Financial

Commentary on 2017 Results for Quincy Mutual Group

Our 2017 results present us with an interesting commentary. At the outset it is important to note that our company is in outstanding financial condition. We increased Policyholder Surplus to a new record high of $1.19 billion, and our A+ rating from A.M. Best, the leading rating authority on insurance companies, was reaffirmed (as it has been since 1934).
The Charles Dickens’ classic A Tale of Two Cities begins “It was the best of times and it was the worst of times”. Our direct business produced excellent results achieving profitability levels we would hope to realize year after year. With our attention to underwriting and an assist from favorable weather, we were rewarded with good results.


Over the past decade we have participated in worldwide insurance programs under agreements with long standing business partners that specialize in such risks. We receive a premium benefit while taking on a portion of their losses which may occur around the globe. In 2017 we absorbed losses from a string of catastrophes including Hurricanes Harvey, Irma, and Maria as well as wild fires in California which negatively impacted our ultimate combined ratio. In spite of the impact of these losses, we have a cumulative overall positive contribution to surplus from these agreements and we will continue these programs into the future.


We’ve been engaged during the year strengthening our organization along many fronts. Patrons Oxford moved its headquarters to Portland, Maine and we are already benefiting from the excitement this created in the Maine market. We have been addressing the importance of predictive analytics in the underwriting of business and have incorporated portfolio management dynamics to assist our agents to achieve best outcomes for their clients. Operations continue to evolve adopting “ease of doing business” practices to meet or exceed industry practices. By most measures we continue to excel in the areas of customer service and claims satisfaction.


We have established a more aggressive social media presence and continue to emphasize our message - “To Insure Is Human” which encapsulates the essence of our companywide philosophy that personal engagement is inherent to our success.
We extend our appreciation to staff, our agents and other business partners for their contributions to our continuing ability to deliver the best protection and services for the benefit of our policyholders.

 

2017 Financial Results

Click here to view our 2017 Financial Statement.