Brotherhood Mutual Posts Excellent 2007 Results
Twelve-year financial analysis ranks Brotherhood Mutual among the top property-casualty insurers.
Fort Wayne, Ind., March 18, 2008—Brotherhood Mutual Insurance Company, Inc., reported 2007 as one of the company's most successful years at its annual meeting on February 19.
Brotherhood Mutual reported excellent financial results each quarter, strengthening the company’s ability to respond to policyholder needs now and in the future.At year-end, direct premium income topped the $202 million mark and the company earned more than $8 million dollars in investment income.
Company assets grew to $314.4 million in 2007, more than seven percent over the previous year. Brotherhood Mutual’s combined earnings/loss ratio at the end of the year was a strong 90.5 percent and the company posted slightly more than $17 million as net income for the year.
Although 2007 was generally quiet weather-wise, Brotherhood Mutual paid policyholders more than $71 million in claims for damages they incurred as a result of storm and fire events and liability losses. The company added $16.2 million to the Policyholder’s Security Fund, raising the fund’s assets to $135.7 million at year-end. The company also paid more than $2.2 million to policyholders with good risk management histories over the last three-year period.
Brotherhood Mutual retained its A "Excellent“ rating from A.M. Best Company for the 10th consecutive year. In December, National Underwriter magazine named Brotherhood Mutual one of the nation’s “champions” among property-casualty insurers. In its evaluation of the company’s finances over a 12-year period, the well-known trade publication ranked Brotherhood Mutual among the 50 most consistently profitable companies in the industry—an indicator of Brotherhood Mutual’s long-term ability to meet customer needs.
Brotherhood Mutual Insurance Company is one of the nation’s leading
property/casualty insurers of churches and related ministries. The company
serves more than 30,000 church and ministry customers nationwide and
is represented by more than 450 independent agent representatives. Brotherhood
Mutual employs more than 220 people at its corporate offices in Fort
Wayne, Indiana.
