The Strength of Our Past
is the
Foundation of Our Future

Independent agents market our products and services to over 104,000 policyholders in upstate New York.

 

 

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

Financial Size Category VIII

 

 

2023 Annual Report
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2023 Annual Report 

Financial Strength

STATUTORY INCOME STATEMENTS
 
2023 2022
 
Premiums Earned $113,523,633 $105,153,579
Losses and LAE Incurred ($71,743,689) ($80,669,552)
Underwriting Expense ($44,907,910) ($39,201,376)
NET UNDERWRITING (LOSS) INCOME ($3,127,966) ($14,717,349)
Net Investment Gain $10,274,605 $9,354,507
Other Income, Net $574,730 $606,644
INCOME (LOSS) BEFORE TAXES $7,721,369 ($4,756,198)
Income Tax (Expense) Benefit ($1,100,000) $1,569,000
NET INCOME (LOSS) $6,621,369 ($3,187,198)
STATUTORY BALANCE SHEETS
 
2023 2022
 
Cash & Invested Assets $366,143,106 $335,259,934
Premium Receivables $19,857,501 $16,814,889
Other Assets $4,667,669 $6,004,983
TOTAL ADMITTED ASSETS $390,668,276 $358,079,806
LIABILITIES
Unpaid Loss & Loss Adjustment Expense $54,997,139 $50,070,236
Unearned Premiums $69,489,065 $61,202,124
Other Liabilities $20,164,366 $15,631,935
TOTAL LIABILITIES $144,650,570 $126,904,295
 
SURPLUS $246,017,706 $231,175,511
TOTAL LIABILITIES AND SURPLUS $390,668,276 $358,079,806