AmericanAg has a solid financial foundation and more than 70 years of experience. With $1.079 billion in gross premium written in 2019, we rank among the world’s 50 largest reinsurance groups, as rated by A.M. Best.
CEO Quarterly Update
2020 Fourth Quarter & End-of-Year Results
The year 2020 presented challenges on a number of fronts – COVID, a record-breaking hurricane season, wildfires, the Midwest derecho, and more.
At AmericanAg™, the year ended better than it started, thanks in part to strong results for the fourth quarter. The fourth quarter produced an $11 million underwriting gain and a loss ratio of 71%, resulting in a small underwriting loss of $4.9 million for 2020.
At the same time, premium came in above plan for the year, mostly from our Broker Assumed Domestic business. Expenses were below plan, largely due to reduced travel and cancelled events.
Results for the year ending December 31, 2020, were as follows:
- Surplus: $639,247,433
- Underwriting loss: -$4,854,692
- Loss ratio: 83.6%
- Combined ratio: 101.2%