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) |
2024 | 2023 |
|---|---|---|
| Balance Sheet | ||
| Assets | ||
| Bonds | $464,322 | $434,551 |
| Common Stocks | 232,298 | 223,121 |
| Real Estate | 3,020 | 3,012 |
| Cash and Short-Term Investments | 70,941 | 60,625 |
| Premiums Receivable | 63,822 | 69,312 |
| Other Assets | 7,585 | 11,965 |
| Total Assets | $841,988 | $802,587 |
| Liabilities and Policyholder Protection | ||
| Losses in Process of Adjustment | $149,010 | $162,251 |
| Unearned Premiums | 123,120 | 131,920 |
| Accrued Expenses | 21,201 | 16,079 |
| Other Liabilities | 18,004 | 14,813 |
| Total Liabilities | $311,335 | $325,063 |
| Reserve for Policyholder Protection | 530,653 | 477,524 |
| Total Liabilities and Policyholder Protection | $841,988 | $802,587 |
| Income Statement | ||
| Revenue | ||
| Net Premiums Earned | $236,130 | $231,671 |
| Net Investment Income | 33,139 | 31,785 |
| Total Income Earned | $269,269 | $263,456 |
| Expenses | ||
| Claims and Policy-Related Expenses | $202,670 | $263,833 |
| Administrative Expenses | 15,169 | 12,411 |
| Total Expenses | $217,839 | $276,244 |
| Net Income (Loss) Before Taxes | $51,430 | $(12,788) |
| Less Income Tax Expense | 7,103 | (5,156) |
| Net Income (Loss) | $44,327 | $(7,632) |
| Combined Ratio | 93.4% | 117.9% |