< PreviousBest’s Rankings: Florida 48BEST’S REVIEW • JANUARY 2023 in 2021 and Florida Specialty Insurance in 2019. None of the insolvent companies was rated by AM Best at the time of insolvency. A variety of insurance ratios measure company performance in different categories. Ratios that compare premium written to policyholder surplus are known as leverage ratios. Those include: • Gross leverage ratio is the sum of net leverage and ceded reinsurance leverage. Gross leverage ratios range from sub-1 to 27 for insurers reporting homeowners coverage in Florida. • Net leverage ratios are the sum of a company’s net premiums written and net liability ratios. Net leverage ratios range from sub-1 to 13 for insurers writing homeowners coverage in Florida. Current liquidity measures the proportion of liabilities covered by unencumbered cash and unaffiliated investments excluding real estate. Liquidity ratios range from low single digits to well beyond 100% for insurers writing homeowners coverage in Florida. Each year, insurers operating in the Sunshine State cede billions of premium dollars in reinsurance. Business retention rates, defined as the percentage of a company’s gross writings that are retained for its own account, range from low single digits to 100%. Much of Florida’s reinsurance support comes from reinsurers based in Bermuda. “Florida and Bermuda are connected virtually at the hip,” RenaissanceRe Senior Vice President and Chief Underwriting Officer for Property Justin O’Keefe said. The reinsurance recoverables to policyholder surplus ratio measures insurers’ dependence on reinsurance and their potential exposure to reinsurance collectability issues. Reinsurance recoverables to PHS ratios range from zero to multiple hundreds of percent for insurers writing homeowners coverage in Florida. In a related note, AM Best in September 2022 published a commentary, Reinsurer Losses Related to Florida Specialists Continue to Climb Despite No Significant Storms. Shortly after the report was issued, Hurricane Ian made landfall in southwest Florida with 150 mph winds. The (re)insurance industry expects losses of tens of billions of dollars from wind, storm surge and flood damage. AM Best defines Florida personal property specialists as regional insurers domiciled in Florida with predominate exposures to Florida personal property insurance. The commentary found “Florida’s personal property specialists show a significantly higher dependency on reinsurance than the industry average,” and “reinsurance recoverable and ceded premiums among this group were 5.7 times policyholder surplus level in 2021, compared with an industry average of only 0.5 times.” Three ratios measure insurers’ ability to generate underwriting profitability: • The combined ratio after policyholder dividends measures a company’s overall underwriting profitability. A combined ratio of less than 100 indicates the company has reported an underwriting profit. Combined ratios for insurers writing homeowners coverage in Florida for 2021 range from well below 100 to multiple hundreds. • The operating ratio measures a company’s overall operating profitability from underwriting and investment activity. An operating ratio of more than 100 indicates a company is unable to generate profits from its underwriting and investment activities. Operating ratios for insurers writing homeowners coverage in Florida range from well under 100 to multiple hundreds. • Total return on PHS measures a company’s overall after-tax profitability from underwriting and investment activity, divided by the mean of prior and current year-end surplus. This measure includes capital gains/losses. Total return on PHS ratios for carriers writing homeowners in Florida range from well below zero to more than 47. Insurance companies reporting premium for homeowners multiperil in Florida in 2021 are listed in the accompanying table, along with a selection of ratings, data and ratios. Companies are listed in alphabetical order, with their single company rank by market share reported in an interior column. Information in the exhibit on homeowners multiperil coverage is drawn from BestLink. BR (Continued from page 41)22.TRI04D1 Our Insight, Your Advantage ™ Learn More: www.ambest.com/trilogy www.ambest.com • (908) 439-2200 HISTORY LIGHTS THE WAY FORWARD Get perspective on how to navigate future challenges by learning about the past. The AM Best Business Trilogy tells the story of key players in the insurance and credit rating industries, illuminating the strong business practices that blazed a trail forward in the global marketplace. A portion of the proceeds from The AM Best Business Trilogy will be donated to the AM Best Foundation, a nonprofit which supports charitable organizations that encourage education and thought leadership in insurance and risk management.Industry Events 50 BEST’S REVIEW • JANUARY 2023 Insurance Industry Events Swing Back Into Action The insurance industry looks forward to a busy schedule of in-person events in 2023. The schedule includes Riskworld in Atlanta, Georgia, in late April/ early May and InsureTech Connect in Las Vegas, Nevada, in late October/early November. Schedule of Popular Insurance Events DatesNameOrganizationTypeLocation Jan. 6-11American Farm Bureau ConventionAmerican Farm Bureau FederationLiveSan Juan, PR, USA Jan. 18 St. John's Insurance Leader of the Year Award Dinner St. John's UniversityLiveNew York, NY, USA Jan. 22-242023 January Large Agents ConferenceALTALiveScottsdale, AZ, USA Feb. 1-3World Captive ForumBusiness InsuranceLiveMiami, FL, USA Feb. 5-7APCIA Emerging Leaders ConferenceAPCIALiveCharleston, SC, USA Feb. 7-8Verisk ElevateVerisk (formerly AIR Worldwide)LiveSalt Lake City, UT, USA Feb. 10Artemis ILSArtemisLiveNew York, NY, USA Feb. 14-15PLUS D&O SymposiumPLUSLiveNew York, NY, USA Feb. 14-16NAMIC Claims ConferenceNAMICLiveOrlando, FL, USA Feb. 26-March 1ReFocus ConferenceACLILiveLas Vegas, NV, USA Feb. 27-March 2RAA Cat Risk Management Conference Reinsurance Association of America (RAA) LiveOrlando, FL, USA March 5-72023 CICA International ConferenceCaptive Insurance Companies AssociationLiveRancho Mirage, CA, USA March 8-10 NAMIC Commercial & Personal Lines Seminar NAMICLiveChicago, IL, USA March 22-25NAIC Spring MeetingNAIC Spring MeetingLiveLouisville, KY, USA April 2-5WSIA Insurtech SummitWSIALiveNashville, TN, USA April 11-14Verisk Envision 2023Verisk (formerly AIR Worldwide)LiveScottsdale, AZ, USA April 13-14FAIA Sales and Leadership Conference Florida Association of Insurance Agents (FAIA) LiveTampa, FL, USA April 18-20Global Insurance SymposiumGISLiveDes Moines, IA, USA April 23-25 Auto Insurance Report National Conference 2023 Risk InformationLiveDana Point, CA, USA Photo by Edem Kuenyehia51 BEST’S REVIEW • JANUARY 2023 DatesNameOrganizationTypeLocation April 24-26 2023 Life Insurance and Annuity Conference LIMRALiveSalt Lake City, UT, USA April 30-May 3IMUA 92nd Annual ConferenceInland Marine Underwriters AssociationLiveTucson, AZ, USA April 30-May 3RiskworldRisk & Insurance Management SocietyLiveAtlanta, GA, USA May 1-32023 Mid-Year MeetingTarget MarketsLiveBoston, MA, USA May 30-June 1InsureTech Connect AsiaInsureTech ConnectLiveSingapore June 4-7IASA XchangeIASALiveMinneapolis, MN, USA June 4-7National Flood ConferenceAPCIALiveWashington, DC, USA June 6-8 Meeting of Reinsurance Officials (MORO) 2023 ICMIFLiveDes Moines, IA, USA June 7-8InsurTech Insights AmericasInsurTech InsightsLiveNew York, NY, USA June 13-15AHIP 2023AHIPLivePortland, OR, USA June 19-21AIRMIC Conference 2023AIRMICLiveLondon, England June 25-28Management ConferenceNAMICLiveQuebec City, Quebec, Canada July 16-18 2023 Compliance & Legal Sections Annual Meetng American Council of Life InsurersLiveLas Vegas, NV, USA July 19-23NCOIL Summer MeetingNCOILLiveMinneapolis, MN, USA July 25-27Re Contracts Reinsurance Association of America (RAA) LiveNew York, NY, USA Aug. 7-92023 LIMRA Advanced Sales ForumLIMRALiveChicago, IL, USA Aug. 7-10VCIA 2023 ConferenceVermont Captive Insurance AssociationLiveBurlington, VT, USA Aug. 10-11GIS Leadership SymposiumGamma Iota SigmaLiveColumbus, OH, USA Aug. 10-12Summer Leadership Conference Florida Association of Insurance Agents (FAIA) LivePalm Coast, FL, USA Aug. 13-17NAIC Summer MeetingNAICLiveSeattle, WA, USA Sept. 9-13Les Rendez-Vous de SeptembreLes Rendez-Vous de SeptembreLiveMonte Carlo, Monaco Sept. 11-13Bermuda Captive ConferenceBermuda Business Development AgencyLive Bermuda Sept. 11-14RIMS Canada ConferenceRIMSLiveOttawa, Ontario, Canada Sept. 17-20WSIA Annual MarketplaceWSIALiveSan Diego, CA, USA Sept. 17-20NAMIC Annual ConventionNAMICLiveNational Harbor, MD, USA Sept. 29-Oct. 3Insurance Leadership ForumCouncil of Insurance Agents and BrokersLiveTBD Oct. 16-1823rd Annual SummitTarget MarketsLiveScottsdale, AZ, USA Oct. 22-24LIMRA Annual ConferenceLIMRALiveNational Harbor, MD, USA Oct. 22-26Baden-Baden Reinsurance MeetingBaden-Baden Kur & TourismusLiveBaden-Baden, Germany Oct. 31-Nov. 2InsureTech ConnectInsureTech ConnectLive Las Vegas, NV, USA Nov. 15-18NCOIL Annual MeetingNCOILLiveColumbus, OH, USA Nov. 28-30Cayman Captive Forum Insurance Managers Association of Cayman LiveGrand Cayman, Cayman Islands Nov. 28-30ICMIF Americas Conference 2023ICMIFLiveBelo Horizonte, Brazil Dec. 4-6PLUS ConferencePLUSLiveLas Vegas, NV, USA Source: Event hosts. Visit www.ambest.com/calendar for a full list of upcoming insurance events. MENA Insurers 52BEST’S REVIEW • JANUARY 2023 AM Best: Opportunities Arise for MENA Reinsurers, Amid Divergent Economic Conditions Longer-term prospects for the reinsurance market may transpire from growing product offerings in primary markets. Editor’s Note: The following is an excerpt from Best’s Market Segment Report: Opportunities Arise for MENA Reinsurers, Amid Divergent Economic Conditions. Visit www.ambest.com to access the full report. Principal Takeaways • Hardening reinsurance market conditions in the region, as well as changes in reinsurers’ appetites as to where they deploy their capital, have sustained the positive price momentum over recent renewal seasons. • Reinsurance capacity in the region continues to be highly changeable and dynamic, sourced through global reinsurance players, regionally domiciled reinsurers, and reinsurance groups from Africa and Asia. • Divergent economic conditions are expected to continue across the region for oil-exporting and oil-importing countries. • Operational challenges and deteriorating country risk landscapes in several countries have weighed negatively on AM Best’s view of the financial strength of the reinsurers domiciled and operating there. Hardening markets conditions over 2021 continued to benefit regional reinsurers domiciled in the Middle East and North Africa (MENA). Positive pricing momentum has been maintained over recent renewal seasons, driven by changes in the region’s reinsurance capacity providers, rising claims inflation, elevated frequency of large loss events and improved market discipline. Current market conditions contrast to the persisting soft market experienced in the region prior to 2020, themselves a by-product of plentiful capacity and high levels of price competition. The reinsurance pricing environment in the MENA region reflects both regional drivers, such as recent underwriting performance strains, as well as global reinsurance trends, and are a clear tailwind for reinsurance providers in the region. In general, AM Best views the region as having good reinsurance growth potential, supported by rebounding economic activity, the extraction of natural resources, and intentions to increase insurance penetration across the region. However, MENA reinsurers are facing fresh and varying challenges, from supply chain disruptions and inflationary pressures to elevated economic, financial and political instability in certain markets. AM Best notes that the region is not homogenous, and that what is a positive driver for one market, such as buoyant oil prices, can be a negative contributor for 53BEST’S REVIEW • JANUARY 2023 others, and consequently for the regional reinsurers operating there. In this context, AM Best views deteriorating country risk factors in several of the region’s markets as a negative credit trend. Over 2021, the MENA region experienced a general improvement in economic conditions as countries rebounded following the COVID-19 pandemic. In AM Best’s view, this provided a solid platform for (re)insurance market opportunities. In March 2022, AM Best revised its market segment outlook on the Gulf Cooperation Council (GCC)—a significant, and largely oil-reliant, sub-section of the MENA region—to Stable from Negative owing to rallying oil prices driving economic recovery, increased opportunities for insurance sector growth and recovering financial markets. Several of the economies in the region are heavily reliant on hydrocarbon industries. The current buoyant oil price environment, attributable to supply concerns amid excess demand for oil and energy linked to post-pandemic activity and disruption caused by Russia’s invasion of Ukraine, is expected to have a substantial impact on the region’s economies. Insurance markets in the region are reliant on government spending—notably from infrastructure projects— for a sizable share of premium growth. These risks are typically heavily ceded by primary insurers to reinsurance partners, and have provided profitable underwriting opportunities for the region’s reinsurers. Best’s Rankings Largest MENA Insurers – 2023 Edition Ranked by 2021 gross premiums written. (US$ Thousands) RankCompanyAMB#Country of DomicileGross Premiums WrittenCapital & Surplus 1Harel Ins Co Ltd.088583Israel$4,813,382 $1,942,163 2Migdal Ins Co Ltd086742Israel4,238,244 2,637,437 3Phoenix Ins Co Ltd071355Israel3,644,108 2,122,668 4Qatar Ins Co Q.S.P.C.078335Qatar3,499,416 2,329,512 5Clal Ins Co Ltd086738Israel3,457,513 2,189,440 6BUPA Arabia for Cooperative Ins Co090701Saudi Arabia3,039,160 1,120,113 7Co for Cooperative Ins085885Saudi Arabia2,728,470 811,460 8Menorah Mivtachim Ins Co Ltd.088582Israel2,100,542 820,621 9Gulf Ins Group K.S.C.P.090842Kuwait1,826,967 830,983 10Orient Ins PJSC078593United Arab Emirates1,363,564 1,013,885 11Abu Dhabi Natl Ins Co PJSC085825United Arab Emirates1,161,964 770,976 12Ayalon Ins Co Ltd086737Israel1,062,239 201,798 13Turkiye Sigorta A.S.084967Turkey1,055,823 393,374 14WAFA Assur091808Morocco994,146 674,703 15Anadolu Anonim Turk Sigorta Sirketi084959Turkey964,670 317,751 16Oman Ins Co P.S.C.078177United Arab Emirates963,615 606,896 17Allianz Sigorta A.S.084964Turkey885,494 414,432 18Al Rajhi Co for Cooperative Ins091869Saudi Arabia736,838 339,214 19Gulf Ins Group (Gulf) B.S.C. (c)090814Bahrain633,272 377,673 20Aksigorta A.S.084956Turkey627,908 113,253 21Walaa Cooperative Ins Co090704Saudi Arabia624,492 216,445 22SAHAM Assur Maroc078961Morocco614,840 520,201 23AXA Assurance Maroc078564Morocco608,960 470,925 24Medgulf KSA088904Saudi Arabia597,094 270,921 25AtlantaSanad Assur090319Morocco590,741 405,778 26Misr Ins Co085257Egypt553,553 1,451,457 27AXA Sigorta A.S.083738Turkey532,294 300,335 28Hachshara Ins Co, Ltd.094373Israel513,139 119,299 29Misr Life Ins Co092571Egypt491,516 544,955 30HDI Sigorta A.S.083228Turkey432,081 113,763 Source: ; data as of Nov. 30, 2022.54BEST’S REVIEW • JANUARY 2023 India Insurers India’s Regulator Unveils ‘Insurance for All’ Reforms The regulator is seeking to “create a progressive, supportive, facilitative and forward looking regulatory environment” that will be more competitive, with more choices and affordability for policyholders. by David Pilla I ndia’s insurance regulator unveiled an “insurance for all” strategy with the goal of allowing every citizen access to life, health and property insurance within the next 25 years. Every enterprise in India will also have access to insurance solutions and the Indian insurance market will be made more attractive worldwide by 2047 through an effort launched by the Insurance Regulatory and Development Authority of India, the regulator said in a statement. The regulator is seeking to “create a progressive, supportive, facilitative and forward looking regulatory environment” that will be more competitive, with more choices and affordability for policyholders, the IRDAI said. The regulator said its reform agenda follows the government’s aim to create financial inclusion while accelerating reforms. Among proposals approved at the IRDAI’s recent annual meeting, the insurer registration process will allow freer opportunities to invest in insurers. Corporate agents will be allowed to partner with as many as nine insurers rather than the current limit of three, and insurance marketing firms can partner with six insurers rather than the current limit of two, said the IRDAI. The regulator said it is loosening its regulatory sandbox limits by allowing insurers and intermediaries up to 36 months to experiment with ideas and products rather than the previous six-month limit. The sandbox will also allow for a review of rejected applications. The IRDAI said it is also getting rid of certain restrictions on other forms of capital such as David Pilla is news editor. He can be reached at david.pilla@ambest.com.55BEST’S REVIEW • JANUARY 2023 subordinated debt and preference shares and raising the threshold limits for such capital. Proposed reinsurance regulatory changes in India would help create a more open market in the country but Europe’s industry trade group said there would still be unnecessary restrictions on foreign reinsurers. Insurance Europe’s Reinsurance Advisory Board welcomes an exposure draft by the Insurance Regulatory and Development Authority of India on proposed draft amendments to its reinsurance regulations, which include changes on an order of preference that would work toward a more open and balanced reinsurance market, it said at the time. The IRDAI earlier released the exposure draft on reinsurance rules that propose changes affecting how reinsurance is regulated in the country. Best’s Rankings Largest India Insurers — 2023 Edition Ranked by 2021 gross premiums written. (US$ Thousands) RankCompany/GroupAMB#Gross Premiums WrittenCapital & Surplus 1Life Ins Corp of India085485$56,683,347 $1,378,482 2SBI Life Ins co Ltd.0902537,781,539 1,539,143 3HDFC Life Ins Co Ltd0776296,086,857 2,050,799 4Gen Ins Corp of India0860415,722,096 7,594,922 5ICICI Prudential Life Ins Co Ltd0895804,960,570 1,213,464 6New India Assur Co Ltd0860434,878,009 5,166,297 7Max Life Ins Co Ltd0784652,968,309 423,228 8ICICI Lombard General Ins Co Ltd0785222,458,219 1,253,973 9Bajaj Allianz Life Ins Co Ltd0902632,135,706 1,448,626 10United India Ins Co Ltd0854122,125,424 696,787 11Oriental Ins Co Ltd0860441,934,206 898,348 12Tata AIA Life Ins Co Ltd0901691,912,955 299,842 13Agriculture Ins Co. of India Ltd.0902971,846,106 713,472 14Bajaj Allianz General Ins Co0785291,825,953 1,168,326 15HDFC ERGO Gen Ins Co Ltd0917861,815,237 473,766 16Natl Ins Co Ltd0860421,814,449 764,681 17Kotak Mahindra Life Ins Co Ltd0902611,723,592 581,324 18Aditya Birla Sun Life Ins Co Ltd0902641,607,730 337,515 19Star Health & Allied Ins Co Ltd0906491,518,108 613,249 20Tata AIG Gen Ins Co Ltd0901681,415,121 593,953 21Reliance Gen Ins Co Ltd0902601,258,729 311,577 22SBI Gen Ins Co Ltd0912751,226,239 393,674 23IFFCO TOKIO Gen Ins Co Ltd0887471,141,278 428,733 24PNB MetLife India Ins Co Ltd090262973,131 179,345 25Canara HSBC Oriental Bank Com Life Ins091056780,002 170,884 26Go Digit Gen Ins Ltd095983697,593 261,966 27IndiaFirst Life Ins Co Ltd091014686,857 65,324 28Reliance Nippon Life Ins Co Ltd090255666,993 192,820 29Cholamandalam MS General Ins Co Ltd077802642,806 263,697 30Future Generali IN Ins Co Ltd090666557,577 167,410 Source: ; data as of Nov. 30, 2022.56BEST’S REVIEW • JANUARY 2023 AM Best: Numerous Pressures Create Tough Terrain for Personal Auto Insurers Inflationary pressures, supply chain challenges and costly repairs of technologically advanced autos are combining to squeeze profit margins for U.S. personal auto insurers. Editor’s Note : The following is an excerpt from Best’s Market Segment Report: Numerous Pressures Create Tough Terrain for Personal Auto Insurers . Visit www.ambest.com to access the full report. Principal Takeaways • Following a year when the industry’s underwriting performance weakened, ongoing inflationary challenges and corresponding rate inadequacy led to significant deterioration in 2021 private passenger auto results—a trend that has continued through 2022. • Recent profitability deterioration encompasses both liability and physical damage coverages. • Factors leading to increased loss severity include higher fatality rates, increased repair costs for newer vehicles, higher used car prices, supply chain and labor market challenges, and rising medical costs. • Auto insurers have encountered difficulties obtaining state regulatory approval for needed rate increases, compounding premium inadequacy. • Digital and technological innovations have improved operations and risk management for auto insurers and should continue to provide benefits over the medium to long term. • Insurers remain vigilant pursuing higher rates in response to loss cost pressures. Inflationary pressures, supply chain disruptions, and higher costs associated with technological advancements are squeezing profit margins for What AM Best Says57BEST’S REVIEW • JANUARY 2023 private passenger (personal) auto insurers. Despite the best efforts of carriers to pursue rate increases and use available pricing tools more judiciously, personal auto insurers are having difficulty staying ahead of deteriorating severity trends. The direct incurred loss ratio through the first half of 2022 deteriorated by more than 13 percentage points compared with the first half of 2021. The 2021 six- month incurred loss ratio of 62.2 represented a return to levels experienced before the COVID-19 pandemic took hold in the U.S. The combination of government- imposed restrictions and employers moving to a remote environment resulted in significantly less traffic on U.S. roadways and a considerable drop in the loss ratio during the first half. As lockdowns ended and traffic levels increased, loss frequency returned to normal, contributing to the 75.4 incurred loss ratio for the first half of 2022, revealing just how rapidly loss-related factors have worsened. The adverse loss severity trend is attributable to a combination of factors that have severely diminished prospects for near-term improvements: • Rising medical costs for individuals injured in auto accidents • Higher fatality rates from accidents • Increased costs to repair newer, more sophisticated vehicles • Supply chain delays and labor market challenges adding to rental car costs as policyholders wait for extended periods to have their cars repaired • Higher used car prices Insurers Seek Rate Adequacy Carriers continue to pursue rate adequacy, but staying ahead of the current severity trends has been challenging. The process for filing for rate changes varies by regulatory jurisdiction and may be very time-consuming. With accelerated loss cost trends, many carriers have found effectively addressing rate needs in a timely fashion a challenge. The full-year 2021 underwriting results for private passenger auto insurers show that following positive trends in 2018 and 2019 and the pandemic-induced underwriting ratios that were more favorable than normal, results began reverting to a less favorable direction in 2021. The aggregate loss and loss adjustment expense (LAE) ratio for property/casualty carriers deteriorated in 2021, which led to a nine-point increase in the combined ratio. The 2021 loss and LAE ratio of 77.7 represented the worst result since 2017; however, it is only one point higher than the 76.6 average from 2011 through 2021. The recent results validate the notion that the improvement in underwriting results was curtailed in 2021. AM Best believes pressure on underwriting results will continue to be experienced over the near-term. During the past decade, the loss experience for auto liability coverage has consistently been a little worse than the experience for physical damage coverages written by private passenger auto insurers. Higher average paid claims led to a consistent uptick in the auto liability loss and LAE ratio from 2012 to the high point during this period in 2016. However, in 2021, while auto liability results were largely in line with, if not better than, pre- pandemic results from 2018 and 2019, auto physical damage results moved the overall private passenger auto combined ratio higher. The industry’s physical damage underwriting ratios (both the loss and LAE and combined ratios) in 2021 were worse than at any other time during the 2012-2020 period. This was influenced by a high degree of flood losses associated with Hurricane Ida. Over time, it appears that physical damage underwriting ratios generally fall within a relatively narrow range outside of the occasional spike driven by catastrophes. Newer vehicles with enhanced safety features are more commonplace and may ultimately have a favorable impact on loss frequency, but they also have higher repair costs. With access to both needed parts and qualified labor still constrained, despite the overall improvement in unemployment, the cycle time for auto repairs has lengthened considerably, resulting in additional loss cost pressures. As of midyear 2022, according to the U.S. Department of Labor, the cost of motor vehicle parts and equipment was up by 13% year over year, indicating that the pressure on auto physical damage claim costs is increasing. Deteriorating liability and physical damage results led to a more than $4.0 billion underwriting loss in 2021 for private passenger auto insurers. Net premiums earned for personal auto increased minimally, by 2.6%, in calendar year 2021, while net incurred losses jumped by over 24%. Loss adjustment and other underwriting expenses attributable to this line of business remained relatively static. BRNext >