That nearly doubles second-ranked Allstate Insurance Group. The same companies that made up the top 10 writers in 1997 also made up the 1996 list, although Liberty Mutual Cos., ranked eighth for 1997 and Hartford Insurance Group, ranked ninth for 1997, switched places from their 1996 rankings. Some companies' results dramatically exceeded those of their peers in 1997, while others trailed. Progressive Group, the Ohio-based insurer best known for its nonstandard auto coverage, showed the greatest overall gain in net premiums written. Other major net gainers were Liberty Mutual Cos., Chubb Group of Insurance Cos. and Berkshire Hathaway.
Net premiums written is an insurer's retained premium income after reinsurance assumed and ceded.
Bucking a Global Slowdown American International Group Inc., New York. AIG ranks among the nation's largest underwriters of commercial and industrial coverages domestically, and is the leading U.S.-based international insurance group with a strong market presence in the Far East, Australia, Europe, Africa, the Middle East and Latin America. In Asia, where a financial crisis has rocked the markets for months, AIG's premium growth has slackened. Yet, there has been no significant impact on operating income, said Maurice Greenberg, AIG's chairman and chief executive officer. Big earners were the worldwide life business, U.S. life operations, and AIG's Financial Services Group with an aircraft leasing company as its largest component.