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This excerpt taken from the SGZ 10-Q filed Oct 28, 2005. Premium Revenue Net premiums written equal direct premiums written, plus premiums for reinsurance we assume, less premiums ceded to our reinsurers. All three components of net premiums written are recognized in revenue over the period that coverage is provided. We had net premiums written of $383.4 million for Third Quarter 2005 and $1,149.8 million for Nine Months 2005 compared with $356.5 million for Third Quarter 2004 and $1,081.0 million for Nine Months 2004, respectively. The vast majority of our net premiums written have a coverage period of twelve months. This means that we record 1/12 of the net premiums written as earned premium each month until the full amount is recognized. When premium rates increase, the effect of those increases would not immediately affect earned premium. Rather, those increases will be recognized ratably over the period of coverage. We earned net premiums of $361.1 million for Third Quarter 2005 and $1,054.3 million for Nine Months 2005 compared with $337.1 million for Third Quarter 2004 and $978.4 million for Nine Months 2004, respectively. Unearned premiums and prepaid reinsurance premiums, which are recorded on the consolidated balance sheets, represent that portion of premiums written that are applicable to the unexpired terms of policies in force. As of September 30, 2005 we had unearned premiums of $808.1 million and prepaid reinsurance premiums of $68.7 million compared with unearned premiums of $702.1 million and prepaid reinsurance premiums of $58.3 million as of December 31, 2004. This excerpt taken from the SGZ 10-Q filed Aug 5, 2005. Premium Revenue Net premiums written equal direct premiums written, plus assumed premiums less ceded premiums. All three components of net premiums written are recognized in revenue over the period that coverage is provided. We had net premiums written of $369.6 million for Second Quarter 2005 and $766.4 million for Six Months 2005 compared with $349.3 million for Second Quarter 2004 and $724.5 million for Six Months 2004. The vast majority of our net premiums written have a coverage period of twelve months. This means we record 1/12 of the net premiums written as earned premium each month, until the full amount is recognized. When premium rates increase, the effect of those increases would not immediately affect earned premium. Rather, those increases will be recognized ratably over the period of coverage. We earned net premiums of $350.5 million for Second Quarter 2005 and $693.2 million for Six Months 2005 compared with $326.0 million for Second Quarter 2004 and $641.3 million for Six Months 2004. Unearned premiums and prepaid reinsurance premiums, which are recorded on the consolidated balance sheets, represent that portion of premiums written that are applicable to the unexpired terms of policies in force. As of June 30, 2005 we had unearned premiums of $778.4 million and prepaid reinsurance premiums of $61.3 million compared with unearned premiums of $702.1 million and prepaid reinsurance premiums of $58.3 million as of December 31, 2004.
This excerpt taken from the SGZ 10-Q filed May 5, 2005. Premium Revenue Net premiums written equal direct premiums written, plus assumed premiums less ceded premiums. All three components of net premiums written are recognized in revenue over the period that coverage is provided. The Company had net premiums written of $396.8 million for First Quarter 2005 compared to $375.3 million for First Quarter 2004. The vast majority of our net premiums written have a coverage period of twelve months. This means we record 1/12 of the net premiums written as earned premium each month, until the full amount is recognized. When premium rates increase, the effect of those increases do not immediately affect earned premium. Rather, those increases are recognized ratably over the period of coverage. The Company earned net premiums of $342.7 million for First Quarter 2005 compared with $315.3 million for First Quarter 2004. Unearned premiums and prepaid reinsurance premiums, which are recorded on the consolidated balance sheets, represent that portion of premiums written that are applicable to the unexpired terms of policies in force. As of March 31, 2005, the Company had unearned premiums of $756.1 million and prepaid reinsurance premiums of $58.2 million compared to unearned premiums of $702.1 million and prepaid reinsurance premiums of $58.3 million as of December 31, 2004. This excerpt taken from the SGZ 10-K filed Mar 2, 2005. Premium Revenue Net premiums written equal direct premiums written, plus assumed premiums less ceded premiums. All three components of net premiums written are recognized in revenue over the period that coverage is provided. The Company had net premiums written of $1.4 billion for 2004 compared to $1.2 billion for 2003 and $1.1 billion for 2002. The vast majority of our net premiums written have a coverage period of twelve months. This means we record 1/12 of the net premiums written as earned premium each month, until the full amount is recognized. When premium rates increase, the effect of those increases do not immediately affect earned premium. Rather, those increases are recognized ratably over the period of coverage. The Company earned net premiums of $1.3 billion for 2004 compared with $1.1 billion for 2003 and just under $1.0 billion for 2002. Unearned premiums and prepaid reinsurance premiums, which are recorded on the consolidated balance sheets, represent that portion of premiums written that are applicable to the unexpired terms of policies in force. As of December 31, 2004, the Company had unearned premiums of $702.1 million and prepaid reinsurance premiums of $58.3 million compared to unearned premiums of $649.9 million and prepaid reinsurance premiums of $52.8 million as of December 31, 2003. | EXCERPTS ON THIS PAGE:
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