Ward's Top 50 List Replaces 16 Companies

o Risk-based capital ratio of at least 100 percent for each of the five years analyzed.

o Compound annual growth in premiums between -10 percent and +40 percent.

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

o Five-year average return on average equity;

o Five-year average return on average assets;

o Five-year average return on total revenue;

o Five-year growth in revenue;

o Five-year improvement in surplus-to-written-premium; and

o Five-year average combined ratio.

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

Sixteen companies on this year's list were not on the list last year, 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, Farmers Mutual of Nebraska, First Insurance Company of Hawaii, Hastings Mutual, ICW Group Insurance, Ohio Mutual, Rural Mutual, Vermont Mutual, Virginia Farm Bureau, and Western National Insurance.

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

"The results for the Ward's 50 benchmarks indicate that companies are able to grow the business profitably in changing market conditions," said Jeff Rieder, president of Ward Group. "Top performers understand that efficient operations result in pricing advantages passed on to the consumer and keep the customer at the center of every key business decision."

Below is the complete list of all 50 companies for 2009:

Acuity
American Modern Insurance Group
Amerisafe
Assurant Group
Auto-Owners Insurance Group

Balboa Insurance Company
Bear River Mutual Insurance Company
Brethren Mutual Insurance Company
Brotherhood Mutual Insurance Company
Capital Insurance Group

Central Insurance Companies
Chubb Group
Cincinnati Insurance Group
The Commerce Group, Inc.
The Doctors Company

Donegal Insurance Group
Erie Insurance Group
Farmers Mutual Insurance of Nebraska
Federated Mutual Group
Fireman's Fund Insurance Group

First Insurance Company of Hawaii, LTD
FM Global
GEICO*
Great American Insurance Companies
Hastings Mutual Insurance Company

HCC Insurance Holdings Group
ICW Group Insurance Companies
Island Insurance Companies Group
Louisiana Workers' Compensation Corporation
Metropolitan Property and Casualty Insur. Co.

North Star Mutual Insurance Company
Ohio Mutual Insurance Group
Old Republic Insurance Group
Philadelphia Insurance Companies
ProAssurance

Progressive Casualty Insurance Company
RLI Insurance Group*
Rural Mutual Insurance Company
Safety Insurance Group
Selective Insurance Company of America

Shelter Insurance Group
Tennessee Farmers Mutual Insurance Co.
Travelers Insurance Group
United Fire & Casualty Group
USAA Group*

Utica National Insurance Group
Vermont Mutual Insurance Company
Virginia Farm Bureau
W.R. Berkley Corporation Group
Western National Insurance Group