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Unico American Corporation Reports Second Quarter 2019 Financial Results

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CALABASAS, Calif.–(BUSINESS WIRE)–Unico American Corporation (NASDAQ: UNAM) (“Unico,” the “Company”) announced today its consolidated financial results for the three and six months ended June 30, 2019. For the three months ended June 30, 2019, net loss was $276,677 ($0.05 diluted loss per share) compared to net income of $168,297 ($0.03 diluted income per share) for the three months ended June 30, 2018. For the six months ended June 30, 2019, net loss was $947,751 ($0.18 diluted loss per share) compared to net loss of $2,038,955 ($0.38 diluted loss per share) for the six months ended June 30, 2018. Book value per share was $10.72 and $10.54 at June 30, 2019, and December 31, 2018, respectively.

Results of Operations

 

Three Months Ended June 30

 

 

 

 

 

Increase (Decrease)

 

2019

 

2018

 

$

 

%

 

 

 

 

 

Direct written premium

$

9,454,402

$

7,786,199

$

1,668,203

 

21

%

Net investment income

$

530,747

$

452,606

$

78,141

 

17

%

Gross commission and fees

$

527,825

$

671,449

$

(143,624

)

(21

)%

Losses and loss adjustment expenses

$

5,058,951

$

4,929,203

$

129,748

 

3

%

Policy acquisition costs

$

1,289,481

$

1,515,476

$

(225,995

)

(15

)%

The increase in direct written premium during the three months ended June 30, 2019, was due primarily to growth in the Transportation underwriting vertical for Crusader Insurance Company (“Crusader”), the Company’s wholly owned subsidiary.

The increase in net investment income during the three months ended June 30, 2019, was due primarily to an increase in the yield on average invested assets.

The decrease in gross commission and fees during the three months ended June 30, 2019, was due primarily to decreases in policy fee income, resulting from declining policy counts, and in health insurance program commission income.

The increase in loss and loss adjustment expenses during the three months ended June 30, 2019, was due primarily to higher frequency and severity of Transportation liability claims and higher severity of Food, Beverage & Entertainment liability claims for insured events of current year.

The decrease in policy acquisition costs during the three months ended June 30, 2019, was due primarily to a decrease in net earned premium. The ratio of policy acquisition costs to net earned premium decreased slightly from the three months ended June 30, 2018, to the three months ended June 30, 2019.

 

Six Months Ended June 30

 

 

 

 

 

Increase (Decrease)

 

2019

 

2018

 

$

 

%

 

 

 

 

 

Direct written premium

$

17,983,583

$

16,442,342

$

1,541,241

 

9

%

Net investment income

$

1,063,384

$

897,404

$

165,980

 

18

%

Gross commission and fees

$

1,075,270

$

1,278,106

$

(202,836

)

(16

)%

Losses and loss adjustment expenses

$

10,213,394

$

12,730,960

$

(2,517,566

)

(20

)%

Policy acquisition costs

$

2,376,194

$

3,136,981

$

(760,787

)

(24

)%

The increase in direct written premium during the six months ended June 30, 2019, was due primarily to growth in the Transportation underwriting vertical for Crusader.

The increase in net investment income during the six months ended June 30, 2019, was due primarily to an increase in the yield on average invested assets.

The decrease in gross commission and fees during the six months ended June 30, 2019, was due primarily to decreases in policy fee income, resulting from declining policy counts, and in health insurance program commission income.

The decrease in loss and loss adjustment expenses during the six months ended June 30, 2019, was due primarily to lower frequency and severity of Apartments & Commercial Buildings and Transportation liability claims for insured events of prior years.

The decrease in policy acquisition costs during the six months ended June 30, 2019, was due primarily to a decrease in net earned premium. The ratio of policy acquisition costs to net earned premium decreased slightly from the six months ended June 30, 2018, to the six months ended June 30, 2019.

Management Commentary

“We posted a modest loss for the quarter in part due to the lower net earned premium associated with our lower direct written premium in 2018,” said Cary L. Cheldin, Unico’s President and Chief Executive Officer.

“On a positive note, our direct written premium grew 21% during this quarter, compared to the same period of 2018, through improvements in rate adequacy and expansion of niche programs in which we see profit opportunities. We continue to believe that the renewed emphasis on underwriting discipline implemented over the past 18 months will impact our loss ratios favorably. Our investment portfolio repositioning, which started in April 2017, will be substantially complete by the end of this year, and should further contribute to our investment income and yield.”

Definitions and Non-GAAP Financial Measures

Written premium is a non-GAAP financial measure that is defined, under the statutory accounting practices prescribed or permitted by the California Department of Insurance, as the contractually determined amount charged by the insurance company to the policyholder for the effective period of the contract based on the expectation of risk, policy benefits, and expenses associated with the coverage provided by the terms of the policies. Written premium is a required statutory measure. Written premium is defined under U.S. generally accepted accounting principles (“GAAP”) in Accounting Standards Codification Topic 405, “Liabilities,” as “premiums on all policies an entity has issued in a period.” Earned premium, the most directly comparable GAAP measure to written premium, represents the portion of written premium that is recognized as income in the financial statements for the period presented and earned on a pro-rata basis over the terms of the policies. Written premium is intended to reflect production levels and is meant as supplemental information and not intended to replace earned premium. Such information should be read in conjunction with the GAAP financial results.

The following is a reconciliation of direct written premium (before premium ceded to reinsurers) to net earned premium (after premium ceded to reinsurers):

 

Three Months Ended June 30

 

Six Months Ended June 30

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

Direct written premium

$

9,454,402

 

$

7,786,199

 

$

17,983,583

 

$

16,442,342

 

Less: written premium ceded to reinsurers

(1,732,839

)

 

(1,690,611

)

 

(3,416,529

)

 

(3,442,442

)

Net written premium

 

7,721,563

 

 

6,095,588

 

 

14,567,054

 

 

12,999,900

 

Change in direct unearned premium

 

(1,200,032

)

 

1,230,382

 

 

(1,761,809

)

 

1,944,306

 

Change in ceded unearned premium

 

(3,419

)

 

36,975

 

 

(22,983

)

 

100,366

 

Net earned premium

$

6,518,112

 

$

7,362,945

 

$

12,782,262

 

$

15,044,572

 

About Unico

Headquartered in Calabasas, California, Unico is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty and health insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services. Unico has conducted the majority of its operations through its subsidiary, Crusader Insurance Company, since 1985. For more information concerning Crusader Insurance Company, please visit the Crusader’s Web site at www.crusaderinsurance.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (or “the Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (or “the Exchange Act”). In this context, forward-looking statements are not historical facts and include statements about the Company plans, objectives, beliefs and expectations. Forward-looking statements include statements preceded by, followed by, or that include the words “believes,” “expects,” “anticipates,” “seeks,” “plans,” “estimates,” “intends,” “projects,” “targets,” “should,” “could,” “may,” “will,” “can,” “can have,” “likely,” the negatives thereof or similar words and expressions.

Forward-looking statements are only predictions and are not guarantees of future performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statement. Many of these factors are beyond the Company’s ability to control or predict. The Company’s actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors. Such factors include, but are not limited to, failure to meet minimum capital and surplus requirements; vulnerability to significant catastrophic property loss; a change in accounting standards issued by the Financial Accounting Standards Board; ability to adjust claims accurately; insufficiency of loss and loss adjustment expense reserves to cover future losses; changes in federal or state tax laws; ability to realize deferred tax assets; ability to accurately underwrite risks and charge adequate premium; ability to obtain reinsurance or collect from reinsurers and or losses in excess of reinsurance limits; extensive regulation and legislative changes; reliance on subsidiaries to satisfy obligations; downgrade in financial strength rating by A.M. Best; changes in interest rates; investments subject to credit, prepayment and other risks; geographic concentration; reliance on independent insurance agents and brokers; insufficient reserve for doubtful accounts; litigation; enforceability of exclusions and limitations in policies; reliance on information technology systems; ability to prevent or detect acts of fraud with disclosure controls and procedures; change in general economic conditions; dependence on key personnel; ability to attract, develop and retain employees and maintain appropriate staffing levels; insolvency, financial difficulties, or default in performance of obligations by parties with significant contracts or relationships; ability to effectively compete; maximization of long-term value and no focus on short-term earnings expectations; control by a small number of shareholders; failure to maintain effective system of internal controls; and difficulty in effecting a change of control or sale of any subsidiaries.

Please see Part I – Item 1A – “Risk Factors” in the Company’s 2018 Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission (“SEC”), as well as other documents the Company files with the SEC from time-to-time, for other important factors that could cause the Company’s actual results to differ materially from its current expectations and from the forward-looking statements discussed herein. Because of these and other risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Financial Tables Follow –

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in thousands)

 

 

June 30

 

December 31

 

2019

 

2018

 

(Unaudited)

 

ASSETS

 

 

Investments

 

 

Available-for-sale:

 

 

Fixed maturities, at fair value (amortized cost: June 30, 2019 $80,207; December 31, 2018 $78,303)

$

81,271

$

76,910

 

Held-to-maturity:

 

 

Fixed maturities, at amortized cost (fair value: June 30, 2019 $4,782; December 31, 2018 $7,126)

 

4,782

 

7,126

 

Short‑term investments, at fair value

 

200

 

4,691

 

Total Investments

 

86,253

 

88,727

 

Cash and cash equivalents

 

5,591

 

4,918

 

Accrued investment income

 

410

 

394

 

Receivables, net

 

4,739

 

3,933

 

Reinsurance recoverable:

 

 

Paid losses and loss adjustment expenses

 

455

 

(1

)

Unpaid losses and loss adjustment expenses

 

11,139

 

9,532

 

Deferred policy acquisition costs

 

3,629

 

3,490

 

Property and equipment, net

 

9,910

 

9,692

 

Deferred income taxes

 

4,089

 

4,375

 

Other assets

 

257

 

557

 

Total Assets

$

126,472

$

125,617

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

LIABILITIES

 

 

Unpaid losses and loss adjustment expenses

$

49,830

$

51,657

 

Unearned premiums

 

17,726

 

15,965

 

Advance premium and premium deposits

 

360

 

234

 

Accrued expenses and other liabilities

 

1,650

 

1,845

 

Total Liabilities

 

69,566

 

69,701

 

 

 

 

Commitments and contingencies

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

Common stock, no par – authorized 10,000,000 shares; 5,306,747 and 5,307,103 shares issued and outstanding at June 30, 2019, and December 31, 2018, respectively

 

3,773

 

3,773

 

Accumulated other comprehensive income (loss)

 

840

 

(1,100

)

Retained earnings

 

52,293

 

53,243

 

Total Stockholders’ Equity

 

56,906

 

55,916

 

 

 

 

Total Liabilities and Stockholders’ Equity

$

126,472

$

125,617

 

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

($ in thousands, except per share)

 

 

Three Months Ended

 

Six Months Ended

 

June 30

 

June 30

 

2019

 

2018

 

2019

 

2018

REVENUES

 

 

 

 

Insurance company operation:

 

 

 

 

Net earned premium

$

6,518

 

$

7,363

$

12,782

 

$

15,045

 

Investment income

 

531

 

 

453

 

1,063

 

 

897

 

Net realized investment losses

 

(5

)

 

 

(12

)

 

 

Other income (loss)

 

169

 

 

112

 

(92

)

 

168

 

Total Insurance Company Operation

 

7,213

 

 

7,928

 

13,741

 

 

16,110

 

 

 

 

 

 

Other insurance operations:

 

 

 

 

Gross commissions and fees

 

528

 

 

671

 

1,075

 

 

1,278

 

Finance charges and fees earned

 

54

 

 

34

 

104

 

 

52

 

Other income

 

 

 

10

 

11

 

 

10

 

Total Revenues

 

7,795

 

 

8,643

 

14,931

 

 

17,450

 

 

 

 

 

 

EXPENSES

 

 

 

 

Losses and loss adjustment expenses

 

5,059

 

 

4,929

 

10,214

 

 

12,731

 

Policy acquisition costs

 

1,290

 

 

1,515

 

2,376

 

 

3,137

 

Salaries and employee benefits

 

1,013

 

 

1,127

 

2,041

 

 

2,415

 

Commissions to agents/brokers

 

41

 

 

41

 

91

 

 

82

 

Other operating expenses

 

735

 

 

744

 

1,364

 

 

1,610

 

Total Expenses

 

8,138

 

 

8,356

 

16,086

 

 

19,975

 

 

 

 

 

 

Income (loss) before taxes

 

(343

)

 

287

 

(1,155

)

 

(2,525

)

Income tax expense (benefit)

 

(66

)

 

119

 

(207

)

 

(486

)

Net Income (Loss)

$

(277

)

$

168

$

(948

)

$

(2,039

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA:

 

 

 

 

Basic

 

 

 

 

Earnings (loss) per share

$

(0.05

)

$

0.03

$

(0.18

)

$

(0.38

)

Weighted average shares

 

5,306,938

 

 

5,307,133

 

5,307,021

 

 

5,307,133

 

Diluted

 

 

 

 

Earnings (loss) per share

$

(0.05

)

$

0.03

$

(0.18

)

$

(0.38

)

Weighted average shares

 

5,306,938

 

 

5,307,133

 

5,307,021

 

 

5,307,133

 

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

($ in thousands)

 

 

Six Months Ended

 

June 30

 

2019

2018

Cash flows from operating activities:

 

 

Net Loss

$

(948

)

$

(2,039

)

Adjustments to reconcile net loss to net cash from operations:

 

 

Depreciation and amortization

 

270

 

 

282

 

Bond amortization, net

 

(5

)

 

129

 

Bad debt expense

 

(21

)

 

 

Net realized investment losses

 

12

 

 

 

Changes in assets and liabilities:

 

 

Net receivables and accrued investment income

 

(801

)

 

1,627

 

Reinsurance recoverable

 

(2,063

)

 

(378

)

Deferred policy acquisitions costs

 

(139

)

 

445

 

Other assets

 

300

 

 

(50

)

Unpaid losses and loss adjustment expenses

 

(1,827

)

 

989

 

Unearned premium

 

1,761

 

 

(1,944

)

Advance premium and premium deposits

 

126

 

 

32

 

Accrued expenses and other liabilities

 

(195

)

 

(699

)

Deferred income taxes

 

(231

)

 

(495

)

Net Cash Used by Operating Activities

 

(3,761

)

 

(2,101

)

 

 

 

Cash flows from investing activities:

 

 

Purchase of fixed maturity investments

 

(6,743

)

 

(10,735

)

Proceeds from maturity of fixed maturity investments

 

3,703

 

 

8,741

 

Proceeds from sale or call of fixed maturity investments

 

3,473

 

 

1,000

 

Net decrease in short-term investments

 

4,491

 

 

1,648

 

Additions to property and equipment

 

(488

)

 

(85

)

Net Cash Provided by Investing Activities

 

4,436

 

 

569

 

 

 

 

Cash flows from financing activities:

 

 

Repurchase of common stock

 

(2

)

 

 

Net Cash Used by Financing Activities

 

(2

)

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

673

 

 

(1,532

)

Cash and cash equivalents at beginning of period

 

4,918

 

 

9,367

 

Cash and Cash Equivalents at End of Period

$

5,591

 

$

7,835

 

 

 

 

Supplemental Cash Flow Information

 

 

Cash paid during the period for:

 

 

Interest

 

 

 

 

Income taxes

$

9

 

$

9

 

 

Contacts

Michael Budnitsky

Chief Financial Officer

818-591-9800

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Business Wire

Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds

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TACOMA, Wash.–(BUSINESS WIRE)–While there has been a lot of discourse around the shortage of high-skill workers in the U.S., a new study by staffing giant TrueBlue shows a significant percentage of employers are also struggling with deficits in low-skill and middle-skill workers – and dealing with a host of business challenges as a result.

According to TrueBlue’s nationwide survey, which included nearly 1,500 managers (HR, operational, and business), skills shortages are widening across skills categories:

  • 32% of managers can’t find workers to fill low-skill positions (generally classified as those that may or may not require a high school diploma and require little to no experience)
  • 46% can’t find workers for middle-skill jobs (typically require some experience and continuing education such as college courses, an apprenticeship or certification, but don’t necessarily require a four-year college degree)
  • 35% can’t find workers for high-skill jobs (typically require a four-year degree or higher and specialized experience)

Low unemployment coupled with globalization, accelerated technology advancement, and evolving work models are creating talent deficits across all skill levels within organizations,” said Patrick Beharelle, CEO of TrueBlue. “The skills supply is not keeping up with demand, which is fueling a greater intensity in an already competitive labor market and adversely impacting productivity, service quality, and revenue growth for businesses.”

Impact of Talent Shortages on Businesses

The top three business challenges managers are experiencing due to prolonged job vacancies within their organizations include:

  • Quality – More than a third of managers (35%) reported that extended job vacancies have caused lower product or service quality.
  • Turnover – 25% have seen higher employee turnover.
  • Revenue – 23% said their companies experienced a decline in revenue.

To address talent shortages and minimize associated business impact, 2 in 5 companies (41 percent) reported that they plan to raise compensation for entry-level workers and nearly half (46 percent) plan to train and hire the long-term unemployed in the coming year.

Survey Methodology

This SurveyMonkey survey was conducted online in the U.S. by TrueBlue between September 23 and October 15, 2019. It included 1,499 managers (HR, operations and general). The survey was across regions, industries, and company sizes.

About TrueBlue

TrueBlue (NYSE: TBI) is a global leader in specialized workforce solutions that help clients achieve business growth and improve productivity. In 2018, the company connected approximately 730,000 people with work. TrueBlue’s PeopleReady segment offers on-demand industrial staffing services, PeopleManagement offers contingent and productivity-based, on-site industrial staffing and driver staffing services, and PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions to a wide variety of industries. Learn more at www.trueblue.com.

Contacts

Jennifer Grasz

Vice President, Corporate Communications

jgrasz@trueblue.com
(312) 840-6327

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Law Firm of Estey & Bomberger Reports: Uber Says Nearly 6,000 Rapes, Sexual Assaults Occurred in Two-year Period

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SAN DIEGO–(BUSINESS WIRE)–The law firm of Estey & Bomberger reported today that Uber’s long-awaited sexual assault report was released Dec. 5, with the ride-hailing company admitting that 5,981* passengers and drivers were raped or sexually assaulted between 2017-2018.

“I applaud Uber for releasing the data that acknowledges there is a problem with sexual assaults occurring in rideshare. While we believe these assaults were preventable, Uber’s report represents a tremendous step for ride-hailing safety,” said Estey & Bomberger attorney Mike Bomberger. “I think there are many positive measures Uber is taking. However, Uber still has an obligation to help the victims who have been raped and assaulted and facing a lifetime of emotional pain. They will need ongoing therapy.”

Estey & Bomberger represents more than 100 ride-hailing sexual assault victims.

“It’s important to remember when reading this report that only one in three women report their sexual assault,” Bomberger said. “Therefore, the number of women who have been sexually assaulted is certainly much higher than reported here.”

Bomberger reiterated his call for all ride-hailing trips to be digitally recorded.

“We’re pleased that Uber is now testing cameras in Texas. That’s the real solution to this problem – if drivers know they’re being recorded they won’t rape and assault,” Bomberger said.

Estey & Bomberger is asking Lyft and Uber sexual assault victims, along with former employees of the ride-sharing firms, to contact its office by calling 866-964-1708 or emailing info@lyftsexualassaultlawyers.com.

*statistic courtesy NPR “Uber Received Nearly 6,000 U.S. Sexual Assault Claims in Past 2 Years,” Dec. 5, 2019.

Contacts

for Estey & Bomberger

Ed Vasquez, 408-420-6558

ed@ejvcommunications.com

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Best’s Market Segment Report: AM Best Maintains Global Reinsurance Market Outlook at Stable

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has maintained a market segment outlook of stable on the global reinsurance industry for 2020, citing a stabilized pricing environment — albeit at levels below long-term adequacy — the continuing alignment between traditional and third-party capital and ongoing stability in the global life reinsurance segment.

A new Best’s Market Segment Report, titled, “Market Segment Outlook: Global Reinsurance,” states that although rates in the non-life reinsurance market have improved modestly, pricing has not kept adequate pace with the changing risk dynamics, as illustrated by loss development from events such as hurricanes Irma and Maria and Typhoon Jebi, and potential losses from more-recent events (e.g., Hurricane Dorian). Property catastrophe pricing still is being driven by the availability of third-party capital; however, the increasing interdependence between traditional capacity and third-party capital through joint ventures, retrocession and direct ownership should serve to more closely align return objectives for the market overall. Third-party capital also represents a benefit in the form of stabilized earnings of rated balance sheets, due to tail risk being assumed by this capital.

Overall market conditions are improving, but AM Best remains concerned about insufficient rate adequacy relating to certain U.S. casualty lines, a steady decline in the benefit of favorable reserve releases and the pervasive low interest rate environment. The collective effect of these factors requires underwriting discipline, and failure to react to these pressures could adversely affect the segment.

The report outlines other factors that are driving the stable market segment outlook, including:

  • AM Best believes alternative third-party capital will hold the line on future return expectations following the recent heavy catastrophe loss years;
  • A decline in capital consumption and earnings volatility, due in part to the increased utilization of third-party capital in retrocessionaire programs;
  • Greater emphasis on underwriting discipline due to pressure on interest rates and potential slower economic growth globally;
  • Improving pricing momentum driven by higher loss costs, coupled with lower loss reserve redundancies;
  • Increased demand for non-life reinsurance due to primary companies’ recent loss experience, as well as new risk transfer opportunities and mergers and acquisitions;
  • Stable operating performance among life reinsurers, which continue to maintain defensible market positions and offer services beyond risk transfer that create hurdles for new entrants.

To access the full copy of the overall global reinsurance briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=292334.

Separate briefings on the non-life and life reinsurance segments can be viewed at:

To view a video with AM Best Associate Director Scott Mangan about the global reinsurance market segment outlook, please visit http://www.ambest.com/v.asp?v=globalreoutlook1219.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Robert DeRose
Senior Director
+1 908 439 2200, ext. 5435
robert.derose@ambest.com

Greg Carter
Managing Director
+44 20 7397 0288
greg.carter@ambest.com

Michael Porcelli, FSA
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

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