| MFM's First Quarter Results are Encouraging! Does a Later Storm Season Loom?? |  |
Midwest Family’s combined ratio was a respectable 98 for the first quarter of 2013. This puts MFM in a good position as we enter the storm season which so far in April and May has been relatively quiet compared to April and May of one year ago. This Spring has been so wet and cold that we suspect that the traditional storm season might be delayed this year in the upper Midwest. You may recall that Spring of 2012 arrived early following a very mild Winter. Storm activity approaching the severity of those in Oklahoma and other States south of our territory has not impacted our results thus far. The death and destruction of the F5 tornado that hit Moore, Oklahoma shocked us all, but also provides a reminder of the value our industry provides to rebuild peoples lives. Premiums grew in the first quarter by a very healthy 10.4%. This first quarter growth rate is continuing through today. Most lines of business and States are contributing to this growth rate. We are particularly pleased with the success we are having in our newest States of Arizona and Nevada. Entering these new States helps us diversify and better control our Wind and Hail exposure that we experience in the Midwest. Plans are in development for further entry in Utah, Wyoming, and Colorado over the next 9-12 months. April and May results were generally a positive impact on our second quarter results. We are always apprehensive about storm activity this time of year but well prepared from a service and financial strength perspective to respond. It appears we lost this year’s Springtime in the Midwest. Have a great Summer and always know we appreciate your business!
Best regards, |
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Posted on Friday, June 07 @ 09:33:55 -05:00
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