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.
Appears in 3 contracts
Samples: Loan and Security Agreement (Amcomp Inc /Fl), Loan and Security Agreement (Amcomp Inc /Fl), Loan Agreement (Amcomp Inc /Fl)
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.
Appears in 1 contract
Samples: Loan Agreement (Amcomp Inc /Fl)