| 2nd Quarter Results Hampered by Storms. A Week in June to Forget. |  |
Midwest Family’s combined ratio is now 101.8 through the second quarter of 2013. Our most severe 2013 storms occurred later in June. In fact, if we could eliminate the last week of June our year to date results would have been much improved. On the weekend of June 22nd and 23rd, a series of storms caused severe damage to homes and commercial structures in South Dakota, North Dakota, Minnesota, and Wisconsin. We also set new records in June as we incurred a couple single structure losses with over $1 Million in hail damage to a hotel and an over $1 Million residential lightning/ fire loss. On June 25th and 26th, we also experienced a second storm over our entire operating territory in the upper Midwest. This second June storm had less severity than the previous weekend’s storm. Claims service contact and settlement progress on all of our 2013 storm claims has been very good. Thank you to all Agents that have taken the time to compliment our fast and effective claims service. Storm claim activity in July has been more tame but we still have 2 months of traditional storm season yet to materialize. We are confident in our ability to overcome this 101.8 result through June and produce acceptable Underwriting results in the remaining half of the year. Premiums have grown year to date by a very healthy 9.7%. Most all lines of business and states continue to contribute to this year to date growth rate. We are particularly pleased with the continued success we are experiencing in our newly entered states of Arizona and Nevada. Entering these new states helps us diversify and better control our wind and hail exposures by diversifying our risk beyond the Midwest. Plans are in development for entry in Utah, Wyoming, and Colorado over the next 12 months. We are very pleased with growth through six months and are optimistic about underwriting prospects for the balance of the year. Enjoy the balance of your summer and always know we appreciate your business.
Best regards, |
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Posted on Saturday, July 27 @ 11:27:14 -05:00
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