Real People. Real Products. Real Service.
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1 Real People. Real Products. Real Service. ANNUAL REPORT
2 NOTICE OF ANNUAL MEETING The Annual Meeting of Trillium Mutual Insurance Company will be held on Wednesday, March 22, :30 a.m. at 495 Mitchell Road South, Listowel, ON Lunch will be provided Purpose: 1. To receive the financial statements of the Corporation for the fiscal year ending December 31, and approve the auditor s report thereon; 2. To appoint auditors for 2017; 3. To transact any regular business that may be introduced in the interest of the company; 4. To elect two (2) Directors for a three-year term; and 5. To consider enactment of new consolidated Bylaws for the Corporation as recommended by the Board of Directors. Note that in accordance with the Bylaws of the Corporation, any person wishing to seek election or re-election as a Director must file an intention to stand for election in writing with the Secretary of the Corporation not later than thirty (30) days prior to the Annual Meeting or General Meeting called for the purpose of electing Directors. The proposed new consolidated Bylaws and the annual statement will be available on the Corporation s website on or before February 17, 2017, or a member may obtain copies by sending a written request to the Corporation s head office. The proposed new consolidated Bylaws include all Bylaws enacted by the membership since January 1, 2004 as well as a number of changes to modernize them and to incorporate good governance practices. By order of the Board of Directors B. Hicks, B.A., LL.B. Corporate Secretary 2
3 On behalf of the Board of Directors, I am pleased to provide you with the following report. It seems every year our report starts out with thanking the many people who work with Trillium each and every day. Well, it can t be helped! Many thanks go out to our Members for being a part of Trillium, our Brokers and Agents for all their hard work in assisting the Members and the Staff and Board for their focus and dedication to this company. With all these groups pulling in the same direction we can accomplish many things. This has been very evident in the last three years premium growth. Strategically, Trillium continues to set plans and goals for the future. As we are experiencing excellent growth from past strategic planning, we see the need to always be thinking well into the future. We are now working on ideas and products that will take us into the period and beyond. It s an exciting time to be with Trillium! We continue to be proud of the community support that our ROOTS foundation provides. ROOTS gave back $223,275 to capital projects in the communities in which we have served and have members. This is one of the true meanings of being a Mutual. Giving back to help those in the local communities. On top of this endeavour, we support our communities thorough business development sponsorships and volunteer efforts. In each and every staff and Board member gave back by volunteering in the communities in which we live. Kudos to everyone for participating this year. Thanks again for supporting Trillium Mutual! Sincerely, Scott Cumming Chair of the Board The working relationship between the Executive Team, Corporate Treasurer, Corporate Secretary and the Board is impressive. The Board with the support of the team is able to focus on all governance matters, industry changes and strategic planning. As a Board we have a renewed focus on continuing our education in order to stay on top of not only the insurance industry changes but changes to governance and Board operations. Financially, even with some adverse claim activity throughout the year, Trillium was able to add to its surplus in. An additional $1M was added to bring the total to over $56M. This gives us a very secure base as we continue to grow our product lines strategically. 3 REPORT FROM THE CHAIRMAN
4 BOARD OF DIRECTORS EXECUTIVE TEAM OFFICERS OF TRILLIUM MUTUAL Chairman... Scott Cumming Vice-Chairman... Ross Lamont President & CEO... Joe Dietrich Corporate Treasurer... Lindsey Robinson Corporate Secretary... Bryan Hicks Directors: (back row left to right) Ross Stone, Ross Lamont, Julie Garner, Ken Schaus, Ben Rier. (front row) Scott Cumming. Executive: (left to right) Pam Murray, Tracy MacDonald, Joe Dietrich, Mike Virley. 4
5 REPORT FROM THE PRESIDENT & CEO As I reflect on, I recall a year that presented many challenges, opportunities yet also gratifying rewards all bundled into 366 days. Our company and the property and casualty insurance industry experienced an unusually high number of fire losses in. Early in the year we began referring to as the year of the fire. This directly impacted our financial performance and the underwriting results for the year reflect this. Our growth continues to be exceptional compared to all internal and external benchmarks. The total volume of business at the end of exceeds $49 million and our strategic goal to underwrite $55 million by the end of 2018 is trending extremely well. The strong and respected relationships that we have with the brokers and agents who represent Trillium drives this growth both in the volume of business but more importantly, in the number of new members. In spite of weaker core business or underwriting performance resulting from the higher claims costs, surplus is increasing which is an important measurement of success in this business. An important goal for all of us at Trillium is to continually increase brand awareness. We strive for Trillium Mutual Insurance Company to be a recognized and respected brand in the community and the insurance industry. We are also working hard to achieve the same recognition and respect for our two other brands: ROFI Real Ontario Farm Insurance; and ROOTS Recognizing Our Opportunity to Support. Trillium is a leader in these spaces as well. ROFI is our commitment to be best in class in innovating and delivering complete insurance solutions for farmers. Our long term goal is to be the agri-business insurer of choice in Ontario and the traction we gained in positions us well. This will continue to be a high priority strategic goal. ROOTS is the process that has been established to administer the generous philanthropy program and funds that are returned annually to the communities we serve. Both of these brands are also increasing in awareness and impact on our organization and the community at large. In, we increased the number of members by 1,680. At the end of the year our membership numbered 21,591. Thank you our members for your business and loyalty. Measurements of success go beyond financial results. We understand that successful organizations need to invest in continuous improvement of its people and processes. We see the current and future investment in talent and technology as being critically important. Appropriately, the Strategic Business Plan now includes a Talent Plan and a Technology Plan, both sub-sets developed in. In both of these areas we have been recognized as leaders by recently receiving awards in technology, innovation and culture. I m extremely proud of the team at Trillium. Our staff is engaged and are demonstrating a degree of nimbleness that I have not experienced before. I used to say we have innovative leaders, I now say we have innovative employees. The team that we are developing is the primary reason that our strategic goals are being met and exceeded on a timely basis. For Trillium, our success is directly linked to the leadership in governance provided by the Board of Directors. The Board as well is an innovative team and have established a strategic direction that is both realistic but visionary. I appreciate the support and guidance of each board member. They understand the importance of their role in oversight, insight and foresight and invest accordingly. The Board sets a strong example that visionary leadership is not about perpetuating the status quo, but rather positioning the organization to be successful and sustainable in the future, and to be in a position to adapt to whatever change comes. In fact, with the support of the Board, we intend to increase Trillium s relevancy and to create change where we are best in class. As a mutual, we think and plan long-term. We are not motivated or expected to generate a strong ROI on a quarterly or even annual basis. We are committed to providing leading insurance solutions in a competitive and stable offering. One of the great successes in was to include in our menu of products enhanced water or overland flood coverage. A basic principle for Trillium is to offer the best coverages available to our members, and we delivered on this again in. I believe that protecting your home is one of the most important priorities you have. Protecting it against water will be an increasingly important decision in the future. My personal thanks to all stakeholders, you the policyholder member; our Board of Directors; the brokers and agents who professionally represent us; and our employees. It is a privilege to work with and for each of you. Sincerely, Joe Dietrich President & CEO 5
6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION FINANCIAL STATEMENT DECEMBER 31 (IN THOUSANDS OF DOLLARS) Assets 2015 Cash and Bank 6,512 4,468 Investments 76,156 72,942 Investment Income Accrued Income Taxes Recoverable 1,002 - Due from Reinsurance Due from Policyholders 13,085 12,044 Due from Facility Assoc. 1,401 1,399 Reinsurers Share of Unpaid Claims 6,619 8,044 Other Receivables 2 - Prepaid Expenses Deferred Policy Acq Exp 5,204 4,812 Property Plant and Equipment 7,820 7,369 Intangible Assets 2,194 2,431 Deferred Income Taxes , ,202 Liabilities Accounts Payable and Accrued Liabilities 3,797 3,863 Due to Facility Association 1,462 1,461 Income Taxes Payable 432 Unearned Premiums 24,250 22,141 Provision for Unpaid Claims 34,321 30,864 63,830 58,761 Members Surplus 56,725 55, , ,202 CONSOLIDATED STATEMENT OF MEMBERS SURPLUS Balance-Beginning of Year 55,441 50,990 Comprehensive Income for the Year 1,307 4,481 Changes in non-controlling Interest (23 ) (30) 6 Balance-End of Year 56,725 55,441
7 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31 (IN THOUSANDS OF DOLLARS) Revenue 2015 Gross Premiums Written 49,398 44,998 $ Less: Reinsurance Ceded 4,364 3,704 Net Premiums Written 45,034 41,294 Less Increase in Unearned Premium 2,109 2,297 Net Premiums Earned 42,925 38,997 Service Charges Total Underwriting Income 43,560 39,549 Expenses Net Claims and Adjusting Expenses Incurred 27,456 18,049 Commissions and Acquisition Expenses 10,617 9,667 General Expenses 7,190 7,135 Total Expenses 45,263 34,851 Net Underwriting Income (loss) -1,703 4,698 Investment and Other Income 3, Comprehensive Income Before Taxes & ROOTS 1,735 5,476 Income Taxes Donations from ROOTS Fund Comprehensive Income for the Year 1,307 4,481 FINANCIAL STATEMENT A complete audited financial statement can be found HERE, or by contacting us. 7
8 The Last Five Years (in thousands of dollars) Underwriting Income (Loss) -$1,703 Comprehensive Income $1, $4, $4,481 -$1, $2, $3, $4, $5, $6, Gross Written Premium Net Loss Ratio $49, % 2015 $44, % 2014 $40, % 2013 $38, % 2012 $37, % Policyholder Equity (Members Surplus) Investment Income $56,725 $3, $55, $ $50, $4, $47, $2, $43, $2,
9 2017 International Plowing Match We are proud to be a Gold Sponsor of the 2017 IPM being held in Walton, ON September 19-23! To learn more, please visit IN OUR COMMUNITIES Giving Back to the Community Volunteer Day Program Trillium is extremely proud of it s Volunteer Day Program! Each employee and Board member are given a full day to volunteer with an organization of their choice. In, a total of 490 volunteer hours were given by the Trillium team at 27 organizations! In alignment with our ROOTS Community Fund, our 490 volunteer hours were spent in the following categories: Eco/ Sustainability 9% Recreation & Wellness 10% Healthcare 35% Other 15% Agricultural 31% Check us out on Facebook and Twitter to see our team in action! 9
10 Trillium s Culture Journey Trillium Mutual is honoured and proud to be the recipient of the prestigious Canadian Corporate Award of Merit in! This honour was awarded through Human Synergistics, a leading global consulting firm that measures corporate values, management processes, human behaviours, leadership styles and organizational culture. This award is given to organizations that have a constructive culture, and recognizes the hard work and dedication that Trillium and its employees have demonstrated over the past three years. To measure and monitor our culture journey we have participated in an annual survey in each of the past three years. Organizations with a constructive culture place a high value on service and product quality, goal attainment and the development of their people where quality is valued over quantity, creativity is valued over conformity and cooperation is believed to lead to better results than competition. Through individual initiative, effective teamwork and cooperation; the products and services offered by constructive organizations tend to be of the highest quality. CEO, Joe Dietrich shown here accepting the award with some Trillium Team staff. Joe summed up his feelings on this award by stating: We are all very proud to have evolved our culture considerably, in this short period of time, of just three years. Trillium s commitment to this journey is proven through this prestigious award and this is truly an award for all of our professional and dedicated staff; this is truly a team award. This is about our culture and culture is about our people. We live it and we created it together. We are in no way slowing this journey; the Trillium Team will continue with focused momentum in improving our constructive styles even further. 10
11 VISION STATEMENT To be the leading mutual insurer protecting and enhancing farm and community lifestyles. MISSION STATEMENT We provide our members, through trusted partners, with complete and innovative insurance solutions, delivered with excellent service and integrity. VALUES STATEMENT Our Valued Members We exist for the sole benefit of our members. Protection through Insurance Solutions We protect and respond to member needs with innovative solutions. Exceptional Customer Service We strive for every customer experience to be excellent. Financially Responsible We are accountable for long term financial stability. Our Partners are Essential We choose professional and ethical partners to sell and service our products. Our Employees: Our Success We are a team of dedicated professionals working in an environment of mutual respect and continuous improvement. 11
12 ANNUAL REPORT 495 Mitchell Rd South Listowel, ON N4W 0C
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