as net income less after-tax net realized investment gains and
losses, gain
on investment in unconsolidated subsidiary and certain amortization
expense divided by the weighted average diluted shares outstanding for the
period and
should not be considered an alternative to diluted earnings per
share. The Company's management believes that diluted operating
earnings per share is a useful
indicator of trends in the Company's underlying operations because it
provides a more meaningful representation of the Company’s earnings power.
The
Company's measure of diluted operating earnings per share may not be
comparable to similarly titled measures used by other
companies.
|
(5)
|
Operating
return on equity is a non-GAAP financial measure defined by the Company as
net income less net after-tax realized investment gains and losses, gain
on investment in unconsolidated subsidiary and certain
amortization expense divided by the average shareholders' equity for the
period and should not be
considered an alternative to return on equity. The Company's
management believes that operating return on equity is a useful indicator
of trends in the Company's
underlying operations because it provides a more meaningful representation
of the Company’s earnings power. The Company's measure of
operating return on equity may not be comparable to similarly titled
measures used by other
companies.
|
Segment
Information
|
||||||||||||||||
(in
thousands, except percentages)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three
Months Ended December 31,
|
Year
Ended December 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Gross
written premium
|
||||||||||||||||
Small
Commercial Business
|
$ | 127,811 | $ | 147,206 | $ | 465,951 | $ | 469,627 | ||||||||
Specialty
Risk and Extended Warranty
|
252,726 | 147,078 | 748,525 | 461,338 | ||||||||||||
Specialty
Program
|
71,116 | 70,965 | 264,051 | 267,981 | ||||||||||||
Personal
Lines Reinsurance
|
23,212 | - | 82,295 | - | ||||||||||||
$ | 474,865 | $ | 365,249 | $ | 1,560,822 | $ | 1,198,946 | |||||||||
Net
written premium
|
||||||||||||||||
Small
Commercial Business
|
$ | 69,270 | $ | 83,297 | $ | 243,146 | $ | 255,496 | ||||||||
Specialty
Risk and Extended Warranty
|
123,458 | 83,298 | 362,100 | 245,604 | ||||||||||||
Specialty
Program
|
42,641 | 36,215 | 139,685 | 142,326 | ||||||||||||
Personal
Lines Reinsurance
|
23,212 | - | 82,295 | - | ||||||||||||
$ | 258,581 | $ | 202,810 | $ | 827,226 | $ | 643,426 | |||||||||
Net
earned premium
|
||||||||||||||||
Small
Commercial Business
|
$ | 63,163 | $ | 63,598 | $ | 252,442 | $ | 238,971 | ||||||||
Specialty
Risk and Extended Warranty
|
84,331 | 58,487 | 303,583 | 190,226 | ||||||||||||
Specialty
Program
|
41,081 | 37,279 | 140,253 | 144,685 | ||||||||||||
Personal
Lines Reinsurance
|
21,838 | - | 49,381 | - | ||||||||||||
$ | 210,413 | $ | 159,364 | $ | 745,659 | $ | 573,882 | |||||||||
Loss
Ratio
|
||||||||||||||||
Small
Commercial Business
|
64.5 | % | 58.1 | % | 61.2 | % | 57.5 | % | ||||||||
Specialty
Risk and Extended Warranty
|
65.6 | % | 62.8 | % | 63.0 | % | 51.9 | % | ||||||||
Specialty
Program
|
71.1 | % | 67.3 | % | 67.2 | % | 63.2 | % | ||||||||
Personal
Lines Reinsurance
|
66.0 | % | - | 64.1 | % | - | ||||||||||
Total
|
66.4 | % | 62.0 | % | 63.2 | % | 57.1 | % | ||||||||
Expense
Ratio
|
||||||||||||||||
Small
Commercial Business
|
23.5 | % | 22.9 | % | 24.5 | % | 25.2 | % | ||||||||
Specialty
Risk and Extended Warranty
|
14.7 | % | 11.6 | % | 16.6 | % | 15.6 | % | ||||||||
Specialty
Program
|
25.0 | % | 27.8 | % | 25.7 | % | 27.9 | % | ||||||||
Personal
Lines Reinsurance
|
32.5 | % | - | 32.5 | % | - | ||||||||||
Total
|
21.2 | % | 19.9 | % | 22.1 | % | 22.7 | % | ||||||||
Combined
Ratio
|
||||||||||||||||
Small
Commercial Business
|
88.0 | % | 81.0 | % | 85.7 | % | 82.8 | % | ||||||||
Specialty
Risk and Extended Warranty
|
80.3 | % | 74.4 | % | 79.6 | % | 67.5 | % | ||||||||
Specialty
Program
|
96.0 | % | 95.1 | % | 93.0 | % | 91.1 | % | ||||||||
Personal
Lines Reinsurance
|
98.5 | % | - | 96.6 | % | - | ||||||||||
Total
|
87.6 | % | 81.8 | % | 85.3 | % | 79.8 | % |