Last year's strong profits and light catastrophe season saw the rate of impaired insurance carriers at half the historical average for the property-casualty industry, A.M. Best reported.
A total of 15 p-c companies reported impaired status for an average of 1-in-233 companies, Best said.
Two-thirds of the impaired companies came from either the Poe Financial Group or the Vesta Group. "Going into the 2004-2005 hurricane season, these groups were too vulnerable because of rapid growth and poor management to be able to withstand the back-to-back catastrophe losses," the report said.
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