CAMBRIDGE, Mass., March 7, 2008 (PRIME NEWSWIRE) -- Highline Data, the premier provider of insurance industry financial statements and market data, is pleased to announce the delivery of 2007 annual data to customers of Insurance Analyst PRO, the organization's flagship online product.
According to initial, unconsolidated statutory filings published in Insurance Analyst PRO, property and casualty insurance segment growth slowed in 2007.
Analyzing data from 2,434 individual companies, including 98 of the top 100 filers, indicates that Net Premiums Earned grew by 1 percent, from $423 billion to $427 billion, in 2007.
Unconsolidated Surplus, a financial measure similar to retained earnings, grew 7 percent in 2007, from $583 billion to $626 billion compared to an increase of 14 percent in 2006. Unconsolidated Net Income declined 1 percent, from $70.3 billion to $69.6 billion.
The composite Combined Ratio for the 2,434 individual companies, or 88 percent of expected filers, increased to 94 percent from 92 percent at year end 2006. The composite Loss Ratio increased from 65 percent to 67 percent, and the composite Expense Ratio remained unchanged at 27 percent.
The top three Lines of Business, based on Direct Premiums Written, showed mixed results. Private Passenger Auto Liability decreased 0.7 percent to $92 billion, Auto Physical Damage decreased 0.4 percent to $71 billion, while Homeowners increased 3.8 percent to $61 billion.
"Highline Data continues to lead the market with the earliest release of the complete set of available annual statutory data and the first look at the overall performance of the property and casualty insurance sector in 2007," F. Reilly Cobb, vice president and managing director of Highline Data, said. "Our preliminary analyses of both our statutory and GAAP filing databases confirms what many have been saying about the course of the industry. The P&C sector is healthy, but growth is flagging. Insurers are going to be evaluating their soft market strategies very carefully. We will continue to provide vital statutory and GAAP data to the industry with new products and services."
2007 Key P&C Industry
Statistics, According to ---------------------------------------
Highline Data ($ in billions) 2007 2006 % Change, 2007
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Composite Financial
Statement Items
Net Premiums Earned $427 $423 +1%
Unconsolidated Surplus $626 $583 +7%
Unconsolidated Net
Income $70.3 $69.6 -1%
Top Three Lines of
Business by Direct
Premiums Written
Private Passenger Auto
Liability $92.3 $92.9 -0.7%
Auto Physical Damage $70.9 $70.6 -0.4%
Homeowners $60.1 $58.6 -3.8%
Composite Ratios
Composite Combined Ratio 94% 92% Not Applicable
Composite Loss Ratio 67% 65% Not Applicable
Composite Expense Ratio 27% 27% Not Applicable
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About Summit Business Media
Summit Business Media was formed through Wind Point Partners' acquisition of Highline Media and Pfingsten Publishing in November 2006. Together, these units publish the insurance titles National Underwriter Property/Casualty and Life/Health weeklies, Life Insurance Selling, Agent Sales Journal, American Agent & Broker, Claims, Tech Decisions, Insurance Advocate and Florida Underwriter, and the financial titles Mortgage Originator, Wealth Manager, Research and Futures. In July 2007, the Company acquired Wicks Business Information, and added Investment Advisor, Credit Union Times, Inside Counsel and Treasury & Risk magazines, thus expanding its footprint in the financial industry to the legal and accounting markets as part of its growth into the professional services marketplace. The Company also publishes the reference tools TaxFacts and Fire, Casualty and Surety Bulletins, and, through its Highline Data unit, financial and market information on insurers and company benefit plans. Summit also sponsors the international Investment Conferences on global mining investment, a dozen conference events affiliated with its magazine brands, and via its Executive Enterprises unit, more than 100 professional education seminars annually.
Summit is also one of the leading organizers of consumer art expositions and providers of business-to-business information to the art market. Additional information about Summit is available at www.summitbusinessmedia.com.
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