The Company competes with both foreign and domestic insurers. Competition is based on price, product and service. Once an agency or broker is appointed, its ongoing performance is closely monitored. The incidence and severity of catastrophes are inherently unpredictable. Qualifying losses are subject to a $5 million event deductible per occurrence. Northeast Property Catastrophe Excess-of-Loss Reinsurance Treaty. See note 8 of notes to the consolidated financial statements for further discussion. 8226;On November 5, 2020, A.M. Best affirmed all ratings of the Company. The outlook for all ratings is stable. Insurance Regulation Concerning Dividends from Insurance Subsidiaries. Over 90% of the Company's employees are located in the United States. The Company also continues to improve its diverse talent pipeline. Admitted insurerA company licensed to transact insurance business within a state. Assumed reinsuranceInsurance risks acquired from a ceding company. A combined ratio over 100% generally indicates an underwriting loss. SAP generally reflect a modified going concern basis of accounting. Insured liability claims are referred to as third-party claims. In addition, coverage in our reinsurance program for terrorism is limited. This risk may be exacerbated in the context of an extreme event or an acquisition. Also see "Item 3—Legal Proceedings. In addition, our estimate of loss reserves may change. Investment returns are an important part of our overall profitability. These changes may impact the duration, volatility and risk of our investment portfolio. As a result, reinsurance arrangements do not eliminate our obligation to pay claims. See also "Item 1—Business—Ratings. Risks presented by the ongoing effects of COVID-19 include the following:•Revenues. 51•Foreign Currency Exchange Rate Changes. Other technological changes also present competitive risks. We market our insurance products primarily through independent agents and brokers. Customers in the past have brought claims against us for the actions of our agents. We may also explore opportunities in other countries. 31, 2020269 $118.18 — $1,361 Nov. 1, 2020Nov. The authorizations do not have a stated expiration date. Fee income is described in more detail in the Business Insurance discussion that follows. Net written premiums of $2.82 billion in 2020 decreased by 3% from 2019. Retention rates remained strong in 2020. New business premiums in 2020 decreased from 2019. Renewal premium changes in 2020 remained positive and were higher than in 2019. Catastrophe losses in 2020 and 2019 were $957 million and $411 million, respectively. As in the past, the Company will continue to pursue settlement opportunities. The Company has no non-redeemable preferred stock issued by companies in the Eurozone. These proprietary models are updated regularly as new information and techniques emerge. Consequently, catastrophe modeling estimates are subject to significant uncertainty. In addition, more than one such event could occur in any period. The Company's earned premiums are a function of net written premium volume. The average cost per share repurchased was $127.17. Many of these items are not directly quantifiable, particularly on a prospective basis. The estimates related to catastrophes are adjusted as actual claims emerge. Informed judgment is applied throughout the reserving process. For some lines, the impact of large individual claims can be material to
