PREMIUM TO SURPLUS RATIO

PREMIUM TO SURPLUS RATIO. Shall mean, with respect to any Person as at any date of determination thereof, the ratio (determined with respect to such Person and its Subsidiaries in accordance with SAP) of (a) net premiums written during the four consecutive calendar quarters ending on or most Pages recently ended prior to such date of determination to (b) Statutory Surplus as at the last day of the calendar quarters ending on or most recently ended prior to such date of determination.