Common use of Combined Ratio Clause in Contracts

Combined Ratio. The ratio of Net Losses plus Insurance Operating Expenses to Net Premiums Written for all Insurance Subsidiaries, as of the last day of each fiscal year, on an Additive Basis, shall not exceed 106% for any one year or 100% for any two consecutive years based on the Annual Statements filed with the FOIR.

Combined Ratio. The ratio of Net Losses plus Insurance Operating Expenses to Net Premiums Written for all Insurance Subsidiaries, as of the last day of each fiscal year, on an Additive Basis, shall not exceed 106104% for any one year or 10099% for any two consecutive years based on the Annual Statements filed with the FOIR. 14. The Loan Agreement is hereby amended further by deleting Section 6.15 in its entirety and substituting in lieu thereof the following:

Combined Ratio. The ratio of Net Losses plus Insurance Operating Expenses to Net Premiums Written for all Insurance Subsidiaries, as of the last day of each fiscal year, on an Additive Basis, shall not exceed 106% for any one year or 100% for any two consecutive years based on the Annual Statements filed with the FOIR. 8. The last sentence of Section 6.15 requiring the Payment Reserve Account is deleted. 9. Section 7.01 is hereby modified by adding the following subsection as follows: