Table of Contents Company Stock Performance The following graph shows a five-year comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Index, the S&P Computer Hardware Index, and the Dow Jones U. S.  Technology Supersector Index.
The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index, the S&P Computer Hardware Index, and the Dow Jones U. S.  Technology Supersector Index as of the market close on September 30, 2008.
Data points on the graph are annual.
Note that historic stock price performance is not necessarily indicative of future stock price performance.
## Table 0 ##
*$100 invested on 9/30/08 in stock or index, including reinvestment of dividends.
Fiscal year ending September 30.
Copyright 2013 S&P, a division of The McGraw-Hill Companies Inc.  All rights reserved.
Copyright 2013 Dow Jones & Co.  All rights reserved.
The following table presents a reconciliation of beginning and ending reserve balances for the periods indicated on a GAAP basis:
## Table 1 ##
Prior years’ reserves decreased by $30.9 million and increased by $128.8 million and $34.9 million for the years ended December 31, 2010, 2009 and 2008, respectively.
The decrease for 2010 was attributable to a $140.8 million decrease in non-US reinsurance business (Bermuda and International), partially offset by the $109.9 million increase in the US insurance, specialty, and reinsurance business.
The decrease in the non-US reinsurance business was due to reserve studies that indicated net favorable reserve development, as well as reductions in loss estimates for prior year catastrophes.
The increase in the US reinsurance is primarily due to reserve strengthening in casualty lines for construction liability claims and the increase in the US insurance business is due to reserve strengthening on several terminated programs.
The increase for 2009 was attributable to a $59.0 million increase in the insurance business, primarily contractors’ liability exposure, and $69.8 million in the reinsurance business, in both domestic and international, as a result of increased reserves on sub-prime exposures and property, partially offset by favorable development in casualty.
The increase for 2008 was primarily due to $85.3 million of reserve development for a run-off auto loan credit insurance program and a $32.6 million adverse arbitration decision; partially offset by net favorable development on the remainder of the Company’s reserves.
Reserves for Asbestos and Environmental Losses and LAE.
At December 31, 2010, the Company’s gross reserves for A&E claims represented 5.9% of its total reserves.
The Company’s A&E liabilities stem from Mt.
McKinley’s direct insurance business and Everest Re’s assumed reinsurance business.
There are significant uncertainties in estimating the amount of the Company’s potential losses from A&E claims and ultimate values cannot be estimated using traditional reserving techniques.
See ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Asbestos and Environmental Exposures” and Item 8, “Financial Statements and Supplementary Data” - Note 3 of Notes to Consolidated Financial Statements.
Mt.
McKinley’s book of direct A&E exposed insurance policies is relatively small and homogenous.
It arises from a limited period, from 1978 to 1984.
The book was principally excess liability, thereby limiting exposure analysis to a limited number of policies and forms.
As a result of this focused structure, the Company believes that it is able to comprehensively analyze its exposures, allowing it to identify, analyze and actively monitor those claims which have unusual exposure, including policies on which it may be exposed to pay expenses in addition to policy limits or on which non-products coverage may be contended.
International.
The following table presents the underwriting results and ratios for the International segment for the periods indicated.
## Table 2 ##
Premiums.
Gross written premiums increased by 11.3% to $1,207.0 million in 2010 compared to $1,084.5 million in 2009, due to continued strong growth in premiums written through the Brazil, Miami and New Jersey offices, a $42.7 million increase; Asia, a $55.7 million increase; and Canada, a $24.2 million increase; resulting from a combination of new business, rate increases in select areas, and economic and insurance growth in some markets.
Also contributing to the increase was $16.0 million in reinstatement premiums from the Chilean earthquake and Calgary hailstorm.
Net written premiums increased by 10.9% to $1,199.6 million in 2010 compared to $1,081.3 million in 2009, principally as a result of the increase in gross written premiums.
Premiums earned increased 10.9% to $1,168.1 million in 2010 compared to $1,053.5 million in 2009, consistent with the trend noted for net written premiums.
Gross written premiums increased by 19.9% to $1,084.5 million in 2009 compared to $904.7 million in 2008.
As a result of our strong financial strength ratings, we saw increased participations on treaties in most regions, new business writings and preferential signings, including preferential terms and conditions.
In addition, rates, in some markets, also contributed to the increased written premiums.
Premiums written through the Brazil, Miami and New Jersey offices increased by $122.9 million (21.3%), the Asian branch increased by $32.4 million (17.1%) and the Canadian branch premiums increased by $24.5 million (17.7%).
Net written premiums increased by 19.9% to $1,081.3 million in 2009 compared to $902.1 million in 2008, principally as a result of the increase in gross written premiums.
Premiums earned increased 19.0% to $1,053.5 million in 2009 compared to $885.5 million in 2008, consistent with the increase in net written premiums.
The Company’s loss reserving methodologies continuously monitor the emergence of loss and loss development trends, seeking, on a timely basis, to both adjust reserves for the impact of trend shifts and to factor the impact of such shifts into the Company’s underwriting and pricing on a prospective basis.
Reserves for Asbestos and Environmental Losses and LAE.
At December 31, 2018, the Company’s gross reserves for A&E claims represented 2.6% of its total reserves.
The Company’s A&E liabilities stem from Mt.
McKinley’s direct insurance business and Everest Re’s assumed reinsurance business.
Liabilities related to Mt.
McKinley’s direct business, which had been ceded to Bermuda Re previously, were retroceded to an affiliate of Clearwater Insurance Company in July 2015, concurrent with the sale of Mt.
McKinley to Clearwater Insurance Company.
There are significant uncertainties in estimating the amount of the Company’s potential losses from A&E claims and ultimate values cannot be estimated using traditional reserving techniques.
See ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Asbestos and Environmental Exposures” and Item 8, “Financial Statements and Supplementary Data” - Note 3 of Notes to Consolidated Financial Statements.
The following table summarizes the composition of the Company’s total reserves for A&E losses, gross and net of reinsurance, for the periods indicated:

<table><tr><td></td><td>September 30, 2008</td><td>September 30, 2009</td><td>September 30, 2010</td><td>September 30, 2011</td><td>September 30, 2012</td><td>September 30, 2013</td></tr><tr><td>Apple Inc.</td><td>$100</td><td>$163</td><td>$250</td><td>$335</td><td>$589</td><td>$431</td></tr><tr><td>S&P 500 Index</td><td>$100</td><td>$ 93</td><td>$103</td><td>$104</td><td>$135</td><td>$161</td></tr><tr><td>S&P Computer Hardware Index</td><td>$100</td><td>$118</td><td>$140</td><td>$159</td><td>$255</td><td>$197</td></tr><tr><td>Dow Jones US Technology Supersector Index</td><td>$100</td><td>$111</td><td>$124</td><td>$128</td><td>$166</td><td>$175</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td>(Dollars in millions)</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Gross reserves at beginning of period</td><td>$8,937.9</td><td>$8,840.7</td><td>$9,040.6</td></tr><tr><td>Incurred related to:</td><td></td><td></td><td></td></tr><tr><td>Current year</td><td>2,976.6</td><td>2,245.3</td><td>2,404.1</td></tr><tr><td>Prior years</td><td>-30.9</td><td>128.8</td><td>34.9</td></tr><tr><td>Total incurred losses</td><td>2,945.7</td><td>2,374.1</td><td>2,439.0</td></tr><tr><td>Paid related to:</td><td></td><td></td><td></td></tr><tr><td>Current year</td><td>568.3</td><td>388.2</td><td>495.1</td></tr><tr><td>Prior years</td><td>1,988.7</td><td>1,997.2</td><td>1,816.4</td></tr><tr><td>Total paid losses</td><td>2,557.1</td><td>2,385.4</td><td>2,311.5</td></tr><tr><td>Foreign exchange/translation adjustment</td><td>-34.5</td><td>157.8</td><td>-310.4</td></tr><tr><td>Change in reinsurance receivables on unpaid losses and LAE</td><td>48.2</td><td>-49.2</td><td>-17.0</td></tr><tr><td>Gross reserves at end of period</td><td>$9,340.2</td><td>$8,937.9</td><td>$8,840.7</td></tr><tr><td>(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td><td colspan="2">2010/2009</td><td colspan="2">2009/2008</td></tr><tr><td>(Dollars in millions)</td><td>2010</td><td>2009</td><td>2008</td><td>Variance</td><td>% Change</td><td>Variance</td><td>% Change</td></tr><tr><td>Gross written premiums</td><td>$1,207.0</td><td>$1,084.5</td><td>$904.7</td><td>$122.5</td><td>11.3%</td><td>$179.8</td><td>19.9%</td></tr><tr><td>Net written premiums</td><td>1,199.6</td><td>1,081.3</td><td>902.1</td><td>118.3</td><td>10.9%</td><td>179.2</td><td>19.9%</td></tr><tr><td>Premiums earned</td><td>$1,168.1</td><td>$1,053.5</td><td>$885.5</td><td>$114.6</td><td>10.9%</td><td>$168.1</td><td>19.0%</td></tr><tr><td>Incurred losses and LAE</td><td>1,050.1</td><td>613.3</td><td>504.8</td><td>436.8</td><td>71.2%</td><td>108.4</td><td>21.5%</td></tr><tr><td>Commission and brokerage</td><td>288.4</td><td>267.1</td><td>230.9</td><td>21.3</td><td>8.0%</td><td>36.2</td><td>15.7%</td></tr><tr><td>Other underwriting expenses</td><td>27.6</td><td>23.1</td><td>19.8</td><td>4.6</td><td>19.8%</td><td>3.3</td><td>16.7%</td></tr><tr><td>Underwriting gain (loss)</td><td>$-198.0</td><td>$150.1</td><td>$129.9</td><td>$-348.1</td><td>-231.9%</td><td>$20.1</td><td>15.5%</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Point Chg</td><td></td><td>Point Chg</td></tr><tr><td>Loss ratio</td><td>89.9%</td><td>58.2%</td><td>57.0%</td><td></td><td>31.7</td><td></td><td>1.2</td></tr><tr><td>Commission and brokerage ratio</td><td>24.7%</td><td>25.4%</td><td>26.1%</td><td></td><td>-0.7</td><td></td><td>-0.7</td></tr><tr><td>Other underwriting expense ratio</td><td>2.4%</td><td>2.2%</td><td>2.2%</td><td></td><td>0.2</td><td></td><td>-</td></tr><tr><td>Combined ratio</td><td>117.0%</td><td>85.8%</td><td>85.3%</td><td></td><td>31.2</td><td></td><td>0.5</td></tr><tr><td colspan="2">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: What is the growing rate of other underwriting expenses in the year with the most Premiums earned? (in %)
Answer: 0.19481