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Annual Report

Overview

Auto-Owners enjoyed another year of profitable growth in 2019, extending the record streak to eight consecutive years with an underwriting profit. Competition remains intense, but agents selected Auto-Owners as their carrier of choice on nearly $1.2 billion of new business premium. Total premium grew more than $525 million, or 7.2%. We are thankful for the agents and their decision to partner with us to help serve their policyholders.

In-force policy count grew by more than 224,000, bringing the total number of policies in force to more than 5.25 million. Aided by an excellent year in the stock market, policyholder surplus increased to more than $12.4 billion. We have all the capacity we need to support premium and policy growth for years to come. Auto-Owners Life Insurance Company had another excellent year as well.

Auto-Owners continues to be recognized by AM Best for our strong performance and financial strength. Our A++ (Superior) rating was reaffirmed, making it 48 consecutive years we have received their highest available rating.

Atlantic Casualty Insurance Company, the excess and surplus lines carrier we acquired in 2016, had a spectacular year, once again achieving record premium growth to go along with an excellent combined ratio. Concord General Mutual, our affiliate operating in four New England states, also enjoyed excellent results, highlighted by their fourth consecutive year with an underwriting profit and total premiums now exceeding $200 million.

In May, Auto-Owners acquired Capital Insurance Group, expanding our footprint to the West Coast. Capital withstood significant wildfire losses in 2017 and 2018, and remains the dominant regional carrier writing exclusively through independent agents on the West Coast.

It is a privilege for me to work with so many hard-working associates who show agents every day that personal relationships matter.

Annual Reports

Auto-Owners Insurance Annual Report