Motorists Mutual Announces 2007 Financial Results

Columbus, Ohio-based Motorists Mutual Insurance Company recently posted financial results for 2007.

Chairman, President and CEO John J. Bishop presented the state of the organization during the annual policyholder meeting at corporate headquarters. Motorists Mutual is the lead company of The Motorists Insurance Group that operates in Ohio, Pennsylvania, West Virginia, Kentucky and Indiana.

The company posted $458.2 million in net written premium and a 99.5 percent combined ratio. The company’s personal lines direct written premium encountered pressure in a market dominated by rate reductions and companies seeking markets less volatile than those in coastal regions. This was offset in part by strong new business sales in commercial lines. Policyholder security funds grew, reaching $535 million.

“Taking into consideration the challenges faced by Motorists and the other companies in our group during the year, especially record weather losses, their respective results demonstrated that a commitment to timeless values, service, a conservative management philosophy and an emphasis on superior performance served them well,” Bishop said.

A soft market, severe weather and Midwest flooding during the summer were two of the biggest factors affecting performance during 2007, Bishop said.

The Motorists Insurance Group reported $621.5 million in net written premium, $701.6 million in policyholder security funds and a combined ratio of 99.5 percent. More than $47.5 million was added to policyholder security funds, and the group surpassed $1.5 billion in assets.

Source: Motorists Insurance Group