The Main Street America Group in Jacksonville, Fla., announced today that its 2010 financial results included a 16.8 percent return on equity, 99.2 combined ratio, 9.1 percent net premium growth, net income of $83.5 million, and surplus growth of $78 million for the fiscal year ended Dec. 31, 2010.
 
The company noted that:
  • 16.8 percent return on equity was the result of underwriting profit and investment return of $105.1 million, just shy of its record $105.5 investment return in 2009. 
  • 99.2 combined ratio marked its fifth consecutive year of achieving an underwriting profit.
  • Net written premium growth of 9.1 percent to $890 million was the company’s largest percentage growth in net premium since 2003. New business increased 14.3 percent.
  • Surplus growth of $78 million raised the company’s total surplus to $770 million. Over the past two years, the company has increased its surplus by $162 million.
  • Commercial lines, which accounts for 45 percent of net written premium, was the company’s profit leader with a 90.3 combined ratio.
  • The company’s Main Line Business Owners Policy grew 34 percent year-over-year. The product, in conjunction with its Main Street Station commercial policy processing system, was introduced in five more states.