The Main Street America Group achieved what it said were some of the best financial results in its 83-year history during its fiscal year ended Dec. 31, 2006. This included $73.7 million in net income — the most the Jacksonville, Fla.-based property-casualty insurance company has ever earned in a single year — leading to a 15.8 percent return on equity, and a combined ratio of 96.3, its lowest in 30 years.
Main Street America’s 2006 results also included the affirmation of its “A” (Excellent) rating by A.M. Best., improved combined ratios in personal lines, commercial lines and bonds, and double-digit growth in commercial lines. The company’s direct written premium increased 4.8 percent to $843 million, exceeding industry growth rates.
Main Street America’s investment results surpassed its 2006 plan by $17.2 million. The company achieved a 16.1 percent total return, and outdistanced its benchmarks: the Russell 3000 by 0.2 percent and the Standard & Poor’s (S&P) 500 by 0.3 percent. Only 19 percent of all actively managed U.S. stock funds beat the S&P 500 in 2006 versus 61 percent in 2005.
The Main Street America Group operates four property and casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company and MSA Insurance Company.
Source: Main Street America
Was this article valuable?
Here are more articles you may enjoy.