The annual meeting for KY Farm Bureau Insurance Company
The CEO Brad Smith gave the annual report which ended with KFB at $938 million in surplus.
Nathan gave a report of percentage of revenues:
- Auto 52.6%
- Property 32.69%
- Other income 4.92%
- Investment 8.43%
- Misc income 1.62%
Chuck Osbourne was announced as VP of Sales.
The County Loan Program was discussed with the newest loan going to Carroll County for $325,000 at 2.12%.
2013 was discussed through February, $15.3 million in underwriting profit, a combined 89.1 loss ratio vs. 100%, and a year-to-date surplus increase of $20 million.
AM Best has stated we will remain at an A rating for 2013.
2 categories:
1. A- for stability
2. A+ with a negative outlook for issuing credit, which is our ability to issue bonds
Our COO John Sparrow spoke on membership. As of 03/12/2013 we are 15,719 members behind from this time last year. Through 03/12/2013 the only line of growth in insurance we have is auto.
Jeff Koch spoke on JMI inspections. They are paid $20 per site.
This is where it starts to get interesting and where future decisions may come from.
1. Jeff also spoke of insurance grips and different states. EX: If Louisville has too much exposure on a city block, they might take that block to TN FB, who has Nashville with a block of too much exposure.
I found that a little strange until Mr. Haney spoke. He said GA, SC, LA, and Iowa were all pushing hard for American Farm Bureau to have one company for all Farm Bureaus. Quick note on that, out of those four states, Iowa is the only one profitable.
Insurance Board Member Alex Barnett spoke on the privacy issue on next year’s incentives without showing what the agents in that county earned as bonuses.
Personally (again just my thought), I think that we should thank Alex for speaking up for agents concerns.
This meeting started in Ex session and ended after lunch in Ex session. So hopefully we will find out what happened sometime soon.
Thanks for all of your support. I will end with saying I attended district federation meeting in FLorence and Blue Lick State Park. Many of us noticed that all of the APDs, VP of Sales, and Ex Board members all showed up to the meeting.
Thansk again!
Mickey Sirls
Your President
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