LAKELAND, Fla. (April 21, 2014)—RetailFirst Insurance Company and BusinessFirst Insurance Company, monoline workers’ compensation insurance companies that comprise the RetailFirst Insurance Group, today announced their 2013 financial results. The companies reported a $17 million (19.4 percent) increase in combined direct written premium from 2012, which rose to $108.6 million. The group’s total admitted assets rose by more than $13 million to just under $290 million and policyholder surplus rose by more than $9 million to just over $145 million. During 2013, the statutory combined ratio for the group improved by 4.7 points to 104.7 percent.
Thomas S. Petcoff, president of both companies states, “We are dedicated to providing strong, competitive products for our policyholders and independent agents. Our latest financial results demonstrate our continued commitment to financial stability and a disciplined approach to underwriting that focuses on long-term profitability and growth.”
The RetailFirst Insurance Group insures almost 14,000 businesses throughout Florida, Kentucky, North Carolina and Tennessee. The group is rated B++ (Good) by A.M. Best Company and has excess of loss reinsurance coverage provided by A+ rated Safety National Casualty Corporation. Day-to-day operations of the group are managed by Summit Consulting LLC, a managing general agent with more than 35 years of experience in workers’ compensation.
Workers’ compensation business submissions are accepted through independent agents. For more information about RetailFirst or BusinessFirst, visit their websites at retailfirstinsurance.com or businessfirstinsurance.com.