BestWeek: Property/Casualty Insurers Gain $6.8 Billion in First Quarter.OLDWICK, N.J. -- The property/casualty industry improved on 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. 2004 results as the industry reported an 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. gain of $6.8 billion and a 92.3 combined ratio during the first quarter of 2005, 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 special report released by A.M. Best Co. In addition, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. cash flow promoted growth in investment income to nearly $14 billion, offset by a down equity market that yielded capital losses of $4 billion, leading to a $9.5 billion increase in surplus. Year-end 2004 results indicate favorable loss ratio trends for property/casualty insurers, despite record hurricane losses and continued adverse loss-reserve development on prior accident years. The industry reported improvements of 2 and 0.1 in its 2004 loss and loss-adjustment expense ratios, respectively, as growing premiums exceeded reported losses. Likewise, it was a growth year for the life industry. Capital and surplus increased 8% in 2004 to $245 billion at year-end, slightly down from the 12% increase recorded at year-end 2003. Total life insurance issued increased 5.3% in 2004, marking the second straight year of positive increases in overall insurance issuance. The preceding data, compiled by A.M. Best Co., is featured in the July July: see month. 11 edition of BestWeek. BestWeek is published by A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Among the other news articles you won't find anywhere else this week: --An accumulation of cash resulting from a very successful 2002 year of account has some Lloyd's syndicates experiencing the symptoms of merger fever. --Barclays plc, one of the best known names in British banking, has never really cracked cracked said of grain; indicates grain that has been exposed to a combined breaking and crushing action. the nonlife personal lines insurance market, a sector that might appear to be perfectly suited to such an extensive retail network. Adrian Adrian, Roman emperor Adrian, Roman emperor: see Hadrian. Adrian, city, United States Adrian, city (1990 pop. 22,097), seat of Lenawee co., SE Mich., on the Raisin River; inc. 1836. Grace is hoping to change that. Grace is managing director of Barclays Insurance. His mandate, when he was appointed in October 2004, was to sell more insurance and increase the bank's market share. To subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; 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 http://www.ambest.com. |
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