BestWeek: Barbaro's Injury Highlights Equity Underwriting Dilemma.OLDWICK, N.J. -- Had he won the Preakness Stakes Preakness Stakes One of the three classic U.S. horse races making up the Triple Crown. It is held annually in mid-May at Baltimore's Pimlico Race Course. The course distance is 1³⁄₁₆ mi (1.9 km). The field is limited to 3-year-old Thoroughbreds. , the famously injured thoroughbred Barbaro would have been so valuable his owners wouldn't be able to fully insure him, 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. an exclusive article in the May 29 BestWeek. The reason is, the worldwide insurance capacity for any one horse, without accessing nontraditional markets, is under $30 million and the undefeated Kentucky Derby Kentucky Derby One of the classic U.S. Thoroughbred horse races. It was established in 1875 and run annually on the first Saturday in May at Churchill Downs track in Louisville, Ky. With the Preakness and the Belmont Stakes, it makes up U.S. racing's coveted Triple Crown. winner's value, easily $20 million to $25 million when the gates opened May 20, would have bolted into the $40 million range had he won, said Michael Levy, president of Muirfield Insurance, a Lexington, Ky.-based agency and one of the largest equine insurance brokers in the country. Unfortunately, the top Triple Crown contender shattered his right hind leg seconds into the race and, at press time, was fighting for his life at the New Bolton Center The University of Pennsylvania School of Veterinary Medicine’s New Bolton Center in Kennett Square, Pennsylvania, is one of the busiest large animal teaching veterinary clinics in the nation. in Pennsylvania. Barbaro is heavily insured, experts say, although the exact amount is hard to gauge. "Sometimes, when you get to such an elite horse, some people don't even insure," said Marla Moore, an agent with Independent Equine Agents, based in Louisville, Ky. Also featured is Best's 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". , which finished the week of May 25, 2006, at 1,098.63 up 9.54% from a year ago. The composite index reflects the performance of 134 insurance stocks. The week's top performers were Tower Group; National Western Life Insurance; James River James River or Dakota River River in the U.S. rising in central North Dakota and flowing southeast across South Dakota. It joins the Missouri River about 5 mi (8 km) below Yankton after a course of 710 mi (1,140 km). Group; Presidential Life Corp.; SCPIE SCPIE Southern California Physicians Insurance Exchange Holdings. The week's bottom performers were Vesta Insurance Group Inc.; National Security Group; UnitedHealth Group; Aetna Inc.; and Alleghany Corp. BestWeek is published by A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. To subscribe to BestWeek, 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. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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