The Strength of Our Past
is the
Foundation of Our Future

Independent agents market our products and services to over 101,000 policyholders in upstate New York.

 

 

A.M. Best Rated
“A”
Excellent
Since 1988

Financial Size Category VIII

 

 

2022 Annual Report
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2022 Annual Report 

Financial Strength

STATUTORY INCOME STATEMENTS
 
2022 2021
 
Premiums Earned $105,153,579 $94,617,543
Losses and LAE Incurred ($80,669,552) ($50,023,307)
Underwriting Expense ($39,201,376) ($36,670,078)
NET UNDERWRITING (LOSS) INCOME ($14,717,349) $7,924,158
Net Investment Gain $9,354,507 $14,257,285
Other Income, Net $606,644 $611,882
(LOSS) INCOME BEFORE TAXES ($4,756,198) $22,793,325
Income Tax Benefit (Expense) $1,569,000 ($2,958,000)
NET (LOSS) INCOME ($3,187,198) $19,835,325
STATUTORY BALANCE SHEETS
 
2022 2021
 
Cash & Invested Assets $335,259,934 $340,000,249
Premium Receivables $16,814,889 $14,704,526
Other Assets $6,004,983 $3,614,960
TOTAL ADMITTED ASSETS $358,079,806 $358,319,735
LIABILITIES
Unpaid Loss & Loss Adjustment Expense $50,070,236 $37,278,388
Unearned Premiums $61,202,124 $55,173,663
Other Liabilities $15,631,935 $20,338,651
TOTAL LIABILITIES $126,904,295 $112,790,702
 
SURPLUS $231,175,511 $245,529,033
TOTAL LIABILITIES AND SURPLUS $358,079,806 $358,319,735