News Archive

MFM reports first quarter results. Now live in Utah, Colorado, and Wyoming. icon

Our first quarter results were heavily influenced by a horrible Midwest winter. In fact most people in the Midwest cannot recall a worse winter. So much for global warming. We had numerous claims for frozen pipes, slip and falls on icy and snowy steps and sidewalks, and of course, the traditional auto accidents. Most all these claims have been settled and closed which is a great testimony to our fast effective claims service. Our Combined Ratio was an acceptable 99 in the first quarter. Normally a 99 combined ratio would be looked at favorably, but we also know at this time of year we are entering the traditional Midwest storm season with no significant cushion on our results. I can report however, that we are favorably well ahead of plan on our April results compared to April of 2013 when we had experienced three storm catastrophes by this date. In short, it has been an very unpredictable year so far. As you can imagine property lines were most affected by this bad winter weather, and thus our Casualty and Workers Compensation lines are performing normally and admirably.

Sales are very good. Our premiums are up by 12.8% in the first three months compared to the same period of 2013. All States where we do business are contributing growth so far this year. Commercial Lines sales lead the way, but Personal Lines Portfolio sales have been brisk in States we do Personal Lines. Sales increases allowed us to further reduce our underwriting expense ratio in the first quarter. MFM has one of the lowest underwriting expense ratios in the industry. This is particularly true for companies our size.

In April, the Company became active in three new States: Utah, Colorado, and Wyoming. We recently hired a new Regional Marketing Manager, Rocky Kotter, who lives in Ogden, Utah to begin appointing Agents in Utah and to take over Marketing duties in Nevada from Shane Opdahl. Shane will continue to do marketing for Arizona but will also broaden his marketing focus to Colorado. Jim Davidson, our Regional Marketing Manager based in Sioux Falls, will begin appointing Agents in Wyoming. In addition, we anticipate our first Indiana Agency appointments to be made in the next quarter by Rob Green, our Regional Marketing Manager out of Quincy, IL.

It was an acceptable first quarter. Sales were very good. April loss results are encouraging. Always know we appreciate your business. Enjoy the spring and summer!

Best regards,

Ron Boyd, CPCU
President and CEO

Posted on Thursday, May 01 @ 16:19:03 -06:00
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