Virginia Farm Bureau Mutual Insurance Co. was named among the 2020 Property-Casualty Ward’s 50 Companies—for the third year in a row.
The list is compiled by Ward Group, a consulting firm specializing in the insurance industry and a leading provider of industry benchmarking.
“During this time of continued uncertainty, it brings us great pleasure to be named one of the 50 top property and casualty companies in the country for the third consecutive year,” said Darlene Wells, VFBMIC executive vice president and general manager. “This recognition stems from our strong financial stability, superior customer service and competitive products. Our local agents do a phenomenal job serving our policyholders.”
Each year Ward Group analyzes the financial performance of nearly 2,900 property and casualty insurance companies in the United States and identifies the top performers. Each company named to Ward’s Top 50 has passed all safety and consistency screens and achieved superior performance over the five years it was analyzed.
“Building a stronger financial base and continually growing our premiums helps our companies better serve our policyholders,” Wells said.
The Ward’s 50 property-casualty group of insurance companies produced a 10.9% statutory return on average equity from 2015 to 2019, compared to 7.3% for the property-casualty industry overall.
“In selecting the Ward’s 50, we identified companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results,” said Jeff Rieder, partner and head of Ward benchmarking at Aon, a leading global professional services firm. The Ward’s 50 benchmark group also continues to achieve lower expense ratios.
VFBMIC joined five other Farm Bureau insurance companies recognized as Top 50 P&C companies: Tennessee Farmers Mutual Insurance Co., Rural Mutual Insurance Co. in Wisconsin, Nodak Insurance Co. in North Dakota, Farm Bureau P&C Insurance Co. in Iowa and Kentucky Farm Bureau Mutual Insurance Co.