Although U.S. captive insurers' net income declined approximately 66 percent in 2008, net underwriting income actually increased over the prior year, according to a recent A.M. Best Co. study of 186 captive companies.
The results reflect the captive industry's underwriting discipline and inclination not to rely on investment income, according to the rating firm.
The report finds that captive formations are continuing in spite of the ongoing soft commercial insurance market, although new captive domiciles are having difficulty in establishing a presence.
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