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There is no greater compliment to
our company than you choosing us as your
insurer.
The trust you have exhibited comes
with great responsibility which we
understand and recognize. Thank you
for giving us the opportunity to serve you.
Last year we reported that 2006 was
one of the best years in the history
of the company. While 2007 did not
approach those numbers, it was still a
very good year.
The combined ratio ended the year at
98%.
Direct written premium increased
from $143.9 million to $145 million.
Leading the way regarding
our underwriting results was our
Homeowners and other property lines
which showed a positive underwriting
gain. Personal auto was a more
challenging environment, ending in a
slightly negative position.
Overall we experienced a net gain in
underwriting of $1.6 million.
Our assets increased nearly $15
million to $328 million and our reserve
for policyholder protection increased
$14.6 million to $195 million.
Net investment income amounted to
$13.6 million and the performance of
our equity portfolio had an approximate
10.8% total return on investment.
Pioneer’s financial stability continues
to allow us to compete successfully
with companies of all sizes by offering
comprehensive insurance products at
competitive prices.
Over the past few years the company
has experienced its targeted growth
while putting together excellent
operational performance.
Our financial strength enables us
to continue making investments in
technology and thereby operate at
greater levels of efficiency.
Our board of directors provides
excellent direction. Their continued
support has enabled us to assemble an
outstanding team.
We are blessed with a strong
network of agents, customer oriented
employees, and a responsible group of
policyholders.
We are proud of the services and
financial stability we have provided for
the past 100 years. We look forward to
continue providing “Insurance the way
it should be.”
Kurt P. Foley
President, CEO |
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