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Insurance Placement Facility of Delaware

2001

1,194

2001

1,924

2002

2,118

2003

2,786

2004

3,611

2005

3,422

As indicated, the Facility reported increased premiums during the period under

examination. The following number of policies were issued during the examination period:

As noted above, the Facility reported losses in 2002, 2003 and 2004. This resulted in

negative Unassigned Funds. The Facility assesses member insurance companies to fund any

short-falls. (See the Participations and Assessments section of this report for more information

on the members’ participation in the Facility’s gains and losses.)

As a small insurer, the Facility’s underwriting results are heavily influenced by swings in

claims activity. During the years under the examination, the Facility’s results reflect the effects

of severe storms and several large fire losses. Losses Incurred as reported by the Facility for the

past six years are as follows:

2000

$ 76,441

2001

8,951

2002

449,682

2003

355,763

2004

562,173

2005

134,311

TERRITORY AND PLAN OF OPERATION

The Facility writes fire, extended coverage, vandalism, and malicious mischief insurance

in

Delaware,

using

a

standard

fire

insurance

policy.

No

liability

coverage

is

offered.

Reinsurance is neither assumed nor ceded.

Of the 3,422 policies issued by the Facility in 2005, only 123 were on commercial risks.

The other risks are termed dwelling by the Facility.

6

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