Property insurance company failures declined 44 percent, dropping from 16 to nine in 2005, according to data from Weiss Ratings Inc.
The Jupiter, Fla.-based company also reported that three life and health insurers failed, compared to four in 2004, while the number of HMO insolvencies remained level at three.
"Our overall economic strength has contributed to solid industry performances by banks, insurers and HMOs, creating a more favorable environment in which companies can operate," said Melissa Gannon, vice president of Weiss Ratings Inc.
The five largest property-casualty companies which failed were:
o Realm National Ins. Co., New York, N.Y., $31.2 million in assets.
o Senior Citizens Mutual Insurance Co., Miami, Fla., $21.9 million in assets.
o Reliant American Insurance Co., Fort Worth, Texas, $21.5 million in assets.
o South Carolina Insurance Co., Columbia, S.C., $19.3 million in assets.
o Financial Insurance Company, Dallas, Texas, $10.6 million in assets.
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