The Ward Group has released its top 50 P&C insurancecompanies in the United States, and the list looks significantlydifferent from just one year ago.

Annually, the Ward Group analyzes the financial performance ofmore than 3,100 U.S. P&C insurance companies and identifies thetop performers through a two-step process. Companies beingconsidered must first pass minimum thresholds, which include thefollowing:

• Surplus and premiums of at least $50 million for each of thefive years analyzed.
• Net income in at least four of the last five years.
• Risk-based capital ratio of at least 100 percent for each ofthe five years analyzed.
• Compound annual growth in premiums between -10 percent and +40percent.

Companies that pass this initial screening are then measured andscored on the following elements and the top 50 are selected:

• Five-year average return on average equity.
• Five-year average return on average assets.
• Five-year average return on total revenue.
• Five-year growth in revenue.
• Five-year improvement in surplus-to-written-premium.
• Five-year average combined ratio.

When compared to the rest of the industry, this year's top 50had a five-year combined ratio that was seven points lower than therest, and a surplus growth that was two times greater than others,on average. Net premiums written grew 10.1 percent compared to theindustry's 1.8 percent.

Sixteen companies on this year's list were not on the list lastyear, a change of more than 30 percent. Those companies included:Amerisafe, Balboa Insurance, Bear River Mutual, Brethren Mutual,Brotherhood Mutual, Capital Insurance, The Doctors Company, FarmersMutual of Nebraska, First Insurance Company of Hawaii, HastingsMutual, ICW Group Insurance, Ohio Mutual, Rural Mutual, VermontMutual, Virginia Farm Bureau, and Western National Insurance.

Those who failed to make the list this year after being includedlast year were: Allstate, Amerisure, ANPAC, Church Mutual, ColumbiaInsurance, EMC Insurance, GMAC Insurance, The Hartford Fire Group,IDS P&C Insurance, Kentucky Farm Bureau Mutual, Markel Corp.,Mercury Casualty, Pekin Insurance, Protective Insurance, SECURAInsurance, and West Bend Mutual.

“The results for the Ward's 50 benchmarks indicate thatcompanies are able to grow the business profitably in changingmarket conditions,” said Jeff Rieder, president of Ward Group. “Topperformers understand that efficient operations result in pricingadvantages passed on to the consumer and keep the customer at thecenter of every key business decision.”