Property/casualty insurer Fremont Michigan InsuraCorp, Inc. said it expects to report record results for the fourth quarter and confirmed it pans to expand into neighboring Wisconsin.
The company said it expects to report total direct premiums written in the range of $16.5 to $17.5 million and a combined ratio in the high eighties for the quarter for the quarter ending Dec. 31, 2009.
Fremont will report its final results on Feb. 22, 2010 with a projected combined ratio in the mid nineties for the full year 2009.
Fremont said its strategic plan includes a planned expansion into Wisconsin and other neighboring states, as well as a goal of increasing direct premiums written to $100 million by 2013. The company said it has filed the required forms with insurance regulators in Wisconsin, and expects a response during the first quarter.
“In order to achieve our $100 million goal, we believe diversifying risk geographically is the prudent next step and based on expressed interest both by our current agents serving the Wisconsin market and the agent community in the state, we are optimistic that we can replicate the success we’ve achieved in Michigan,” Richard E. Dunning, president and CEO.
In December, the company rejected an unsolicited proposal from the Steak n Shake Co. seeking to acquire control of the company. The company said its board believed its current strategic plan represented a better long-term value for shareholders.
Fremont Michigan InsuraCorp., Inc. is the holding company for Fremont Insurance Co.
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