The Strength of Our Past
is the
Foundation of Our Future

Independent agents market our products and services to over 75,000 policyholders in upstate New York.

 

 

A.M. Best Rated
“A”
Excellent
Since 1988

Financial Size Category VIII

 

 

2016 Annual Report
Click for complete
2016 Annual Report
 

Financial Strength

STATUTORY INCOME STATEMENTS
 
UNDERWRITING 2016 2015
 
Premiums Earned $64,859,446 $61,777,940
Losses and LAE Incurred ($26,420,701) ($29,016,092)
Underwriting Expense ($26,373,016) ($25,020,281)

NET UNDERWRITING INCOME $12,065,729 $7,741,567
Net Investment Gain $5,786,247 $5,375,944
Other Income, Net $765,108 $782,235

INCOME BEFORE TAXES $18,617,084 $13,899,746
Income Tax Expense ($5,079,000) ($3,500,000)

NET INCOME $13,538,084 $10,399,746
STATUTORY BALANCE SHEETS
 
ASSETS AND LIABILITIES 2016 2015
 
Investments $196,480,029 $177,519,300
Premium Receivables $10,213,750 $9,670,099
Deferred Tax Asset $1,291,679 $2,247,445
Other Assets $2,581,786 $2,945,835

TOTAL ADMITTED ASSETS $210,567,244 $192,382,679
LIABILITIES
Unpaid Loss & Loss Expense $18,594,602 $19,230,085
Unearned Premiums $36,804,366 $35,219,342
Other Liabilities $13,427,522 $12,099,843

TOTAL LIABILITIES $68,826,490 $66,549,270
 
SURPLUS $141,740,754 $125,833,409

TOTAL LIABILITIES AND SURPLUS $210,567,244 $192,382,679