Main Street America Group Reports Strong 2010 Results, Eyes Expansion

Jacksonville, Fla.-based The Main Street America Group reported that its 2010 financial results included 99.2 combined ratio, 9.1 percent net premium growth, a 16.8 percent return on equity and surplus growth of $78 million for the fiscal year ended Dec. 31, 2010.

Commercial lines, which accounts for 45 percent of Main Street America’s net written premium, was the company’s profit leader with a 90.3 combined ratio.

“Our outstanding performance in 2010 compares very well against the property/casualty industry,” said Tom Van Berkel, Main Street America’s chairman, president and chief executive officer.

Van Berkel said the company is “extremely well-capitalized,” which will allow its to continue expanding in both existing states and new states – including affiliations, acquisitions and partnerships.

With nearly $900 million in premium written by 2,000-plus independent insurance agents, the company now writes insurance in 27 states and writes bonds in 44 states.

Among the other 2010 financial highlights reported by the insurer:

In 2010, Main Street America said it saw its Main Line Business Owners Policy grow 34 percent as it was introduced in five more states. In personal lines, the company launched its new homeowners’ multivariate product, Homeowners MVP, in three states. The company expanded its surety market share by acquiring the surety division of CAIC Holding Co. in Texas, as well as appointing new agents in several other states. It also integrated its new affiliate, Grain Dealers Mutual Insurance Co., and began selling Main Street America’s products through Grain Dealers’ independent agents in several states.