The Strength of Our Past
is the
Foundation of Our Future

Independent agents market our products and services to over 87,000 policyholders in upstate New York.

 

 

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

Financial Size Category VIII

 

 

2020 Annual Report
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2020 Annual Report
 

Financial Strength

STATUTORY INCOME STATEMENTS
 
UNDERWRITING 2020 2019
 
Premiums Earned $84,687,208 $78,220,034
Losses and LAE Incurred ($38,815,107) ($34,001,999)
Underwriting Expense ($33,852,566) ($31,998,274)

NET UNDERWRITING INCOME $12,019,535 $12,219,761
Net Investment Gain $8,907,098 $7,927,589
Other Income, Net $660,136 $700,511

INCOME BEFORE TAXES $21,586,769 $20,847,861
Income Tax Expense ($3,522,000) ($3,498,000)

NET INCOME $18,064,769 $17,349,861
STATUTORY BALANCE SHEETS
 
ASSETS, LIABILITIES & SURPLUS 2020 2019
 
Cash & Investments $300,409,159 $269,371,729
Premium Receivables $13,811,889 $12,809,906
Other Assets $4,848,549 $2,560,337

TOTAL ADMITTED ASSETS $319,069,597 $284,741,972
LIABILITIES
Unpaid Loss & Loss Expense $30,331,584 $26,478,992
Unearned Premiums $49,421,310 $45,758,403
Other Liabilities $18,565,532 $16,150,222

TOTAL LIABILITIES $98,318,426 $88,387,617
 
SURPLUS $220,751,171 $196,354,355

TOTAL LIABILITIES AND SURPLUS $319,069,597 $284,741,972