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)
2020 2019
Balance Sheet
Assets
Bonds $406567 $386288
Common Stocks 225164 194770
Real Estate 2981 3176
Cash and Short term Investments 64500 43715
Premiums Receivable 69740 73022
Other Assets 5904 6006
Total Assets $774857 $706977
Liabilities and Policyholder Protection
Losses in Process of Adjustment $145492 $124730
Unearned Premiums 128553 131293
Accrued Expenses 24171 21670
Other Liabilities 22238 19259
Total Liabilities 320453 296952
Reserve for Policyholder Protection 454404 410025
Total Liabilities and Policyholder Protection $774857 $706977
Income Statement
Revenue
Net Premiums Earned $249367 $231405
Net Investment Income 20754 20340
Total Income Earned $270121 $251745
Expenses
Claims and Policy-Related Expenses $ 218027 $218539
Administrative Expenses 14486 14999
Total Expenses $232513 $233538
Net Income Before Taxes $ 37608 $18207
Less Income Tax Expense 6173 2887
Net Income $31435 $15320
Combined Ratio 93.5 99.4