The Ward Group has released its annual list of top performing property/casualty insurance companies, and there were a few surprising names left off the catalog.
For its annual report, The Ward Group, which provides consulting, industry benchmarking, and best practices services for the insurance industry, analyzed the financial performance of more than 3,000 property/casualty insurance companies over a five-year span (2003-2007). Those who met the criteria for both a safety/consistency test and a performance test were candidates to make the list. The primary objective, said Ward, is to compare their performance as a group with the rest of the insurance industry.
To pass the first phase of safety and consistency testing, insurance companies must have five years of history; an average surplus and premiums of at least $50 million; an adjusted net income in at least four of the last five years; a risk-based capital ratio of at least 100 percent; and compound annual growth in premiums between -10 percent and 40 percent.
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