The February Insurance Board Meeting was called to order by President Mark Haney on February 14, 2013.
First of all, we would like to offer our condolences to Chuck Osbourne on the loss of his father.
The financials were discussed. Nathan announced that we had a net income of 20 million and a net surplus gain of 38 million.
Our leverage ratio that everyone worries about being 1 to 1 or over was down to 90.67 to 1 at the end of 2012.
If anyone really cares about AM Best, they have told us that our rating should stay the same.
As Feb 15, 2013 vs. February 15, 2012
We are 8600 memberships behind where we were last year. Growth is still negative across the entire state. In January we had a 60.05 loss ratio across the state and made $30 million.
Side note: The agency has been moved to Novusphere. American AG has been downgraded to an A-. Novussphere’s capitol is 40.1 million. That figure is noted in the mutual company’s assets.
Earthquake insurance has been slowed down, thanks to something! They are now looking at rates, deductibles, and commisions, but they are still planning on rolling out Argenia in the latter part of 2013 on new business only. The conversion process is what is being discussed.
This meeting ended for me as the board went into executive session and the VPs were asked to stay; which meant I was asked to leave. It was actually a short meeting after the President-VP meeting.
See you next month!!
Mickey Sirls
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