Owners of captive insurance companies tightened margins and used capital more efficiently in 2012, according to a new A.M. Best financials report on the industry. Over the longer term, the five-year combined ratio for the captive composite of 92.3 compares extremely favorably with the commercial casualty composite of 103.3.

The captives’ operating ratio over the same five-year period is tighter, with the captives generating a five-year operating ratio of 76.0, compared to 88.5 for the commercial casualty composite.

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