A Message from Rich and Kristen
With 2023 as “The Year of the Customer,” our commitment to providing an exceptional customer experience in each and every interaction is defined by the dedication of our team members.
The experience that our customers expect and deserve is delivered by our united team.
Whether it’s for the independent agents who represent our company, the policyholders we’re grateful to for giving us the opportunity to help protect what’s important to them, the fellow team members who work closely together, or the amazing communities where we live and work, creating this best-in-class customer experience enables us to thrive and be successful.
We are able to accomplish this by making and keeping promises to the people we do business with. We promise:
Commitment.
We strive to make everyone feel secure, appreciated, and respected by understanding and valuing all people and taking the time to listen. Open and honest, we keep them informed, respect their time, and provide clear timeframes for action – and can be trusted to do what we say.
Ease.
We get things done simply and flexibly, removing unnecessary obstacles – and make it easy to contact the right person and provide quick, easy access to information.
Innovation.
We keep innovating to improve customer experience by working with others – and continually strive to understand their needs and develop business processes and technology based on them.
Excellence.
We achieve high quality in everything we do, committing to excellence in how we do business. We have a helpful attitude, look for solutions, and work collaboratively within our organization.
As a carrier that promises exceptional customer experience, we continually and consistently focus on these four points and keep the promise to each other to work together as a team – and by doing so we can keep the promise to others. In 2023, these efforts have led to:
- Net Written Premium of $1.56 billion
- Combined Ratio of 96.9.
- Growth of 7.3%.
- Our company being named a Top Insurance Employer by Insurance Business America magazine for the 6th year; a “Top 50” performing property-casualty insurance company by The Ward Group for the 2nd year; and a 2023 Super Regional Property/Casualty Insurer™ for the 17th year by Demotech, Inc.
- Having AM Best hold our rating* at an “A” with a positive outlook relative to our Long-Term Issuer Credit Rating (ICR) – as we continue to set our ambitions on earning Utica Mutual Insurance Company and its affiliates a Financial Strength Rating (FSR) upgrade to “A+”.
*For the latest rating, visit www.ambest.com.
On a Successful Course
By continuing to create memorable, positive customer experiences as we address the changes and challenges that our company, industry, and world face, we are confident we will remain on a successful course as the solid momentum of “The Year of the Customer” extends beyond 2023.
Richard P. Creedon, Esq.
Chairman of the Board and Chief Executive Officer
Kristen H. Martin
President and Chief Operating Officer
Making Communities Even Better
Helping nonprofits whose mission to assist children, adults, and families in need in the communities where we live and work benefits everyone.
We are able to help contribute to the well-being of others by awarding grants to these organizations through The Utica National Group Foundation, founded in 1987 in advance of our company’s 75th anniversary. Millions of dollars of grants have been awarded since then, including the following awarded in 2023:
General Community
American Red Cross Hudson Valley Chapter |
$5,000 |
American Red Cross Northern New England |
$5,000 |
Boilermaker |
$30,000 |
Boilermaker Kids Run |
$10,000 |
Brothertown Scholarship Fund |
$1,250 |
Central Association for the Blind & Visually Impaired |
$3,000 |
CFF Great Strides Walk |
$1,000 |
The Community Foundation |
$2,000 |
The Hope House |
$25,000 |
The Keys Program |
$1,500 |
Johnson Park Center |
$85,000 |
Johnson Park Center |
$500 |
Joseph D. Corr Police Benevolent Association |
$500 |
LeMoyne College |
$50,000 |
Make A Wish Foundation |
$1,500 |
Mary Cariola Children's Center |
$5,000 |
Mid-Utica Neighborhood Preservation Corp. |
$500 |
MVHS Foundation |
$200,000 |
New Hartford Citizens Band Summer Concert Series |
$300 |
Notre Dame NJROTC |
$500 |
On Point for College Utica |
$25,000 |
On Point for College Utica |
$25,000 |
Rescue Mission of Utica |
$33,400 |
Resource Center for Independent Living |
$1,000 |
Ride for Missing Children |
$1,500 |
Rome Arts and Community Center |
$500 |
Rome Health Foundation |
$100,000 |
Salvation Army |
$1,500 |
Sitrin Foundation |
$1,000 |
Sleep in Heavenly Peace |
$5,000 |
Special Olympics |
$500 |
Stephen Siler Tunner to Towers Foundation |
$500 |
The Summit Center |
$500 |
YWCA of the Mohawk Valley |
$35,000 |
Subtotal |
$657,700 |
|---|
United Way Contributions
Long Island United Way |
$2,500 |
United Way of Buffalo & Erie County |
$750 |
United Way of Central Ohio |
$1,500 |
United Way of Greater Richmond |
$1,500 |
United Way of Massachusetts Bay |
$1,500 |
United Way of Metro Atlanta, Inc. |
$1,500 |
United Way of Metropo Chicago |
$1,500 |
United Way of Metropolitan Dallas |
$1,500 |
United Way of the Mohawk Valley |
$48,000 |
United Way of the Mohawk Valley |
$24,000 |
United Way of the Mohawk Valley |
$24,000 |
Subtotal |
$108,250 |
|---|
Matching Gifts to Colleges & Secondary Schools
Elgin Community College Foundation |
$1,000 |
LeMoyne |
$1,000 |
LeMoyne |
$500 |
Rector & Visitors of the University of Virginia |
$500 |
St. Bonaventure University |
$500 |
St. Lawrence University |
$100 |
Trustees of Hamilton College |
$300 |
University of California Berkeley Foundation |
$500 |
Utica University |
$1,000 |
Utica University |
$821 |
Subtotal |
$6,221 |
|---|
Total General Fund: $772,171
United Communities
Supporting the good work of the United Way during our annual campaign is a long-established tradition that spans decades. We sincerely appreciate and are proud of our team members’ generosity of helping the United Way help those in need in the communities throughout the country where our company has offices.
Summer Fun
Boilermaker Road Race weekend held every July in Utica, New York, helps to define summer in Central New York. We are pleased that The Utica National Kids Run and Boilermaker 5K presented by Utica National are among the popular events children and adults can enjoy.
The filled-with-fun Kids Run introduces thousands youngsters to the sport of running and would not happen without our team of dedicated volunteers. The 5K enables some 4,500 runners from around the world to take to the streets of Utica for an invigorating 3.1-mile run.
109 Years of Service
The Utica National companies are headquartered in New Hartford, New York, and began in 1914 with the founding of our principal company, the Utica Mutual Insurance Company, as a Workers’ Compensation carrier. 2023 marked the company’s 109th year of helping people and businesses feel secure, appreciated, and respected thanks to our team members’ efforts in helping our agents, policyholders, community, and each other through our service.
We are a nationally recognized insurer providing a wide range of Commercial and Personal insurance products, including for various specialized markets, coverages for small businesses, educational institutions, volunteer fire departments, and many others. Our Agents’ Errors & Omissions (E&O) program, providing professional liability coverage for insurance agents and brokers, is one of the largest and longest-running E&O programs in the nation.
Our team is made up of more than 1,400 people countrywide and we sell our products through more than 2,500 independent insurance agents around the country. The Utica Mutual Insurance Company and its affiliates are rated* “A” or “Excellent” with a positive outlook by the AM Best Company, one of the premier insurance rating organizations in the United States.
*For the latest rating, visit www.ambest.com.
A Dedicated Team
Six for Six
Utica Mutual Insurance Company, as the principal member company of the Utica National Insurance Group, was named a Top Insurance Employer by Insurance Business America magazine for the sixth straight year. From the hundreds of organizations that participated nationwide, only 47 hit the high standard needed to secure a spot on the list. Our company was 1 of just 6 companies to place in the “1,000+ employees” category.
The annual recognition is based on the responses of an anonymous group of team members who completed a survey evaluating our workplace on several metrics, including benefits, compensation, culture, employee development, and more.
Focusing on “A+”
Our team’s ambitions have been set on earning an “A+” rating from the AM Best Company, one of the premier insurance rating organizations in the United States, since Utica Mutual Insurance Company and its affiliates earned an AM Best Financial Strength Rating* upgrade to “A” (Excellent) in 2020. Two year later, we continued working toward that goal by receiving a revised outlook to our Long-Term Issuer Credit Rating (ICR) to “positive” from “stable” and having our Financial Strength Rating* (FSR) of “A” (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” affirmed. In 2023, AM Best held our rating at an “A” with a positive outlook relative to our ICR.
With another strong year of producing an underwriting profit, growing our surplus, and maintaining a positive reserve position, we are hopeful an upgrade to “A+” will be in our near future. We will accomplish this through a continued effort strategy that includes every project, sale, and team member – and by living our company’s values and mission together.
*For the latest rating, visit www.ambest.com.
Two in a Row
For the 2nd straight year, the member companies of the Utica National Insurance Group have been named to the list of the 50 top-performing property-casualty insurance companies in the United States by The Ward Group, a consulting firm specializing in the insurance industry.
The Ward Group analyzed the financial performance of nearly 2,900 property-casualty insurance companies in the United States and identified the top performers for their outstanding financial results in the areas of safety, consistency, and performance over a five-year period (2018-2022). The Ward Group looks for companies that pass stringent financial stability requirements and measures their ability to grow while maintaining strong capital positions and underwriting results.
Encouraging Insurance Careers
Our company again earned a spot on the Rising Insurance Star Executives (RISE) Elite 50 Internships List – the 50 best internship programs in the insurance industry across the country. Nominations are scored according to 10 categories and then reviewed by a panel of RISE Advisory Board members on several criteria, including full-time employment opportunity; diversity, inclusion, and culture; training and mentoring; executive-level exposure; and others.
On a Super List
For the 17th straight year, Utica Mutual Insurance Company was named a Super Regional Property/Casualty Insurer™ according to an assessment by Demotech, Inc. Our company placed 65th among only 141 Property/Casualty Insurers countrywide named to the list. The ranking is determined by Direct Premium Written as of December 31, 2022.
Our Year By the Numbers
2023 Financial Highlights
Assets
Direct Written Premium
Policyholders' Security Fund
Dividends to Policyholders
Liabilities
Ratio of Premium to Surplus