Nancy Newmister, CEO
For the past two years Frederick Mutual Insurance Company, a.k.a. Frederick Mutual, has been a company in transition, remaking itself into an entity which can thrive in a competitive industry. We have adopted the mentality of a startup, to achieve sustained and profitable growth for the long term. We are very encouraged by recent developments and pleased to share some information from the current year to support our optimism.
As many of you know, A.M. Best confirmed the company’s A- rating last fall. The Rating Rationale acknowledged challenges the company faced in recent years, management decisions to thoroughly review all aspects of the business, and the strategic plan implementation leading Frederick Mutual to sustained and profitable growth.
Our second quarter results reflect targeted profit and premium plans for this year; look for our second quarter publication in August 2018.
We launched our new commercial package product, Secure BOP™ , and welcomed 882 new policyholders to the Frederick Mutual family from Independent Agencies across Maryland, Virginia, Delaware, Washington, D.C., and Pennsylvania. Secure BOP™ allows Frederick Mutual to provide comprehensive, competitive coverage for a multitude of business types such as office buildings, retail establishments, service organizations, and contractors domiciled in the states where we conduct business.
We would like to extend a note of gratitude to our loyal agency force for working with us during the past two years of transition. We recognize that disruption can be fruitful and painful at the same time. However, the efforts to assist us has yielded consistent progress and a return to profitability in the near term, while maintaining a healthy policyholders' surplus. We likewise appreciate our policyholders that demonstrated pride of ownership in caring for their residential and commercial properties, and they too can expect to reap the benefits of partnering with a profitable, mutual insurance company.
Nancy Newmister, President & CEO