BestWeek: A.M. Best Report Finds P/C Insurers Post First Drop in Net Premiums Since 1943.OLDWICK, N.J. -- In 2007, the U.S. property/casualty industry experienced its first decline in net premiums written since the World War II era, 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 new A.M. Best special report, "U.S. Property/Casualty -- 2007 Financial Review." Driven by across the board softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in personal and commercial lines pricing, leakage LEAKAGE. The waste which has taken place in liquids, by their escaping out of the casks or vessels in which they were kept. By the act of March 2, 1799, s. 59, 1 Story's L. U. S, 625, it is provided that there be an allowance of two per cent for leakage, on the quantity which shall appear of premium and a growing interest in alternative forms of risk transfer, net premiums written fell nearly 1.0% to $446.0 billion, the first drop since 1943, according to the report, featured in BestWeek U.S./Canada. Meanwhile, the industry reported 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. for the second consecutive year, falling short of the $32.0 billion gain in 2006, yet posting a $22.1 billion net. A strong fourth quarter capped a solid 2007 for the industry, but net income fell almost 7% to $66.5 billion from the $71.3 billion recorded in the prior year. The after-tax return on equity slipped to 13.0% from 15.3% posted in 2006. Also, in BestWeek U.S./Canada: The treasury yield curve spiked to its recent steepest levels in first quarter 2008 as liquidity concerns and aggressive Federal Reserve interest rate cuts were particularly influential in driving down short-term yields, according to a new A.M. Best special report. Also, in BestWeek Europe: Matt Lawford is a broker with Chesterfield Chesterfield, city (1991 pop. 73,352) and district, Derbyshire, central England. An important industrial center, Chesterfield produces mining equipment, railroad cars, metal products, glass, and pottery. Insurance Brokers, which places business into both Lloyd's and the London company London Company, corporation composed of stockholders residing in and about London, which, together with the Plymouth Company (see Virginia Company), was granted (1606) a charter by King James I to found colonies in America. market. As a specialist in television commercial insurance, he has encountered some unusual requests from clients. And in both editions of BestWeek: The Best's Global Insurance Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". finished the week of April 17 down 11.7% from a year ago. The composite index reflects the performance of 169 insurance stocks. The week's top stocks were National Western Life Insurance Co., Atlantic American Corp., Meritz Fire & Marine Insurance Co., Marsh & McLennan Cos., and Old Republic International. The bottom five stocks were Independence Holding Co., Universal American Corp., Omega Insurance Holdings, National Security Group, and Brit Insurance Brit Insurance Holdings plc (LSE: BRE) is a London-based general insurance and reinsurance group. It is a member of the London Stock Exchange and a constituent of the FTSE 250 Index. Market capitalisation was over £850m as of mid-2005. Holdings. BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, please call A.M. Best's customer service department at (908) 439-2200, ext. 5742, or e-mail your request to customer_service@ambest.com. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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