|
Darwin Underwritrs |
DR, C+, 6 |
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|
specialty insurance |
Post-IPO shrs:17mm |
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|
Farmington, CT |
2004 |
2005 |
Mar 31 qtr |
IPO Mkt |
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|
Revenue ($mm) |
$47 |
$89 |
$31 |
Cap (mm) |
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|
Combined ratio* |
99.9% |
97.3% |
96.6% |
$272 |
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|
Net income ($mm) |
$0.0 |
$3.7 |
$2.8 |
@$16 |
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|
Net income % |
0% |
4% |
9% |
|||
|
*loss and expense |
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|
VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
|
Darwin Underwritrs (DR) |
$272 |
2.2 |
24 |
1.4 |
1.4 |
31% |
|
SCORECARD |
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
|
1-5, 5 is high |
Growth |
mination |
tary |
rating |
||
|
20 is perfect |
2 |
2 |
1 |
1 |
6 |
|
|
Business |
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|
. Specialty insurance group focused on the professional liability insurance market and |
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|
related lines. |
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|
. Three broad professional liability lines of business: Directors and Officers, |
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|
Errors and Omissions ("E&O"), Medical Malpractice Liability |
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|
. Currently owned 90% by Alleghany and 10% by management |
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|
. Formed in March 2003 |
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|
History & AMBest rating |
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|
. Formed in March 2003 by Stephen Sills, President and CEO and Alleghany, the ultimate |
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|
parent company |
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|
. Currently rated "A-" (Excellent) by A.M. Best. |
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|
Competition |
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|
Major competitors include American International Group, Inc., The Chubb Corporation, |
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|
XL Capital Ltd., The St. Paul Travelers Companies, Inc., Lloyd’s of London, ACE Limited, |
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|
Liberty Mutual Group Inc., The Hartford Financial Services Group, Inc., The Navigators |
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|
Group, Inc., HCC Insurance Holdings, Inc., United States Liability Insurance Group, |
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|
OneBeacon Insurance Group LLC, Odyssey Re Holdings Corp., CNA Financial |
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|
Corporation, Arch Insurance Group, Inc., AXIS Capital Holdings Limited and Zurich |
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|
Financial Services. |
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|
Use of $75mm in IPO proceeds |
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|
Redeem preferred stock |
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