-7-
dollar amounts and as a percentage of premiums paid, were as
follows:
Percentage
Year Amount of Premiums
1988 $607,106 7.5
1989 791,886 10
1990 413,740 5
1991 712,260 8
1992 1,484,733 17.5
1993 1,319,424 15
1994 1,382,667 15
1995 2,014,225 20
1996 2,714,236 25
1997 2,322,443 20
During the years in issue, petitioner’s operations expanded.
Between 1993 and 1995, the number of attorneys insured by
petitioner increased from 3,378 to 3,815; the number of law firms
insured by petitioner increased from 1,411 to 1,674; the number
of policies issued by petitioner increased from 1,411 to 1,674;
and the amount of net premiums written by petitioner increased
from $6,352,712 to $7,397,240.
A.M. Best Rating
For the years in issue, petitioner received an “A
(Excellent)” rating from A.M. Best (Best).5 In its reports for
petitioner’s 1995 year (the 1995 Best report) and for
petitioner’s 1994 year (the 1994 Best report), Best states that
among petitioner’s positive rating factors is the fact that
5 A.M. Best (Best) rates the financial condition of
property and casualty insurers each year. Ratings are based on
the insurer’s prior year’s activity.
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Last modified: May 25, 2011