Jewelers Mutual Insurance Co., has been named one of the 50 top-performing insurance companies.
For the third consecutive year, the company appears on ‘Ward’s 50,’ a list compiled by Ohio-based Ward Group, a benchmarking and best practices firm. This marks the fifth time the insurer has received the designation in the past eight years.
“It is an honour to be named to Ward’s 50, and I am very proud our company has earned this recognition as we celebrate our centennial anniversary in 2013,” said Darwin Copeman, president and chief executive officer (CEO) of Jewelers Mutual.
“As a mutual insurance company, we look at the insurance business with a long-term perspective, and I think recognition like Ward’s 50 shows that we are thriving as we look to the future.”
Every year, Ward analyzes the financial performance of more than 3000 property-casualty insurance companies in the United States to determine the top performers.
To qualify for consideration, each company must pass minimum thresholds that evaluate criteria such as:
• surplus and premiums of at least $50 million for each of the five years analyzed;
• net income in at least four of the last five years (for property-casualty candidates); and
• compound annual growth in premiums between -10 per cent and +40 per cent.
Those that pass these minimum standards are then scored on several other elements, such as five-year average return on average equity; five-year average return on average assets; and five-year growth in revenue.
“After several years of weaker revenue gain and sluggish economic conditions, financial returns for insurers improved in 2012,” said Jeff Rieder, partner and head of Ward Group.
“Most insurance sectors are experiencing revenue growth and insurance companies appear more optimistic as they look toward the future. Total policyholder surplus continues to grow and overall financial stability for the industry remains very strong. In selecting the Ward’s 50, we identified companies that pass financial stability requirements and measure their ability to grow, while maintaining strong capital positions and underwriting results.”
