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Does anyone know anything about them or the industry they are in? Speciality property and casualty insurer, underwrites and markets private passenger automobile and crop insurance. Insurance companies are suppose to be conservative. But I don't know anything about the management and how aggressive they are in business. But I'm inspired by Warren Buffet and other rich tycoons who buy insurance and newspaper companies. They are monopolies and generate a lot of free cash flow. In business you call it a cash cow. Its not like a steel or microchip company where assets depreciate quickly. All themanagement has to do, is figure out how to invest the excess premiumns wisely. Until the day eventual day someone makes a claim. Which might or might not happen. Buying bonds is conservative derivatives are not. They basically make money holding other peoples money. They look hungry for business but how much risk are they undertaking? For the fourth quarter, gross written premiums increased 629.1% to $86.7 million from $11.9 million for the same period in 1995. Net premiums written increased 587.9% to $68.1 million from $9.9 million for the same quarter a year ago. Net earnings for the quarter were $4.4 million or $0.49 per share compared with $1.4 million or $0.19 per share for the year earlier period. Another way to grow is through acquisitions which is conservative and risk free. INDIANAPOLIS, May 9 (Reuter) - Symons International Group said its IGF Insurance Co subsdiary has agreed to purchase the business of Southwest Crop Managing General Agency. Terms were not disclosed. Southwest Crop Managing General Agency is a subsidiary of Southwest Crop Insurance Co of Honey Grove, Texas. The Southwest book of business has a premium volume of about $15 million. IGF will merge its Kansas office and Southwest crop office into a new office located in Lubbock, Texas, and said it expects resulting efficiencies to produce an immediate increase in earnings. "The increase in our book of crop business in this region spreads our risk better and boosts market share," said Alan Symons, chief executive officer, in a statement. Symons provides nonstandard auto and crop insurance. PE 7 Growth Rate 193% Debt Equity Ratios 1993 through 1996: 1993 1994 1995 1996 _________________________________________________________ 2.25 to 1 1.28 to 1 .61 to 1 .41 to 1 (1) _________________________________________________________ June 30 1996 Earnings ($) 0.44 0.14 +214% Sales ($mill) 49.6 12.2 +305% Sep 30 1996 Earnings ($) 0.66 0.21 +214% Sales ($mill) 72.7 15.7 +363% Dec 31 1996 Earnings ($) 0.52 0.23 +126% Sales ($mill) 69.1 12.4 +457% Mar 31 1996 Earnings ($) 0.56 0.23 +143% Sales ($mill) 71.5 15.2 +368% SIG's crop insurance subsidiary, IGF Insurance Company, of Des Moines, Iowa ("IGF"), reached historic levels in sales and earnings in 1996. IGF is now the 5th largest provider of crop insurance in the USA. GGS Holdings Inc., our nonstandard automobile insurance division, (including Pafco General and Superior Insurance Companies), increased premium income in 1996 to $187.2 million from $49.0 million in 1995, an increase of 281%, makingthis division the 16th largest provider of this coverage in the U.S. | ||||||||||||||
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