A Message from Rich and Kristen
A Common Goal
Helping people feel secure, appreciated, and respected is something we strive for year after year – and it's something that cannot happen alone. It's teamwork – with a dedication to working together toward a common goal – that leads to success.
This has been a hallmark of our company since it was founded in 1914...and these efforts are more important than ever as insurance consumers are faced with a nearly countless number of choices when it comes to choosing the coverages to help safeguard what's important to them.
This is why it's our people that make the difference – and that helped to make 2022 another banner year for our company. Agents, policyholders, and the communities where we live, work, and do business rely on us to be there for them however an whenever they need us. And, just as important, are team members being there for each other.
2022 Highlights
Our yearly results demonstrate the collective effort that helps to make our company successful. These include:
- Net Written Premium of $1.453 billion, $70 million better than Plan.
- Combined Ratio of 95.8.
- Growth of 10.5%.
- Our company being named a Top Insurance Workplace by Insurance Business America magazine for the fifth straight year; a "Top 50" performing property-casualty insurance company by The Ward Group; and a 2022 Super Regional Property/Casualty Insurer™ by Demotech, Inc., and Insurance Journal.
- Receiving a revised outlook to our Long-Term Issuer Credit Rating (ICR) to "positive" from "stable" from A.M. Best and having our Financial Strength Rating* (FSR) of “A” (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” affirmed – as we continue to set our ambitions on earning Utica Mutual Insurance Company and its affiliates an FSR upgrade to “A+”.
*For the latest rating, visit www.ambest.com.
Continued Collaboration
Just as our agents, policyholders, and communities rely of us, our team relies on continued collaboration to deliver on our promise to help people feel secure, appreciated, and respected. This collaboration is vital to what our company is now and what it will be tomorrow and beyond.
Richard P. Creedon, Esq.
Chairman of the Board and CEO
Kristen H. Martin
President and COO
Benefiting Communities
A Solid Foundation
Helping children, adults, and families in need in the communities where we live and work helps everyone by making these communities even better.
The Utica National Group Foundation, founded in 1987 in advance of our company's 75th anniversary, works together with nonprofits whose mission is to help others.
Through millions of dollars in grants, including the following ones awarded in 2022, these organizations can carry on their good work:
General Community
Abraham House |
$1,500 |
American Red Cross |
$25,000 |
Boilermaker Road Race |
$30,000 |
The Center for Family Life Recovery |
$500 |
Compassion Coalition |
$22,500 |
Cystic Fibrosis Foundation |
$1,000 |
Doctors Without Borders USA, Inc. |
$5,000 |
Empowered Pathways |
$2,000 |
Feed Our Vets |
$100,000 |
Food Bank of CNY |
$9,000 |
The Good News Foundation of CNY |
$1,000 |
House of the Good Shepherd |
$25,000 |
International Rescue Committee |
$25,000 |
Joseph D. Corr Police Benevolent Association |
$500 |
KEYS Corp. |
$1,500 |
LeMoyne College |
$5,000 |
LeMoyne College McNeil Academy of Risk |
$50,000 |
Mid-Utica Neighborhood Preservation Corp. |
$500 |
MVHS Foundation |
$200,000 |
National Center for Missing & Exploited Children |
$1,500 |
National Fallen Firefighters Foundation |
$500 |
National MS Society – Upstate NY Chapter |
$500 |
New Hartford Fireman's Benevolent Association |
$1,500 |
On Point for College Utica |
$25,000 |
Pathfinder Village Foundation |
$25,000 |
Redhouse Arts Center |
$2,500 |
Rome Arts and Community Center |
$500 |
Salvation Army |
$3,000 |
Sitrin Foundation |
$500 |
Special Olympics |
$500 |
The Summit Center |
$1,500 |
Thea Bowman House |
$10,000 |
Tunnel to Towers Foundation |
$500 |
UNICEF USA |
$5,000 |
USMC Scholarship Fund |
$500 |
VVS FFA |
$500 |
YMCA Mohawk Valley |
$25,500 |
Subtotal |
$609,500 |
|---|
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 Metropolitan Atlanta |
$1,500 |
United Way of Metropolitan Chicago |
$1,500 |
United Way of Metropolitan Dallas |
$1,500 |
United Way of the Valley & Greater Utica |
$20,000 |
United Way of the Valley & Greater Utica |
$20,000 |
United Way of the Valley & Greater Utica |
$20,000 |
United Way of the Valley & Greater Utica |
$20,000 |
United Way of the Valley & Greater Utica |
$20,000 |
United Way of the Valley & Greater Utica |
$20,000 |
Subtotal |
$132,250 |
|---|
Matching Gifts to Colleges
Bridgewater College |
$100 |
Elgin Community College |
$1,000 |
LeMoyne College |
$500 |
Rectors & Visitors of the University of Virginia |
$500 |
St. Bonaventure University |
$500 |
University of California Berkeley Foundation |
$500 |
University of Rochester |
$1,000 |
Utica University |
$1,000 |
Utica University |
$800 |
Subtotal |
$5,900 |
|---|
Total General Fund: $747,650
United as a Team
The generosity of our team members is a long-standing tradition that we're proud of and grateful for, spanning decades of providing support – volunteer and financial – to the United Way during our company's annual campaign.
The Utica National Group Foundation, founded in 1987 in advance of our company's 75th anniversary, works together with nonprofits whose mission is to help others.
As a result, people in the communities throughout the country where our company has offices can receive the help they need through United Way's programs and services and the nonprofits they work closely with.
Smiling Faces and Happy Feet
Being active in the community includes helping others be active. The Utica National Kids Run and Boilermaker 5K presented by Utica National are among the popular events that are part of Boilermaker Road Race weekend each July in Utica, New York.
The Kids Run introduces upwards of 1,000 youngsters to the sport of running – plus it's fun! – and couldn't happen without our team members' volunteer efforts, while the 5K enables some 4,500 runners from around the world to take the streets of Utica for an invigorating 3.1-mile run.
Working Together Across Two Centuries
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. 2022 marked the company's 108th year of helping people and businesses feel secure, appreciated, and respected thanks our team members' efforts in helping our agents, policyholders, community, and each other through our service – while we provide a wide range of commercial insurance products, as well as homeowners and auto insurance.
We are a nationally recognized insurer for various specialized markets, including 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 1,300 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 A.M. Best Company, one of the premier insurance rating organizations in the United States.
*For the latest rating, visit www.ambest.com.
Teeming with Teamwork
Working closely with our agents to write business and provide coverages to help people and businesses protect what's important to them – these are accomplished by working together and enable us to continue to follow a successful course. During 2022, the benefits of teamwork included the following recognition:
High Five!
Utica Mutual Insurance Company, as the principal member company of the Utica National Insurance Group, was named a Top Insurance Workplace by Insurance Business America magazine for the fifth straight year. From the hundreds of organizations that participated nationwide, only 63 hit the high standard needed to secure a spot on the list. What’s more, Utica Mutual, which employs more than 1,300 people countrywide, was 1 of just 12 companies to place in the “large employer” category. The honor was based on an anonymous group of team members who completed a form evaluating their workplace on several metrics, including benefits, compensation, culture, employee development, and more.
Working toward "A+"
Since Utica Mutual Insurance Company and its affiliates earned an A.M. Best Financial Strength Rating* upgrade to “A” (Excellent) in 2020 from the A.M. Best Company, one of the premier insurance rating organizations in the United States, our ambitions have been set on an “A+” rating. In 2022, 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.
Our efforts will continue through a strategy that includes every project, sale, and team member – and through continuing to live our company's values and mission together to achieve success.
*For the latest rating, visit www.ambest.com.
Among the Top Performers
The member companies of the Utica National Insurance Group were 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 (2017-2021). 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. Yet this is more than just financial performance – it is the mark of a company on the move, making an impact with its customers.
Super News
Utica Mutual Insurance Company was named to the 2022 Super Regional Property/Casualty Insurer™ list according to an assessment by Demotech, Inc., and Insurance Journal.
Our company placed 69th among only 147 Property/Casualty Insurers countrywide that made the list. The ranking is determined by Direct Premium Written as of December 31, 2021.
"RISEing" to the Occasion
Our company 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 – for the third consecutive year, with a special recognition for Excellent Personal Development. 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 and inclusion and culture; training and mentoring; executive-level exposure; and more.
Strength in Numbers
2022 Financial Highlights
Assets
Direct Written Premium
Policyholders' Security Fund
Dividends to Policyholders
Liabilities
Ratio of Premium to Surplus
Comparison of 2020 and 2019
2022
2021
A Countrywide Team
Home Office:
180 Genesee Street
New Hartford, New York 13413
Agents’ Errors & Omissions Program
180 Genesee Street
New Hartford, New York 13413
Eastern Regional Office
180 Genesee Street
New Hartford, New York 13413
Founders Insurance Company
1350 East Touhy Avenue, Suite 200W
Des Plaines, Illinois 60018
Middle Atlantic Regional Office
1806 Summit AvenueParkway, Suite 300
Richmond, Virginia 23230
New England Regional Office
11 Apex Drive, Suite 300A
Marlborough, Massachusetts 01752
New York Metropolitan Regional Office
1000 Woodbury Road, 1st Floor, Suite 106
Woodbury, New York 11797
Republic-Franklin Regional Office
2 Eason Oval, Suite 225
Columbus, Ohio 43219
Southeastern Regional Office
2180 Satellite Boulevard
Duluth, Georgia 30097
Southwestern Regional Office
2435 N. Central Expressway, Suite 400
Richardson, Texas 75044