Main Street America Group Reports Strong 2015 Results
The Main Street America Group, a super-regional property/casualty insurance carrier, reports that its 2015 financial results included a 7.9 percent return on equity, 99.8 combined ratio, net income of $91.4 million, net written premium of $968 million and surplus growth of $60 million for the fiscal year ended Dec. 31, 2015.
Main Street America’s 2015 Financial Highlights
- Net income of $91.4 million, the highest level of net income the company has ever reported, and a 142 percent increase over 2014 net income of $37.9 million.
- 7.9 percent return on equity, driven by investment returns of $74.1 million. The company’s return on equity in 2014 was 5.1 percent.
- Surplus growth of $60 million to $1.071 billion. The company exceeded $1 billion in surplus for the first time in 2014.
- Total admitted assets increased by $59 million to $2.42 billion.
- Net written premium of $968 million, a 1 percent decline versus 2014 net written premium of $967 million.
- Combined ratio of 99.8, a significant improvement over the company’s 2014 combined ratio of 103.7, resulting in an underwriting gain of just under $3 million.
- Profitable underwriting results in its commercial lines, surety and commercial agribusiness product operations, as well as its Florida Region and Northeast Region sales operations.
- Affirmation of the company’s A.M. Best Financial Strength Rating of “A” (Excellent) with a Stable Outlook, as well as its “a+” Issuer Credit Rating.
- In commercial lines, Main Street America implemented its new cyber risk coverage, as well as its expanded workers’ compensation program. The company’s surety operations expanded into Mississippi and Louisiana.
“Our strong capital position leaves us very well-positioned to invest in our people, new products, enhanced technology and competitive pricing to continue to achieve success throughout our ‘Main Street’ niche in 2016,” said Tom Van Berkel, Main Street America’s chairman and chief executive officer.
The company has published an interactive, digital 2015 Annual Report, “A Commitment to Our Customers," and a two-part interview with Van Berkel on its YouTube channel as he discusses the company’s 2015 performance and 2016 outlook.
Source: Main Street America Group
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