Below the profit line: after 26 years, property/casualty's combined ratio may reach the profitable side of 100.Key Points * Several insurance experts predict the property/casualty industry's combined ratio could drop below 100 in 2004 for the first time since 1978, when it was 97.5. * Disciplined underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , a key to a low combined ratio, may be difficult going forward as price increases wane. * Under-reserving and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. policy also may threaten disciplined underwriting. Though any number of potential perils--ranging from greater catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses to large reserve charges to more aggressive price competition--could still render (1) To make visible; to draw. The term comes from the graphics world where a rendering is an artist's drawing of what a new structure would look like. In computer-aided design (CAD), a rendering is a particular view of a 3D model that has been converted into a realistic image. optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op projections null A character that is all 0 bits. Also written as "NUL," it is the first character in the ASCII and EBCDIC data codes. In hex, it displays and prints as 00; in decimal, it may appear as a single zero in a chart of codes, but displays and prints as a blank space. and void, the property/casualty industry has at least a fighting chance one dependent upon the issue of a struggle. See also: Fighting to produce something in 2004 it hasn't has·n't Contraction of has not. hasn't has not hasn't have produced in more than a quarter century: an underwriting profit Underwriting profit is a term used in the insurance industry. It consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted. It does not include any investment income earned on held premiums. . Following up a year in which property and casualty writers came within a hair of break-even underwriting, several prognosticators, including A.M. Best Co., are forecasting that the industry's combined ratio--a measure of losses and expenses as a percentage of premiums--could drop below 100 for the first time since 1978, when it was 97.5. In 2003, the industry produced its lowest combined ratio in 25 years, at 100.1, while the top 25 property and casualty writers posted an aggregate combined ratio of 99.6, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. A.M. Best. The company further projects that continued attractive pricing levels should help make underwriting profitability the norm across each of the three major property/casualty sectors, with estimated average combined ratios of 97.6 for personal lines, 99.1 for commercial lines and 95 for reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , with an aggregate combined-ratio projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. of 98.1. "Improved pricing that will affect the 2004 results has already been booked in the latter half of 2003," said Matthew Matthew one of the twelve disciples. [N.T.: Matthew] See : Evangelism Mosher A mosher is a person who is crossed between goth/punk/skater they have long hair and listen to music like slipknot and metal music. Some people call them headbangers. At certain music shows they have something called a mosh pit, basically its a fight pit with loads of people bashing each other. , A.M. Best's group vice president for property/casualty. "We have seen a continuing trend in the accident quarter results that are an indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of where results are heading, assuming prior year reserve development does not worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn . A.M. Best expects adverse development in 2004 to be lower than in 2003." Such sentiments were shared by several equity analysts who participated in the Insurance Information Institute's "groundhog groundhog: see woodchuck. forecast," with analysts from A.G. Edwards, Lehman Lehman is a common Germanic surname derived from the German word Lehen, meaning fiefdom. It may refer to: Surnames
BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . and Prudential Prudential is the name of two different companies and buildings named after them: Companies:
composite - aggregate projection of roughly 100. With final 2003 numbers better than originally anticipated--100.1 compared with a previously estimated 101.4--the institute's chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the , Bob Hartwig, said he now expects a 2004 combined ratio in the vicinity of 98.5, "assuming reserving along the lines of what we saw in 2003 and a 'normal' level of catastrophe loss." In an era when public companies are expected to regularly produce returns on equity of at least 12% to 15%, underwriting discipline will remain key, Hartwig noted, particularly as many companies continue to struggle with balance sheet, reserving and legacy exposure issues, and signs are beginning to indicate the 4-year-old hard market in rates may be drawing to a close. "We're we're Contraction of we are. we're we are used to a combined ratio under 100," said Richard Thomas Richard Thomas is the name of:
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc., also noting the exception was 2001. AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group started changing its approach to the market some three-and-a-half years ago, he said. "We drove pricing up, changed terms and conditions of key contracts and brought about controls to make sure underwriting followed best practices," Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs said. Soft markets are corrosive corrosive /cor·ro·sive/ (kor-o´siv) producing gradual destruction, as of a metal by electrochemical reaction or of the tissues by the action of a strong acid or alkali; an agent that so acts. on underwriting, and a couple of points on the combined ratio is a lot of money, he said. When the insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. saw it creeping creeping 1. gradual progression of a lesion or tissue growth. 2. prostrate growth pattern of a plant, e.g. c. buttercup (Ranunculus repens), c. caustic (Euphorbia drummondii), c. charlie (Glechoma hederacea), c. up to 97 and 98, AIG attributed some of it to "natural forces" but also took the view it had to tighten up Verb 1. tighten up - restrict; "Tighten the rules"; "stiffen the regulations" constrain, stiffen, tighten confine, limit, throttle, trammel, restrain, restrict, bound - place limits on (extent or access); "restrict the use of this parking lot"; "limit the underwriting. "A 10th of a point here and there adds up," Thomas said. But that approach may prove more difficult going forward. According to a study released last month by broker age Aon Corp., "the slowing of the growth rate of premiums shows up in nearly every portion of the market." Aon found that net commercial-lines premium rose 11% in 2003, down from the 19.9% hike seen in 2002. And though net premiums for general liability, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , and fire and allied lines increased 24.1%, 13.3% and 11.0%, respectively, each had increased at higher levels during 2002. Slowing rates of premium growth, however, do not translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. into a soft market, and profitable ratios are possible even after aggressive price increases have waned, noted William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack R. Berkley Berkley (bûr`klē), city (1990 pop. 16,960), Oakland co., SE Mich., a suburb of Detroit; inc. 1932. It is chiefly residential. , chairman and chief executive of W.R. Berldey Corp., one of only three insurers--along with the Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Inc. and Progressive Corp.--among the top 25 writers of property and casualty coverage to produce a 2003 combined ratio below 90. Writing in his annual letter to shareholders, Berkley pointed out that the industry's last hard market began in 1985, and prices continued to increase until 1988. Although prices then plateaued, returns remained at attractive levels through 1994, Berldey said. "With current pricing, we see the prospect of continued excellent returns at least into 2006," Berkley wrote. "Given today's market conditions, this is the time to access and write as much good business as possible," he added, noting that the company issued $350 million of debt last year to support its increasing growth. But according to Berkley, such growth was made possible only by ongoing and proactive reserving, which has allowed the company to avoid some of the balance-sheet problems that have befallen competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2003, Berkley's reserves were $4.2 billion, up 32% from $3.2 billion a year earlier, while its policy counts had increased by only 7% in the same period. Nonetheless, the industry as a whole still is under-reserved, both in its core prior-year reserves and those dedicated to asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. and environmental exposures, Mosher said. "We expect adverse development in 2004 on prior years of $10 billion, with $6.5 billion related to A&E," Mosher said. Beyond the issues related to correcting balance-sheet health, regulatory policy also may weigh on weigh on Verb to be oppressive or burdensome to: the expectations that weigh so heavily on diplomats' wives Verb 1. the degree to which profitable underwriting can be maintained, particularly in personal lines. Progressive Corp., which posted a combined ratio of 87.8 in 2003 and has maintained ratios in the 80s through the first three months of 2004, has benefitted greatly from positive loss-cost trends in its core private-passenger auto line of business, according to Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. analyst Vinay Vinay may erfer to:
1. pertaining to, exhibiting, or caused by sympathy. 2. pertaining to the sympathetic nervous system or one of its nerves. to efforts to raise rates by a company looking simply to maintain its healthy margin.
Analysts' Views
Selected combined-ratio estimates
and forecasts for the P/C Industry:
Estimated Forecast
Company 2003 2004 *
Tllinghast-Towers Perrin 102.9 101.8
Raymond James 102.0 101.1
Fox-Pitt, Kelton 101.5 101.0
Gill & Roeser 101.3 100.8
Insurance Services Office 102.3 100.3
Merrill Lynch 100.5 100.3
Goldman Sachs 100.3 100.2
A.M. Best Co. 101.4 100.0
A.G. Edwards 100.5 99.5
Lehman Bros. 102.2 98.4
Prudential Securities 101.1 97.5
* Ranked highest to lowest for 2004
Source: Insurance Information Institute
Property/Casualty Combined Ratio, 1978-2002
1978 97.5
100.6
1980 103.1
106.0
1982 109.6
112.0
1984 118.0
116.3
1986 108.0
104.6
1988 105.4
109.2
1990 109.6
108.8
1992 115.7
107.0
1994 108.3
106.7
1996 106.0
101.9
1998 105.9
108.0
2000 110.3
115.7
2002 107.5
Source: Insurance Information Institute, A.M. Best Co.
Note: Table made from bar graph.
Top Property/Casualty Writers
by Net Premiums Written, United States--2003
Rank is based on net premiums written for 2003.
($ Thousands)
Net
Premiums
Rank Group Name AMB# Written Change
1 State Farm Group 00088 $46,581,240 9.0
2 Amer Intl Group, Inc 18540 27,972,154 29.7
3 Allstate Ins Group 00008 24,636,888 5.5
4 Zurich/Farmers Group 18549 17,050,186 -2.2
5 Berkshire Hathaway Ins Group 00811 15,762,335 3.7
6 Nationwide Group 05987 13,818,647 15.1
7 St. Paul Travelers Cos 18358 13,175,778 10.9
8 Liberty Mutual Ins Cos 00060 12,514,360 5.4
9 Progressive Ins Group 00780 11,917,506 26.0
10 Chubb Group of Ins Cos 00012 9,536,873 22.1
11 Hartford Ins Group 00048 8,876,260 5.7
12 USAA Group 04080 7,691,734 10.4
13 State Compensation Ins Fund of CA 04028 7,636,566 42.7
14 CNA Ins Cos 18313 7,365,081 -11.7
15 St. Paul Cos 00080 6,767,574 16.4
16 Amer Family Ins Group 00124 5,541,869 13.6
17 Safeco Ins Cos 00078 5,114,312 11.6
18 Anthem Group 18184 4,909,082 11.0
19 GE Global Ins Group 18572 4,621,766 -0.5
20 Allianz of America, Inc 18429 4,112,717 56.3
21 Auto-Owners Ins Group 04354 3,966,549 20.3
22 Erie Ins Group 04283 3,767,711 13.1
23 W. R. Berkley Group 04655 3,540,218 35.1
24 Ace INA Group 18498 3,432,114 24.9
25 Everest Re US Group 05696 3,123,834 40.0
26 Fairfax Finl Hldgs Ltd 03116 2,970,718 -1.1
27 MetLife Auto & Home Group 18552 2,961,326 2.9
28 White Mountains Ins Group 18490 2,933,178 -5.8
29 GMAC Ins Group 18431 2,911,811 10.5
30 Cincinnati Ins Cos 04294 2,817,385 7.8
31 FM Global Group 18502 2,678,201 19.4
32 Mercury Gen Group 04524 2,256,693 21.6
33 Allmerica Finl P&C Cos 04861 2,235,235 -1.5
34 CA State Auto Group 18460 2,025,038 8.5
35 Swiss Reins Group 03262 2,008,013 65.1
36 Unitrin, Inc 05948 1,978,931 19.2
37 Auto Club of Southern CA Group 18515 1,975,182 15.5
38 Southern Farm Bureau Group 02962 1,861,994 12.3
39 Great Amer P&C Ins Group 04835 1,810,018 2.0
40 Old Republic Gen Group 00734 1,765,794 12.8
41 Sentry Ins Group 00086 1,692,967 9.0
42 Amer Re Corp Group 18259 1,583,531 31.1
43 Commerce Group, Inc 02966 1,555,499 18.5
44 Country Ins & Finl Svcs 00302 1,496,949 17.9
45 Auto Club Group 00312 1,479,153 12.6
46 Winterthur Swiss Group 05658 1,471,054 3.6
47 Markel Corp Group 18468 1,466,911 23.2
48 OH Cas Group 00726 1,441,551 -0.5
49 Mortgage Guar Group 03014 1,376,160 15.7
50 Westfield Group 00730 1,363,525 8.9
51 Amica Mutual Group 18522 1,292,612 11.8
52 State Auto Ins Cos 00856 1,290,937 6.3
53 NJM Ins Group 03985 1,252,214 13.4
54 Selective Ins Group 03926 1,235,706 14.9
55 Harleysville Ins 03916 1,217,770 4.9
56 EMC Ins Cos 00346 1,152,805 5.8
57 Assurant Solutions 18499 1,147,372 7.7
58 Federated Mutual Group 04284 1,142,579 -1.3
59 Radian Group 18150 1,094,288 15.3
60 Amer Natl P&C Group 18565 1,067,210 16.6
61 PartnerRe US Group 18470 1,040,579 37.8
62 Shelter Ins Cos 00598 1,020,043 5.5
63 Ambac Finl Group 18449 1,018,717 26.4
64 PMA Capital Ins Group 18436 1,013,061 -3.3
65 Grange Mutual Cas Group 03917 980,050 12.6
66 MBIA Group 03166 971,917 37.5
67 MLMIC Group 18439 892,071 -13.8
68 Royal & SunAlliance USA 18371 875,757 -72.0
69 HDI US Group 18492 833,414 -6.8
70 Infinity P&C Group 18584 822,103 34.0
71 Zenith Natl Ins Group 03020 786,683 34.8
72 Alleghany Ins Holdings 18640 782,506 491.8
73 Alfa Ins Group 18412 774,854 7.7
74 Converium NA Group 18233 763,962 -28.2
75 Atlantic Mutual Cos 00178 737,802 12.2
76 Farm Bureau Mutual Group 04233 733,985 7.1
77 XL America Group 18491 726,578 29.0
78 Aon Corp Group 03341 716,507 3.7
79 Main Street America Group 18355 712,609 19.7
80 TN Farmers Ins Cos 18154 707,624 2.2
81 PMI Mortgage Group 03267 684,041 11.0
82 ProAssurance Group 18559 668,909 24.5
83 Platinum Underwriters Reins, Inc 11795 667,516 123.9
84 TX Mutual Ins Co 11453 665,257 10.0
85 Utica Natl Ins Group 04202 656,173 2.0
86 Balboa Life & Cas Group 04062 652,392 24.3
87 Arbella Ins Group 18220 630,318 6.2
88 HCC Ins Hldgs Inc 18421 619,629 65.6
89 Amer Modern Ins Group 04086 616,709 9.8
90 Argonaut Group 04019 602,419 24.5
91 Philadelphia Ins Cos 00476 601,253 14.8
92 West Bend Mutual Group 18447 588,345 14.9
93 Acuity Group 00461 586,880 15.1
94 Palisades Group 18426 586,516 1.8
95 KY Farm Bureau Group 03281 582,700 9.7
96 Amer Express Group 04009 574,460 28.4
97 Finl Security Assur Group 04017 573,907 18.0
98 Motorists Ins Group 18236 573,456 14.0
99 Safety Group 18080 566,969 9.5
100 Horace Mann Ins Group 04934 544,902 4.2
101 Amerisure Cos 04071 542,964 11.9
102 NC Farm Bureau Ins Group 18279 539,003 16.4
103 Penn Natl Ins 00766 523,462 4.8
104 Amer Agricultural Ins Co 03133 492,791 26.6
105 United Farm Bureau of IN Group 04232 491,366 12.2
106 RLI Group 03883 474,395 15.1
107 QBE Re Group - US 18222 455,669 22.2
108 Central Ins Cos 00246 452,284 20.6
109 Vesta Ins Group 05681 451,370 -20.7
110 United Fire & Cas Group 03875 450,483 7.7
111 Central Svcs Group 18562 449,612 8.1
112 Arch Capital Group 18484 449,011 124.8
113 GuideOne Ins 03918 444,434 17.0
114 Accident Fund Ins Co of America 01770 441,574 27.2
115 MI Farm Bureau Group 00358 440,047 27.5
116 GA Farm Bureau Group 18071 433,479 9.9
117 Canal Group 03930 433,298 22.6
118 Electric Ins Group 18556 430,111 13.3
119 Endurance Reins Corp of America 12559 429,867 0.0
120 Kingsway America Group 18442 417,293 45.0
121 FCCI Ins Group 18290 413,255 -10.9
122 Centurion Ins Group 18188 413,159 28.2
123 Cumis Ins Society, Inc 03049 410,666 7.5
124 Andover Cos 00166 381,280 22.0
125 Health Care Indemnity, Inc 03701 377,000 18.3
126 Doctors Co Ins Group 18083 363,998 -13.4
127 Safeway Ins Group 00459 362,641 3.7
128 GE Finl Assur Group 18573 360,560 52.1
129 Scor US Group 03873 352,470 -52.3
130 Pekin Ins Group 00754 348,010 10.2
131 AZ State Compensation Fund 03470 341,020 23.5
132 Grinnell Mutual Group 05727 323,436 6.5
133 Church Mutual Ins Co 00259 317,787 13.9
134 Saif Corp 03480 312,344 4.1
135 IAT Ins Group 18567 304,360 8.8
136 Quincy Mutual Group 18437 303,494 9.1
137 Pemco Ins Cos 00790 301,823 8.4
138 CA Earthquake Authority 12534 298,482 8.1
139 Agri Gen Ins Co 01935 296,024 53.6
140 Donegal Group 18613 294,447 7.2
141 Employers Ins Group 18602 288,932 55.8
142 Frankenmuth Finl Group 18496 284,721 4.2
143 Tokio Marine & Fire USB Group 02927 282,588 15.1
144 Direct Gen Group 18393 281,526 62.4
145 Toa Reins Co of America 01730 278,673 21.3
146 ISMIE Mutual Group 18644 276,814 27.3
147 Republic Cos Group 00802 275,041 6.6
148 Physicians' Reciprocal Insurers 02888 274,910 80.6
149 Enumclaw Ins Group 18586 269,339 -1.6
150 Bristol West Ins Group 18131 268,085 11.5
151 Injured Workers Ins Fund 12335 260,834 24.4
152 Amer Transit Ins Co 04660 260,406 11.3
153 CA Cas Group 03335 258,766 13.4
154 Secura Ins Cos 18381 258,384 15.5
155 Norcal Group 18539 257,384 14.9
156 Hastings Mutual Ins Co 00464 251,072 3.4
157 Western World Ins Group 02946 242,622 33.9
158 Workers Compensation Fund Group 18471 236,875 21.5
159 Universal Ins Group 05700 232,008 20.1
160 Mitsui Sumitomo Group 18569 227,857 56.0
161 Wawanesa Ins Group 18397 226,710 24.0
162 Navigators Ins Group 18081 225,142 18.7
163 Dorinco Reins Co 03771 223,631 -23.9
164 APCapital Group 18321 223,392 -6.3
165 CompSource OK 03479 222,729 22.2
166 Greater NY Group 03326 218,842 25.8
167 AAA Mid-Atlantic Ins Group 18168 216,025 8.7
168 Capital Ins Group 03858 209,892 24.9
169 Kemper Ins Cos 04427 208,477 -78.3
170 Amer Road Ins Co 00152 207,309 -7.6
171 United Automobile Ins Group 18415 204,049 72.5
172 Nuclear Electric Ins Ltd 11284 203,812 2.8
173 Germania Mutual Group 03876 201,116 11.6
174 OK Farm Bureau Group 04100 200,442 20.6
175 United Natl Group 02955 200,252 11.9
176 ProMutual Group 18359 199,394 11.8
177 Amerisafe Ins Group 18211 195,990 12.9
178 Safety Natl Group 18564 194,752 19.8
179 IFG Cos 00897 194,706 42.3
180 ICW Group 02967 194,123 -6.1
181 Century-Natl Ins Co 03090 193,788 18.7
182 FMH Ins Group 18171 188,969 30.4
183 Axis Ins Group 18603 188,761 999.9
184 Meadowbrook Ins Group 18132 188,534 37.5
185 Automobile Club of MO Group 18095 186,106 28.5
186 LA Workers' Comp Corp 11339 185,566 38.0
187 Plymouth Rock Cos 18066 181,530 20.0
188 VT Mutual Group 00951 177,020 15.3
189 Penn-America Group, Inc 18422 176,450 31.0
190 Coop de Seguros Multiples de PR 03502 175,566 10.4
191 Memic Group 18524 175,481 21.4
192 MI Millers Mutual Ins Co 00600 172,581 22.8
193 Columbia Ins Group 02975 168,546 9.6
194 Concord Group Ins Cos 04398 165,959 -9.7
195 Safe Auto Ins Co 11645 163,745 55.5
196 Farmers Mutual Ins Co of NE 00371 161,762 4.8
197 Merchants Ins Group 00590 161,690 -1.5
198 AK Natl Ins Co 02648 159,926 28.5
199 Mag Mutual Group 18635 159,355 10.8
200 ID State Ins Fund 03472 159,333 28.2
Top 200 Writers $393,638,118 11.5
Total P/C Industry $415,297,087 10.9
Source: A.M. Best Co., as of May 25, 2004.
Learn More American International Group A.M. Best Company # 05953 Distribution: Independent agents/brokers. W.R. Berkeley Berkeley (bûr`klē), city (1990 pop. 102,724), Alameda co., W Calif., on the E shore of San Francisco Bay just N of Oakland; inc. 1878. Originally (1820) part of a Spanish rancho, the site was purchased by Americans in 1853. Group A.M. Best Company # 04655 Distribution: Independent agents/brokers. Berkshire Hathaway A.M. Best Company # 01852, 25031, 18343 Distribution: Direct sales, agents and brokers. Progressive Insurance Group A.M. Best Company # 02407, 04930 Distribution: Independent agents, direct sales, strategic alliances. For ratings and other financial strength information about these companies, visit www.ambest.com |
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