Sheboygen, Wis.-based Acuity announced record-setting results for the company in 2006.
“Acuity’s results in 2006 can be summarized by just three words: strength, stability, and success,” says Ben Salzmann, Acuity’s president and CEO.
In 2006, the company’s surplus grew to an all-time high of $688 million. This represented a growth rate of over 22.3 percent compared to the expected industry rate of just 11.4 percent. Acuity’s rate of growth in surplus over the past five years has been 24.1 percent, more than double that of the industry.
According to the company statement, the combined ratio is another important measurement of an insurer’s strength. A ratio of 100.0 is considered break-even, and lower ratios are more profitable. Acuity’s combined ratio in 2006 was just 89.0, compared to an expected 97.0 in the industry. Over the past five years, the regional carrier has averaged an 89.2 combined ratio versus the industry’s 101.9.
Acuity also saw its net income grow to a record $108 million in 2006. Another milestones listed by the company is that it passed the $800 million premium benchmark for the first time in its history, ending the year with over $803 million in written premium. And, for the first time in Acuity’s 80-year history, it surpassed the 200,000 policyholder mark, while setting records for new written premium and new numbers of policies issued.
Acuity is a regional property and casualty insurer that operates in 15 states, writes over $800 million in premium through 750 independent agencies, and manages $2 billion in assets.