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Terms of the acquisition, which includes premium volume of about $34 million, were not disclosed.
"An organization like this one relies on constant, ever-growing premium volume, so it can cover and pay for the deficits," said W. O. Myrick, a retired chief insurance examiner for Louisiana.
Today, premium volume is $14.3 billion and growing.
Premium volume from health insurance was up a mere 2%.
Premium volume from health insurance major medical, long-term care and Medicare supplemental was up a mere 2%.
Dreams of getting 5% of the veterinary market by 2003, which would mean $1.3 billion in annual premium volume.
Similar(54)
Like its neighbors in the Maghreb region, the Tunisian insurance market reported solid growth over the past three years, with premium volumes rising 6.4 percent in 2009, 9.6 percent in 2008 and 9.6 percent in 2007, the agency said.
The group, whose sale to the US private equity groups is set to be completed by the end of March, said the results reflected lower premium volumes, a higher burden of major claims and lower investment returns, partially offset by a lower tax charge.
During that same time period, super premium volumes have increased a staggering 805%, and supplier revenues for super premium tequilas by 730%.
But with the premiums, volume is not the issue: These are the wines that Ernest and Julio want to bear their family name when they are gone.
(Under accounting rules, you write down the carrying value of goodwill if its economic value decreases, but leave it unchanged if economic value increases). Using the 97%-of-premium-volume yardstick we applied to our 1996 purchase, the real value today of GEICO's economic goodwill is about $14 billion.
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