Net income for a composite of 195 U.S. captive insurers doubled in 2009 over 2008, according to A.M. Best Co. The increase was driven by the recovery of the industry’s investments.
According to the rating agency, realized capital gains totaled $82 million for 2009, compared with $1.2 billion of realized capital losses in 2008. Net underwriting income actually decreased from the prior year as captives continued to focus on providing coverage and stable pricing to their constituents and not on producing large underwriting profits.
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