Through March 31, 2019, written premium for our Group (not including affiliate Michigan Millers) is at $180.8 million — which is about where we aimed to be after the first few months of the year. Our loss ratio is 55.8% (vs. goal of 56.3%), our loss adjustment expense ratio is 10.5% (vs. goal of 10.2%), and our underwriting expense ratio is 28.4% (vs. goal of 28.3%) — adding up to a combined ratio of 94.7%. While this puts us generally “on track” relative to our annual plan, it’s still early in the year, and there’s plenty of work yet to be done. It’ll take continued hard work and quality underwriting from our employees and agency partners to achieve our year-end goals.
I’m pleased to report that Western National Insurance Group has surpassed $500 million in policyholder surplus, effective as of March 31, 2019. These results provide a new level of financial stability and security for our Group and its policyholders and move us into A.M.
Best’s Financial Size Category X (from IX). While we’re already moving full speed ahead into the second quarter of 2019, I want to take a moment to thank you for your support as a Western National agency partner and for your work in helping us reach this milestone.
We announced our six 2019 award winners at our Group’s Annual Meetings in March. I’d like to once again extend congratulations to the following agencies: Atlas Insurance Brokers (Personal Lines Agency of the Year - Central Region), HUB International Northwest (Commercial Lines Agency of the Year - Western Region), Noah Insurance Group (Fast-Track Agency of the Year - Central Region), Rice Insurance (Fast-Track Agency of the Year - Western Region), Silva Insurance Services (Personal Lines Agency of the Year - Western Region), and TrueNorth Companies (Commercial Lines Agency of the Year - Central Region).
During the first quarter of the year, we announced our 2019 “Circle of Excellence” agencies. This recognition is announced annually to spotlight an elite group of partners who have excelled based on performance and growth over the past six years. An agency must also demonstrate that they meet high standards of professional excellence and integrity in order to be considered. You can view our 2019 Circle of Excellence agencies by clicking here.
As “The Relationship Company”, we believe that communication and collaboration are key factors to a successful partnership. One of the ways we work to enhance our partnerships with agents is by asking for your feedback about working with our Group. We recently sent out our 2019 Annual Agency Survey. If you haven’t already, we encourage you to fill it out. We appreciate your time and input, and we look forward to building on your feedback to enhance the experience of working with Western National.
