COMPANY OFFICERS - Brethren Mutual Insurance Company2018 121st Annual Statement to Policyholders...
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2018 ANNUAL REPORT 121st Annual Statement to Policyholders December 31, 2018 The Brethren Mutual Insurance Company is committed to providing value, quality in insurance protection, reliable service, and financial integrity. A property & casualty company founded in 1897. CHAIRMAN OF THE BOARD Edward L. Buchanan, IV COMPANY OFFICERS Edward L. Buchanan, IV Chairman Michael W. Brashears Vice Chairman/Chief Executive Officer/President Tammy L. Aaron, CPA Vice President of Finance/Treasurer/Secretary/ Chief Financial Officer/Chief Risk Officer Robin L. Schroyer, GISF Vice President of Information Services/CIO BOARD OF DIRECTORS Tammy L. Aaron David C. Beachley Michael W. Brashears Edward L. Buchanan, IV Charles E. Delauter Daniel L. Delauter Gregory L. Hare Kent N. Oliver Thomas M. Wiles 149 North Edgewood Drive | Hagerstown, MD 21740 301.739.0950 | 800.621.4264 | www.bmic.com
Transcript of COMPANY OFFICERS - Brethren Mutual Insurance Company2018 121st Annual Statement to Policyholders...
2018ANNUAL REPORT121st Annual Statement to Policyholders
December 31, 2018
The Brethren Mutual Insurance Company is committed to providing value,quality in insurance protection, reliable service, and financial integrity.
A property & casualty company founded in 1897.
CHAIRMAN OF THE BOARDEdward L. Buchanan, IV
COMPANY OFFICERS
Edward L. Buchanan, IVChairman
Michael W. BrashearsVice Chairman/Chief Executive Offi cer/President
Tammy L. Aaron, CPAVice President of Finance/Treasurer/Secretary/
Chief Financial Offi cer/Chief Risk Offi cer
Robin L. Schroyer, GISFVice President of Information Services/CIO
BOARD OF DIRECTORSTammy L. Aaron
David C. BeachleyMichael W. Brashears
Edward L. Buchanan, IVCharles E. DelauterDaniel L. Delauter
Gregory L. HareKent N. Oliver
Thomas M. Wiles
149 North Edgewood Drive | Hagerstown, MD 21740301.739.0950 | 800.621.4264 | www.bmic.com
Policyholders & FriendsBrethren Mutual’s 2018 fi nancial statement continues to show solid
risk-adjusted capitalization and long-term market presence despite exposure to catastrophic weather related events, as well as regulatory and competitive market pressures.
Brethren Mutual’s fi rst priority is providing policyholders with qualityinsurance protection and customer service. The Company writes business in Maryland, Pennsylvania, Virginia, Delaware and the District ofColumbia. As a regional carrier in your community, we continue to focus on meeting your personal, commercial and farm insurance needs.
We look forward to continued success in 2019 and beyond, and theopportunity to serve you, our valued policyholder.
ASSETS 2018 2017
Bonds (*) $154,043,557 $150,797,343 Stocks (**) 54,861,822 60,493,718 Real Estate, net 1,667,473 1,726,064 Cash & Short Term Investments 23,944,706 30,141,871 Uncollected Premium 27,421,587 27,975,376 Reinsurance Recoverable on Paid Losses 1,067,075 191,293 Electronic Data Processing Equipment, net 792,600 526,873 Accrued Interest Receivable 1,251,543 1,143,425 Deposits in Pools and Associations 31,000 31,000
Deferred Premium Tax Credit 855 1,721
Net Deferred Tax Asset 3,509,484 1,737,227 Other Accounts Receivable 455,896 7,593
TOTAL ASSETS $269,047,598 $274,773,504
Financials
LIABILITIES 2018 2017
Loss and Loss Adjustment Expense Reserve $59,160,050 $58,395,989 Commissions Payable & Other Similar Charges 2,882,901 3,410,233 Accrued Expenses 1,798,081 1,891,247 Taxes, Licenses and Fees 1,370,674 1,354,262 Income Tax Payable 242,618 268,428 Unearned Premium Reserve 64,238,382 65,209,287 Advance Premium 2,540,189 2,295,972 Ceded Reinsurance Premiums 609,132 1,128,243 Funds Held by Company Under Reinsurance Treaties 135,050 0 Liability for Pension Benefi ts 4,160,912 5,011,349 Accrued Benefi t Cost 937,368 1,155,726 Other Liabilities 485,750 516,611
TOTAL LIABILITIES $138,561,107 $140,637,347
SURPLUS
Policyholder Unassigned Surplus Funds $130,486,491 $134,136,157
TOTAL LIABILITIES AND SURPLUS $269,047,598 $274,773,504
Edward L. Buchanan, IVChairman of the Board
Michael W. BrashearsPresident, CEO, and
Vice Chairman of the Board
Michael W. BrashearsEdward L. Buchanan, IV
(*) Amortized Value(**) NAIC Valuations of Securities Value
