A Memorable Year! NYCM Insurance Group
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1 A Memorable Year! NYCM Insurance Group
2 Total Admitted Assets 2016 $1,172,970, $1,105,323, $1,066,005, $1,059,430, $1,025,689,400 Policyholders Security Fund 2016 $534,320, $491,715, $480,063, $466,433, $423,851,584 NYCM Insurance Group
3 A Memorable Year! Appealing products and pricing. Effective new technologies. Milder weather. Exceptional customer service. The record performance NYCM Insurance achieved in 2016 wasn t attributable to any single factor, but to a combination of factors that came together to make it a truly memorable year. NYCM Standard Foremost among the highlights was the performance of our new NYCM Standard auto insurance program. Its inaugural year was successful in every aspect with growth, policy count and premium levels all exceeding expectations. We were also very pleased with the mix of business that it brought. A surprise and a very pleasant one at that was the positive impact the product had and continues to have on the homeowners side, triggering the highest Coupler rate ever achieved by any of our standard programs. It s clear that NYCM Standard is meeting our objective of providing a preferred experience for the standard customer, while generating the kind of stable business that can grow with NYCM for years to come. Our experience also benefitted from the mild weather that prevailed across most of New York State throughout the year, minimizing storm-related claims that severely impacted results in previous years. In addition, the further application of new technologies in our claims operation made a good process more efficient and better than ever. Vision in Action At the core of NYCM s success in 2016 was once again our focus on customer service as we continued to raise the bar on what sets us apart in the industry to an ever-higher level. One of the ways we did that was with the introduction of our Vision in Action award program, in which employees nominate coworkers for demonstrations of exemplary customer service. Annual Report 2016
4 At the heart of the program is taking the time to listen to the customer and understand their needs. Our people are then empowered to think outside the box in finding solutions for those needs. It s been amazing to hear the many ways our employees are going above and beyond to help customers. But the most gratifying aspect of the program has been seeing evidence that the extraordinary has become ordinary in the caliber of service NYCM Insurance provides. Numbers Document Success Looking at the key numbers, the NYCM Group closed out the year with a combined loss and expense ratio of 97.6 percent, compared with 98.8 percent in Net admitted assets reached an all-time high of $1.173 billion, up from $1.105 billion, an increase of 6.1 percent. The Group s surplus or policyholders security fund also experienced strong growth, rising 8.7 percent from $492 million to $534 million. Direct written premiums grew from $486 million to $510 million, a 5.1 percent increase. Growth was experienced in both major lines of business, automobile and homeowners, with a particularly notable increase in voluntary auto NYCM Insurance Group
5 premiums which rose 7.7 percent from $272 million to $293 million. NYCM achieved these results in an auto insurance market that continues to be extremely competitive. The Group remains among the top 10 writers of both auto and homeowners insurance in New York State. As noted earlier, unlike 2015 which saw significant weatherrelated losses, NYCM s claims experience in 2016 benefitted from mild weather throughout the year that resulted in no storm events or catastrophe occurrences. This had a positive impact on the Group s net underwriting profit, which climbed from $4.7 million to $7.7 million. Net investment income grew as well, from $21 million to $23 million. There was a significant increase in the equity portfolio due to the growth of the stock market near the end of the year. In addition, the Group added significantly to its bond portfolio which increased from $795 million to $834 million. Back to Business As gratifying as it is to look back on an outstanding year, the insurance industry affords little time for reflection. So as this report was in production, everyone at NYCM was fully engaged with the business at hand that 2017 was bringing. Among the developments that have us excited about the year is the forthcoming launch of our new Compass Business Owners Policy (BOP). Some three years in the making, Compass will transform our line of commercial business in major ways from its easeof-use interface and expanded classes, to a host of new products and dynamic rating program. What s more, with the same open mindedness that characterizes our personal lines underwriting, Compass will provide agents and customers alike with a commercial product that delivers a personal lines experience. Speaking of personal lines, NYCM s ability to protect classic cars and motorcycles will be stepped up significantly in 2017 through a new partnership with Markel Corporation and the wellknown Hagerty name. Ready for the Challenges Along with the expected, 2017 is certain to bring its share of the unexpected and the NYCM team is up to the task of meeting whatever those challenges might be. Our agents and employees are the finest in the business and it is my privilege to be working alongside them. I am grateful for the extraordinary professionalism and dedication they bring to protecting the policyholders we all serve. That success story transcends even the best numbers and comes to the forefront every day. V. Daniel Robinson II President & Chief Executive Officer Annual Report 2016
6 NYCM Insurance Combined Financial Report as of December 31, Assets Bonds $834,373,119 $795,614,288 $773,563,526 Equities 135,145, ,048,615 98,127,499 Cash & Short Term Investments 15,228,753 22,573,865 13,010,083 Premiums Receivable 121,858, ,754, ,272,542 All Other Admitted Assets 66,364,123 65,331,934 64,031,506 TOTAL ADMITTED ASSETS 1,172,970,295 $1,105,323,481 $1,066,005,156 Liabilities Reserve for Claims & Claims Expense $329,761,238 $310,663,131 $307,967,068 Reserve for Unearned Premiums 252,597, ,583, ,304,687 Reserve for All Other Liabilities 56,290,663 62,361,145 40,669,992 TOTAL LIABILITIES $638,649,489 $613,607,495 $585,941,747 Surplus Policyholders Security Fund $534,320,806 $491,715,986 $480,063,409 TOTAL LIABILITIES & SURPLUS $1,172,970,295 $1,105,323,481 $1,066,005,156 Statement of Income Net Income Before Federal Income Tax $34,844,929 $30,546,797 $10,290,831 Federal Income Tax Incurred (8,763,824) (8,143,046) 376,206 NET INCOME $26,081,105 $22,403,751 $10,667,037 Other Information Loss Ratio 67.0% 66.9% 73.6% Expense Ratio 30.6% 31.9% 31.1% Combined Ratio 97.6% 98.8% 104.7% DIRECT WRITTEN PREMIUMS $510,726,000 $486,075,000 $481,824,000 Licensed Territories: New York AM Best Rating: A+ (Superior) NYCM Insurance Group
7 Directors VanNess D. Robinson Chairman, Secretary New York Central Mutual V. Daniel Robinson II President, Chief Executive Officer New York Central Mutual Albert Pylinski, Jr. Executive, Chief Financial Officer, Chief Risk Officer, Treasurer New York Central Mutual Patricia T. Civil Certified Public Accountant and Retired Partner, PricewaterhouseCoopers LLP Daryl R. Forsythe Retired Chairman NBT Bancorp, Inc Edward Gozigian Attorney at Law Gozigian, Washburn & Clinton Jennifer R. Haack Private Investor Benjamin C. Nesbitt Retired-Senior, Bank Investments Wilber National Bank Robert W. Ranger Chairman, USNY Bank President, RWR Funding Charles R. Schanz Owner/President C.R. Schanz, Inc. William F. Streck, M.D. Retired - President, Chief Executive Officer Bassett Healthcare Scott D. White President Bank of Cooperstown a unit of USNY Bank Bruce C. Wratten Retired - Owner/Operator Horned Dorset LTD Officers VanNess D. Robinson Chairman/Secretary V. Daniel Robinson II President/CEO Albert Pylinski, Jr. Exec. Vice Pres./CFO/ CRO/Treasurer Michael A. Perrino First Senior Cheryl L. Robinson First Senior Jeffrey R. Barrett Senior Stephen M. Cembrinski Senior John E. Holdorf Senior Katharine S. Landers Senior Peter L. Owens Senior, Privacy Officer Julie D. Palmer Senior Kevin L. Plows Senior Jeremy J. Robinson Senior Timothy A. Trueworthy Senior Chad R. Barth Michele D. Couperthwait William W. Couperthwait II Douglas H. Franklin John J. Foy Mark A. Grygiel Michael J. LaCava James E. Potts, Jr. Brian M. Stoll Michael R. Sweet Mark R. VanDewerker Michael J. Millea Assistant, Information Security Officer Robert D. Snyder Assistant Kate M. Stacy Assistant Diane R. Wildey Assistant Annual Report 2016
8 New York Central Mutual Fire Insurance Company 1899 Central Plaza East Edmeston, NY Fax: nycm.com A. Central Insurance Company 1899 Central Plaza East, Suite 2000 Edmeston, NY Fax: acentralinsurance.com For You. Annual Report 2016
A Great Experience AnnuAl RepoRt 2017
A Great Experience Annual Report 2017 $540,010,808 $534,320,806 $491,715,986 2017 2016 2015 Policyholders Security Fund $1,239,032,800 $1,172,970,295 $1,105,323,481 2017 2016 2015 Total Admitted Assets
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