Peer Benchmarking for a Group of Leading U.S. Specialty Insurers May, 2013
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Peer Benchmarking on Key Bottom-Line Ratios and Investment Return Expense Ratio – 2012, %
Loss Ratio – 2012, %
50%
100% 33.9%
80%
0%
Markel Corp
Argo
63.1%
79.3%
47.1%
75.5%
63.0% Argo
Industry Average (7 Cos.)
Investment Yield, % (2012)
2012 Endurance WR Berkley
Markel Corp
HCC Endurance Insurance Specialty Holdings Holdings Return on Invested Assets
RLI
Meadowbrook WR Insurance Berkley Group
3.5%
5.7%
0%
4.9%
8.1%
10%
4.7%
20%
9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
3.9%
30%
2011 HCC Meadowbrook
RLI Meadowbrook WR Insurance Berkley Group
Loss Ratio
Industry Average (7 Cos.)
Return on Average Equity, %
-10% 2010 Markel RLI Argo
HCC Endurance Insurance Specialty Holdings Holdings
3.9%
Expense Ratio
RLI Meadowbrook WR Insurance Berkley Group
0%
4.5%
Markel HCC Endurance Corp Insurance Specialty Holdings Holdings
20%
67.8% 92.5%
39.2%
34.1%
32.1%
10%
41.9%
40%
26.8%
20%
19.9%
60% 43.3%
30%
53.8%
40%
Argo
Industry Average (7 Cos.)
Source: Research Databases, Company filings,, Earnings Call report, Annual Report, Company Website, Primary and Secondary Research
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Report Concludes Here
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