The Strength of Our Past
is the
Foundation of Our Future

Independent agents market our products and services to over 97,000 policyholders in upstate New York.

 

 

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

Financial Size Category VIII

 

 

2021 Annual Report
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2021 Annual Report 

Financial Strength

STATUTORY INCOME STATEMENTS
 
2021 2020
 
Premiums Earned $94,617,543 $84,687,208
Losses and LAE Incurred ($50,023,307) ($38,815,105)
Underwriting Expense ($36,670,078) ($33,852,565)
NET UNDERWRITING INCOME $7,924,158 $12,019,538
Net Investment Gain $14,257,285 $8,907,099
Other Income, Net $611,882 $660,135
INCOME BEFORE TAXES $22,793,325 $21,586,772
Income Tax Expense ($2,958,000) ($3,522,000)
NET INCOME $19,835,325 $18,064,772
STATUTORY BALANCE SHEETS
 
2021 2020
 
Cash & Invested Assets $340,000,249 $300,409,159
Premium Receivables $14,704,526 $13,811,889
Other Assets $3,614,960 $4,848,549
TOTAL ADMITTED ASSETS $358,319,735 $319,069,597
LIABILITIES
Unpaid Loss & Loss Adjustment Expense $37,278,388 $30,331,586
Unearned Premiums $55,173,663 $49,421,310
Other Liabilities $20,338,651 $18,565,530
TOTAL LIABILITIES $112,790,702 $98,318,426
 
SURPLUS $245,529,033 $220,751,171
TOTAL LIABILITIES AND SURPLUS $358,319,735 $319,069,597