Church Mutual earns Ward’s 50 top performer award for 11th time
For the second consecutive year and 11th time overall, Church Mutual Insurance Company has been named to the Ward’s 50 Top Performing Property and Casualty Insurers. Ward Group, a part of AON Hewitt, recognized Church Mutual for its outstanding financial results in safety, consistency and performance during the past five years, from 2011 to 2015.
“This recognition clearly demonstrates that our company is the premium provider in our niche,” said Rich Poirier, president and CEO of Church Mutual. “We have a proven record of superior performance and prominence in our market. It says a lot about our dedication to our customers, from the smallest parish to the largest ministry. They trust us, and they know we understand their needs.
“As a mutual company, we recognize the importance of being a trusted partner, an excellent financial steward and a leader in customer service. It’s how we help protect the greater good.”
The Ward Group is the leading provider of benchmarking and best practices studies for insurance companies. Each year, it analyzes the financial performance of nearly 3,000 property and casualty insurers in the United States, including industry leaders such as GEICO, Progressive, Allstate and Travelers.
To complete its annual analysis, Ward Group uses a comprehensive, rigorous set of criteria including:
•Must rank in top 10 percent of peer business mix benchmark group;
•Surplus and net premium evaluations;
•Positive net income in at least four of the last five years;
•Compound annual growth in premiums between -10 percent and +40 percent; and
•Must pass Ward Group’s evaluation of company operations.
In addition, Church Mutual achieved exceptional financial performance as averaged over five years on several benchmarks: return on average equity; return on average assets; return on total revenue; growth in net premiums written; improvement in leverage ratio; and combined ratio.
“We are very mindful of our customers’ finances,” said Jeffrey Steffen, Church Mutual’s vice president and chief financial officer. “We know their funds often come directly from the individuals they serve. Helping them protect themselves from risk is a privilege we take very seriously.”