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.
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!
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!
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