BFMIC News

Annual Meeting Highlights

Bremen Farmers Mutual held its 134th annual Policyholder Meeting on January 25, 2022. Below are the financial highlights of the meeting for year-end 2021.

            Written Premium                30,268,502
            Reinsurance Ceded            - 6,849,050
            Net Written Premium         23,419,452

            Net Premium Earned         23,278,685
            Net Losses Incurred        - 11,713,539
            Expenses Incurred             - 8,838,920
            Underwriting Profit              2,726,226
            Other Income                     +2,656,426
            Profit Before Tax                 5,382,652

            Profit After Tax                     4,616,772
            Beginning Surplus          + 39,151,765
            Year-End Surplus             43,768,537

As you can see, we had an exceptional financial year in 2021, adding over $4.6M to Policyholder Surplus. With the exception of a major windstorm that occurred late in the year (December 15), the weather was relatively mild earlier in the year. This along with a strong equity investment market contributed to the results.



AM Best Rating

Due to our strong financial results over the past few years, effective December 1, 2021 AM Best changed our Financial Strength rating to an A- (Excellent) from a B++ (Good). This is the first time in the Company's history that an A- rating has been received.



System Update

We are pleased to announce that with the March 2022 renewals, we have now converted all policies to our new BriteCore processing system. Therefore, we have removed the links to the old system from the Agents section of our website.

Thank you to all for your patience during this process!
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We started the conversion process in October of 2016 and have been gradually converting lines of business ever since. Although it has taken a while to get the conversion done, we are proud that we have accomplished it!