Top fastest growing US insurers

Top fastest growing US insurers - growth book value from Dec 1997 - Dec 2006
(not including reinvested dividends)
min $1 bil mkt cap

31-Dec-06 B/V, 31-Dec-97 B/V,Book value growth, Div yield, Current Price/Book




PHLY Philadelphia Consol 16.48 3.03 444% 1.60% 1.93
HCC HCC Insurance 18.28 5.1 258% 1.60% 1.44
MKL Markel 230.48 65.18 254% nil 1.83
WTM White Mountains 413.19 117.53 252% 1.60% 1.17
AIG AIG 39.09 12.2 220% 1.60% 1.30
RE Everest Re 78.58 25.89 204% 2.00% 1.09
STFC State Auto Financial 20.35 7.11 186% 2.10% 1.31
MLAN Midland Co. 29.9 10.55 183% 0.60% 1.93 (subject to takeover)
BRK-A Berkshire Hathaway 70274 25487 176% nil% 1.73
BER W R Berkley 17.3 6.33 173% 0.70% 1.51
RLI RLI 31.17 12.35 152% 1.60% 1.67
CGI Commerce Group 22.53 9.01 150% 3.40% 1.62
all numbers taken from msn money / investing stocks analysis charts

Just a few comments on the above

1. I haven't included reinvested dividends. I have shown current dividend yields.
2. book value doesn't consider real growth in intrinsic value & earnings power
for example Berkshire Hathaway's non-insurance earnings have grown at a much faster rate than book value over the last 10 years
3. Some of the companies above like W R Berkley and AIG have substantial real estate shown at cost on the balance sheet which will not show in book value
growth
4.Fairfax Financial results whose results have been disappointing for the last 5 years and so I have not included , nevertheless has a stellar 20 year record of 20% + compounded book value growth along with Markel Corp & Berkshire Hathaway.