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As we enter the final stretch of the year, I want to pause and personally say “thank you” to our agency partners for your support, partnership, and hard work throughout the many challenges of the year 2020. Over the course of the year so far, we’ve worked to evolve how we deliver on our insurance promise amidst a pandemic; we’ve restored and re-secured our systems following a widespread outage; and we’ve seen and responded to a 1-in-500-year weather event – i.e., the Derecho that stormed through the Upper Midwest this past August. (In fact, our Claims Department continues to respond to policyholders impacted by the Derecho, which produced an inland equivalent of a hurricane with wind speeds approaching 150 MPH over a 250-mile swath.) Throughout all of these major 2020 challenges, we know our policyholders have benefited immensely from the ready and capable counsel of their Independent Insurance Agents. We sincerely appreciate your support in the service of our mutual customers.
Through September 30, written premium for our Group (not including affiliate Michigan
Millers) is at $543.7 million -- which puts us slightly behind goal and with some ground yet to make up in the remaining months of the year (due in part to a challenging year with the Derecho and other storm activity). Our loss ratio is 55.2% (vs. goal of 55.6%), our loss adjustment expense ratio is 10.5% (vs. goal of 10.3%), and our underwriting expense ratio is 29.8% (vs. goal of 29.4%) — adding up to a combined ratio of 95.5%. While that’s not a bad place to be overall, it is still behind our year-end target, and so we will need the continued hard work of our employees and agency partners over the remaining weeks of 2020 to meet the annual goals.
