Maintaining a sound financial base that provides adequate capital to meet the company’s long-term obligations is part of our strategic objectives. Currently, the company is rated A+/Superior from the A.M. Best Company, an independent rating organization serving the insurance industry. Our financial security and stability is a reflection of responsible and loyal policyholders, professional independent agency partners, a supportive board of directors and a dedicated employee team.
For more information on our financial base, please see our latest financial statement below:
Financial Performance ($ in thousands) |
2023 | 2022 |
|---|---|---|
| Balance Sheet | ||
| Assets | ||
| Bonds | $434,551 | $441,040 |
| Common Stocks | 223,121 | 201,170 |
| Real Estate | 3,012 | 2,948 |
| Cash and Short-Term Investments | 60,625 | 58,919 |
| Premiums Receivable | 69,312 | 62,009 |
| Other Assets | 11,966 | 6,908 |
| Total Assets | $802,587 | $772,994 |
| Liabilities and Policyholder Protection | ||
| Losses in Process of Adjustment | $162,251 | $146,845 |
| Unearned Premiums | 131,920 | 120,444 |
| Accrued Expenses | 16,079 | 17,003 |
| Other Liabilities | 14,813 | 14,935 |
| Total Liabilities | $325,063 | $299,227 |
| Reserve for Policyholder Protection | 477,524 | 473,767 |
| Total Liabilities and Policyholder Protection | $802,587 | $772,994 |
| Income Statement | ||
| Revenue | ||
| Net Premiums Earned | $231,671 | $232,517 |
| Net Investment Income | 31,785 | 14,889 |
| Total Income Earned | $263,456 | $247,406 |
| Expenses | ||
| Claims and Policy-Related Expenses | $263,833 | $218,736 |
| Administrative Expenses | 12,411 | 12,816 |
| Total Expenses | $276,244 | $231,552 |
| Net Income (Loss) Before Taxes | $(12,788) | $15,853 |
| Less Income Tax Expense | (5,156) | 3,122 |
| Net Income (Loss) | $(7,632) | $12,732 |
| Combined Ratio | 117.9% | 99.6% |