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Three years of projections regarding written premiums for American Strategic Insurance Corp. and its affiliated property and casualty companies contemplate a continued slowing in the rate of expansion in the group's business volume on a direct and net basis in 2015.
SNL acquired a copy of the projections and numerous other documents as filed with the Florida Office of Insurance Regulation, or FLOIR, in connection with a recently completed transaction in which Progressive Corp. obtained a majority stake in ARX Holding Corp., the parent of American Strategic, ASI Preferred Insurance Corp., ASI Select Insurance Corp., ASI Home Insurance Corp., ASI Assurance Corp., ASI Lloyds and American Capital Assurance Corp. Progressive on April 1 closed the acquisition, which is intended to aid the company's ongoing effort to attract and retain private-passenger auto business produced through the independent agency channel.
The projections call for the consolidated group to generate direct premiums written on a total-filed basis of $1.23 billion in 2015, $1.38 billion in 2016 and $1.48 billion in 2017. SNL's consolidation of the 2014 results reported by American Strategic and its affiliates put the group's direct premiums written at $1.14 billion. The combined annual statement for ARX Holding was unavailable at the time of this article's publication.
On a net basis, the projections call for premium volume of $846.9 million in 2015, $965.7 million in 2016 and $1.05 billion in 2017. SNL's group-level consolidation put 2014 net premium written at $777 million.
The document also included projections for Florida premium writings, which accounted for 40.7% of the group's 2014 direct business. The projections call for Florida direct premiums written of $461.1 million in 2015, $462.6 million in 2016 and $464.6 million in 2017. SNL's consolidation of disclosures on the Florida state page of individual group members' 2014 annual statements put direct premium volume at $464.4 million for the year. Premiums written on a net basis in Florida in 2014 were unavailable; the projections...