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Premium growth for U.S.-domiciled captive insurers slowed last year, but captives' combined ratios improved dramatically, according to a new report.
The report by rating agency A.M. Best Co. Inc. of Oldwick, N.J., found that net written premiums of captives based in U.S. domiciles rose just 2.7% in 2006 to $10.2 billion. That increase is significantly lower than the 7.3% average written premium increase over the last five years.
Additionally, year-end surplus climbed to $18.8 billion at year-end 2006, up 10.3% from year-end 2005, while captives' combined ratios improved to 94.1% at year-end 2006 compared with 102% at year-end 2005. The information is based on captive insurers in which Best was able to obtain financial statements.
The report, "Domestic Captives: Improved Results, Preparing for Uncertainty," is available at no cost for BestWeek subscribers at www.bestweek.com. Nonsubscribers can download a PDF version of the full special report for $55 or a combination of the PDF plus a spreadsheet file of the report data for $140 from the Web site, or call customer service for more information at 908-439-2200, ext. 5742.