Message from the CEO
Andrew Boris, Executive Vice President and CEO
2022 Financial Update
AmericanAgTM finished 2022 with a very good fourth quarter and solid financial performance for the calendar year. Resilience was one of the first things that I thought of when I started to analyze the company’s full 2022 results. When you look up any definition of the word “resilience,” there is some reference to the ability to respond to challenges and move past problems. That was 2022 at AmericanAgTM, as the company (with a whole lot of people power) pushed through a lot of challenges to have a successful year. From a very fast changing reinsurance market, the pressures associated with inflation, and uptick in large-scale catastrophe losses, the company was not short of hurdles to jump in 2022. Despite the challenges, it was a successful year.
Of significant importance, the company ended with a surplus gain of $19,587,062 for the year and a final surplus of $691,175,606.
Many key metrics improved when compared to 2021 results, which is a terrific sign:
- Earned Premium increased from $463,476,907 to $474,623,642
- Loss Ratio was down from 80.4% to 80%
- Expense Ratio was down from 17.3% to 16.5%
- Combined Ratio was down from 97.7% to 96.5%
Supporting all these metrics was a fantastic fourth quarter, which delivered an underwriting gain of $39,206,129 and a positive surplus change of $43,679,434 for the quarter.
2023 is an important year for AmericanAgTM, as it celebrates its 75th anniversary. Depending on what you read or who you listen to, many have described 2022 as an inflection point for the reinsurance industry, with reinsurers across the globe resetting relationships. At AmericanAgTM, we know that the company’s success is built not on one year’s financial performance but on a foundation of strong employee engagement and long-standing relationships with its business partners. We continue to look forward to the opportunities that will present themselves in this new era of reinsurance, but we will not forget that our reinsurance partners are the backbone of our successful longevity.
AmericanAgTM has a solid financial foundation and 75 years of experience. We rank among the world’s 50 largest reinsurance groups, as rated by A.M. Best.