National American Insurance Company (NAICO) has been named to Ward’s Top 50 performing P&C insurance companies for the fourth year running, according to a newsletter from president and COO Lance LaGere.
“Consistent results like this are a direct reflection of the quality of our people,” LaGere said. “So often, people wonder how companies achieve long-term results, but I assure you that such results didn’t occur overnight.”
The list is compiled annually by Ward Benchmarking at Aon, which provides performance data for insurance firms. They analyzed the financial performance of nearly 2,900 property-casualty insurance companies based in the United States. Those that make the list must pass minimum thresholds in safety and consistency as well as performance.
For safety and consistency, tests that needed to be passed were surplus and premiums of at least $50 million for each of the five years analyzed, net income in at least four of the last five years, and compound annual growth in premiums between -10 percent and +40 percent, according to the report.
Additionally, performance measurements looked at the average return on average equity, average return on average assets, average return on total revenue, growth in revenue, growth in surplus and average combined ratio over the last five years.