LOS ANGELES--(BUSINESS WIRE)--
Knight Insurance Group is working with A.M. Best to review Knight’s growth in 2013 through a detailed quantitative analysis. Knight Insurance Group members are rated A- (Excellent) by A.M. Best, who has placed the Knight Insurance Company, Ltd., and KnightBrook Insurance Company under review with negative implications. In 2013, Knight Insurance Group experienced a 77.2% growth in written premium from the year prior. The review process will include a quantitative evaluation of loss reserves and premium adequacy.
“We certainly acknowledge the growth we have had in 2013,” stated Don Hankey, Knight Insurance Group Chairman. “We continue to have good, profitable business, have increased reserves and surplus appropriately, and have injected a substantial amount of additional capital into both companies to very comfortably support them.”
Knight Insurance Group’s premium to surplus ratio remains stable and it is discriminatory in its program selection, sticking to its ROI threshold hurdle rate of 30%. While this has limited the ability to grow in prior years, Knight has seen new opportunities in the last two years as other program carriers have ceased or limited their program business. Knight’s management is confident that the quantitative analysis will result in an affirmation of the stability of the underlying growth business.
“We have been fortunate from a business perspective to be in the market conditions we are currently experiencing, with better rate per risk and an ability to be more selective in our program relationships,” stated Eric Jarvis, President of Knight Insurance Group. “This has translated into significant growth for the organization. We will work with A.M. Best during the review process to help create a high level of comfort with the fundamental economics of the underlying business.”
For more information, contact Eric D. Jarvis, CEO of Knight Insurance Group at 323-692-4033.
About Knight Insurance Group: The Knight Insurance Group focuses upon well-managed niche program business on an admitted and non-admitted basis. Knight is part of the $3.7 Billion, privately held Hankey Group of Companies. Its insurance companies include KnightBrook Insurance Company, Knight Re, and Knight Specialty Insurance Company.
Eric D. Jarvis, CEO, 323-692-4033