We are currently experiencing higher than usual call volume due to the number of storm claims submitted. Our adjusters are working to assist everyone quickly and return calls as soon as possible. We appreciate your patience, and will do our best to get back with you promptly.
Continue to the Pioneer WebsiteMaintaining 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) |
2022 | 2021 |
|---|---|---|
| Balance Sheet | ||
| Assets | ||
| Bonds | $441040 | $437083 |
| Common Stocks | 201170 | 238107 |
| Real Estate | 2948 | 3024 |
| Cash and Short term Investments | 58919 | 71964 |
| Premiums Receivable | 62009 | 62914 |
| MCCA Refund Receivable | - | 50953 |
| Other Assets | 6908 | 7632 |
| Total Assets | $772994 | $871677 |
| Liabilities and Policyholder Protection | ||
| Losses in Process of Adjustment | $146845 | $157912 |
| Unearned Premiums | 120444 | 120604 |
| Accrued Expenses | 17003 | 20302 |
| MCCA Refund Liability | - | 50953 |
| Other Liabilities | 14935 | 24641 |
| Total Liabilities | 299227 | 374411 |
| Reserve for Policyholder Protection | 473767 | 497266 |
| Total Liabilities and Policyholder Protection | $772994 | $871677 |
| Income Statement | ||
| Revenue | ||
| Net Premiums Earned | $232517 | $246997 |
| Net Investment Income | 14889 | 35550 |
| Total Income Earned | $247406 | $282548 |
| Expenses | ||
| Claims and Policy-Related Expenses | $218736 | $228007 |
| Administrative Expenses | 12816 | 14186 |
| Total Expenses | $231552 | $242193 |
| Net Income Before Taxes | $15853 | $40355 |
| Less Income Tax Expense | 3122 | 2937 |
| Net Income | $12732 | $37418 |
| Combined Ratio | 99.6 | 98.9 |