2023 Annual Report

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.}

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.