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| Financial
Statement: 2007 |
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A
Message from the President:
On behalf of our Board of Directors, Officers
and staff, I am pleased to report that the 2007
financial results were the best recorded in
our long history. Our measurement of success
as a company extends beyond our financial performance.
We strive to deliver value to our policyholders
and to meet their insurance needs. Competitive
pricing and quality service are our main focus.
Our strong financial position provides protection
for our policyholders, as evidenced by our A
rating from A.M. Best.
Over 250 independent agents
market our products and services to over 71,000
policyholders in upstate New York. As a single
state writer, we are best known for our farm,
commercial and rural market niches, with a “value
added” quality in our claim service. The
year was marked by improvements in our e-commerce
initiatives, and customer service to both agents
and policyholders.
The continued insurance ‘soft
market’ has limited our premium growth
and competition has increased. Other challenges
include the state’s economy, costs of doing
business, and weather. We seek to offset these
challenges with operational efficiencies, improved
underwriting and superior customer service.
Our goal is to provide quality
insurance coverage at a competitive price, delivered
by a professional staff. With your support,
we look forward to the many challenges and opportunities
in the upcoming years, and anticipate 2008 will
build upon the accomplishments of 2007.
Gordon P. Assad,
President/CEO
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| Statutory
Income Statement: |
2007 |
2006 |
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Premium
Earned |
$44,742,194 |
$42,661,550 |
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Loss
and LAE Incurred |
($21,314,868) |
($20,243,933) |
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Underwriting
Expense |
($18,318,744) |
($17,845,848) |
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Underwriting
Income |
$5,108,582 |
$4,571,769 |
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Investment
Income |
$3,580,936 |
$3,117,374 |
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Other Income |
$661,765 |
$591,979 |
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Net
Income Before Tax |
$9,351,283 |
$8,281,122 |
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Federal
Income Tax |
($2,605,000) |
($2,125,000) |
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Net
Income |
$6,746,283 |
$6,156,122 |
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| Statutory
Balance Sheet: |
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Investments |
$93,039,987 |
$83,590,083 |
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Premium
Receivable |
$7,309,509 |
$7,400,531 |
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Deferred
Tax Asset |
$1,610,216 |
$1,856,221
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Other
Assets |
$1,182,274 |
$2,157,839 |
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Net
Admitted Assets |
$103,141,986 |
$95,004,674 |
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Unpaid
Loss and LAE, Net |
$14,039,314 |
$14,308,848 |
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Unearned
Premium |
$25,650,542 |
$24,841,803 |
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Other
Liabilities |
$6,582,875 |
$5,991,309 |
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Total
Liabilities |
$46,272,731 |
$45,141,960 |
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Surplus
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$56,869,255 |
$49,862,714 |
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Total
Liabilities and Surplus |
$103,141,986
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$95,004,674
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