Jacksonville, Fla.-based Main Street America Group reported its fiscal year 2007 ended on an high note with “some of the best financial results in its 84-year history.”
The super regional property/casualty insurance company said it earned $88.2 million of net income, the most ever in a single year and nearly 20 percent more than its 2006 record net income of $73.7 million. This led to a return on equity of 17.8 percent, 2 percent higher than its 15.8 percent return on equity in 2006, and a combined ratio of 95.8, lower than its 2006 combined ratio of 96.3.
Main Street America’s 2007 results also included the affirmation of its “A” (Excellent) rating by A.M. Best and improved combined ratios in commercial lines (93.7) and surety (90.8). The company also increased its statutory surplus and equity to $619.6 million and its direct written premium to $851 million.
Main Street America’s 2007 achievements included the launch of its multivariate personal auto product, Personal Auto MVP, in six states.
Source: The Main Street America Group
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