One of the first in the actuariat literature published agent based models (ABM) is by Ingram et al. The paper describes a model of a competitive (insurance) market that shows cyclical behavior. The authors put their focus on the model’s theoretic foundation within the theory of plural rationality and on a brief tabulated code-like description of the model. We reformulate the above cited model in a form that makes il accessible for analytical as well as numerical treatment and discussion. We find three interacting components of the model: the dynamics, the stochastics and the rule based decisions. The agents, insurance companies, play a rule based strategic game, competing with each other. The actions of the agents depend on both, the statistics of the single agent and the statistics of the market as a whole. We analyse the dynamics of the model being responsible for a parameter dependent, periodic behavior and investigate its stochastic and rule-based components. We implemented the model as a Monte Carlo simulation. Therefore we are able to examine the interactions of the model's different components. Finally. we discuss the result of the model as well as possible applications.