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Non-Tech : Insurance cos (proposed buy outs, etc. discussion)

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To: Carey Thompson who wrote (46)1/11/2000 4:47:00 AM
From: Carey Thompson  Read Replies (1) of 55
 
State of Workers Comp in California Part 2 of 3:

Fremont General in bold

THE PUBLICLY TRADED CALIFORNIA WORKERS? COMPENSATION COMPANIES
Earned Earned % Oper Oper % GAAP
Premiums Premiums Change Income Income Change Loss Ratio
Company Symbol 1998 1997 1998 1997 1998 1997

Argonaut AGII 138.5 164.9 -16.0% 29.4 45.6 -35.4% 69.0% 68.0%
Danielson Hold DHC 55.4 53.1 4.4% 2.1 3.2 -32.7%
Fremont General FMT 552.1 601.2 -8.2% 133.4 109.6 21.7% 60.8% 64.7%

Paula Financial PFCO 128.8 92.8 38.7% -6.0 5.0 -218.6%88.9% 73.4%
Superior Ntl SNTL 87.1 140.9 -38.2% -14.8 -5.2 186.4% 78.5% 64.2%
Zenith National ZNT 529.9 488.7 8.4% 11.6 19.0 -39.1% 72.30% 71.20%

Calif Workers Comp 1,492 1,542 -3.2% 156 177 -12.1%

insurancestock.com 214,520 194,108 10.5% 25,158 25,039 0.5%


% Gain % Gain % Gain Profit Profit
during during 3 Yr. Ave ROE Margin Margin P/B P/E
Company Symbol 1999 1998 1995-1997 1998 1998 3Yr Ave1998 1998

Argonaut AGII 6% -29% 6% 4.0% 18.2% -7.1% 0.8 20.8
Danielson DHC 51% -54% -2% 3.4% 5.8% -2.2% 1.2 36.4
Fremont General FMT -24% -12% 57% 15.0% 27.4% 20.2% 1.4 9.7

Paula Financial PFCO -9% -60% -7.5% -10.8% 1.0% 0.7 negative
Superior Natl SNTL 5% 34% -10.4% -16.7% -5.7% 0.5 negative
Zenith National ZNT -1% -10% 4% 3.3% 2.6% 4.6% 1.1 34.1

Calif Workers Comp -12% -18% 28% 6.9% 12.1% 8.1% 1.1 16.3

insurancestock.com 5% 8% 42% 11.1% 13.9% 11.6% 2.1 20.4
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