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Commentary On 2010 Results Considerable activity took place within the Quincy Mutual Group during 2010 providing us with an optimistic view as we look ahead to 2011 and beyond. We were pleased to see the economy continue to stabilize and have financial markets rebound such that our Policyholder Surplus of $778 million exceeds the pre-recessionary mark. Net premiums increased by 1.5% to $266 million while assets increased 5.4% to $1.2 billion. Net income before realized capital gains was $22.1 million for both years. These results, combined with our attention to enterprise risk, operational and market factors contributed to the A.M. Best Company again reaffirming our A+ rating of which we are quite proud. The year 2010 was notable for a number of significant issues beginning with the occurrence of three severe catastrophes early in the year involving flood waters and wind driven rain which, for the Quincy Mutual Group, collectively exceeded the damage caused by the last hurricane to strike the region; and we were fortunate to have “dodged a bullet” with the glancing winds of hurricane Earl. Throughout these weather events our resources were primed to respond to the needs of policyholders through our disaster preparedness plans. These early months of 2011 are a stark reminder of the perils of Northeast winter weather and we are responding to claim activity as expected. We continue to manage costs, maintain underwriting discipline, scrutinize enterprise risk, and improve product, service and technology to agents and policyholders while maintaining a responsive pricing philosophy. In this environment, cost of capital analysis clearly demonstrates that we are on the right track in designing and managing our products to create a balance between our various property and casualty lines of business. Enhanced commercial products lead in this regard and we are excited about the opportunities it presents particularly with the joint marketing agreement we entered into with AIM Mutual Insurance Company, a workers’ compensation specialist carrier in Massachusetts, with whom we will collaborate in writing and servicing commercial business. In addition to our other partner relationships, 2010 saw increased participation in the assumed reinsurance arena. Along with our traditional property and casualty business this developing portfolio is intended to add additional financial balance to our corporate results. Certainly, the twelve year relationship we’ve enjoyed with our subsidiary, the Patrons Oxford Insurance Company of Maine, continues to have a positive contribution to our success. We wish to extend our deepest appreciation to our employees, agents
and business partners who continue to support us.
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