Combined Ratio. The ratio of Net Losses plus Insurance Operating Expenses to Net Premiums Written for all Insurance Subsidiaries, as of the last day of each fiscal year, on an Additive Basis, shall not exceed 106% for any one year or 100% for any two consecutive years based on the Annual Statements filed with the FOIR.
Combined Ratio. Borrower shall not permit the Combined Ratio, determined as at the last day of any fiscal quarter of Borrower, to be greater than 103%.
Combined Ratio. The number of Combined Ratio Restricted Stock Units that shall vest, if any, on the Determination Date, shall be determined as follows: Average Combined Ratio Applicable Percentage Average Combined Ratio Threshold [●]% 25% Average Combined Ratio Target [●]% 50% Average Combined Ratio Maximum [●]% or less 100% The Combined Ratio Restricted Stock Units that vest for the Performance Period will equal the product of Applicable Percentage determined above (based on the Average Combined Ratio) and the Combined Ratio Restricted Stock Units. The Applicable Percentage will be interpolated on a linear basis between each (i) the Average Combined Ratio Growth Threshold and Average Combined Ratio Growth Target, and (ii) the Average Combined Ratio Growth Target and Average Combined Ratio Growth Maximum. Any fractional Combined Ratio Restricted Stock Units, if any, shall be rounded to the nearest whole number. For the avoidance of doubt, no Combined Ratio Restricted Stock Units shall vest if the Average Combined Ratio is greater than [●]% and in no event shall the Applicable Percentage be greater than one hundred percent (100.0%). For purposes of this Agreement:
Combined Ratio. The Canadian Borrower shall maintain at all times a Combined Ratio on a Consolidated basis of not greater than the greater of: (i) 105%; and (ii) the Canadian Property and Casualty Industry Average Combined Ratio during the immediately preceding four consecutive fiscal quarters of the Canadian Borrower, calculated on the last day of each fiscal quarter of the Canadian Borrower on a rolling four-quarter basis and in a consistent manner.
Combined Ratio a Combined Ratio at the end of each fiscal quarter, calculated on a trailing four (4) quarter basis, of not greater than 105%.
Combined Ratio. Cause the Insurance Subsidiaries to maintain as of the end of each fiscal quarter a Combined Ratio of not greater than 107%.
Combined Ratio. (a) Borrower shall not permit the Combined Ratio of the Regulated Insurance Subsidiaries, on a consolidated basis, to be greater than 105% at any time. (b) Borrower shall not permit the Combined Ratio of any Regulated Insurance Subsidiary to be greater than 105% at any time. For the avoidance of doubt, the inability to calculate any Combined Ratio required to be calculated in accordance with this Section 6.14 shall constitute a Default under this Section 6.14.”
Combined Ratio. The Borrower will cause Pinnacle's Combined Ratio as of the last day of each fiscal quarter, to be no greater than 101%.
Combined Ratio. A. Combined Ratio %
Combined Ratio. The Combined Ratio on a consolidated basis using statutory figures for the period ended is: Actual
