Workers’ Comp Carrier FFVA Mutual Releases Its Annual Report
2014 net income increases 217% over previous year
MAITLAND, Fla. - May 14, 2015 – FFVA Mutual, a Florida-based regional insurance carrier specializing in workers’ compensation, released its 2015 annual report today. It shows the company had 2014 net income of $19.7 million which represents a 217% increase from $9.1 million the prior year.
Other highlights from the report include the following:
Underwriting
- $110.4 million in direct written premium, an increase of 6.6% from the prior year.
- $12.2 million net underwriting profit compared to $3.6 million in 2013.
- 12% policyholder surplus growth.
- $7.5 million in policyholder dividends distributed. Notably, FFVA Mutual’s Board of Directors has a 100% record of awarding dividends to policyholders based on terms of various plans since the company’s inception in 1956.
Claims
- Processed 5,646 claims with a reported claim closure rate of 71% for the year.
- Reviewed 63,700+ medical bills that resulted in savings of more than $30 million.
- Less than 5% of filed claims were litigated as a result of proactive claims management by adjustors.
In addition, the company conducted 1,907 job-site visits and provided safety training to 2,549 employees, presented bimonthly webinars on trending safety topics, and offered OSHA 10-hour and 30-hour compliance training at no extra cost to policyholders.
“Our customer retention rates are among the highest in the industry thanks to employees who deliver outstanding solutions every day, from safety guidance and training to responsive claim handling. In addition, our broad underwriting approach, financial strength, multi-state capability and online tools help our agents grow their book of business,” said President and CEO Craig Menzl. “This dedication to relationships at work is reflected in our healthy year-end financials.”
Looking ahead, FFVA Mutual’s strategic initiatives for 2015 include optimizing its visibility and market presence in all 10 licensed states, technological updates companywide to improve customer service experiences and enhance operational efficiencies, and advancing FFVA Mutual’s new corporate brand that reflects the company’s commitment to meaningful relationships in a fresh, authentic way.
An electronic copy of FFVA Mutual’s 2015 Annual Report is available online at https://www.ffvamutual.com/annual-report/.
FFVA Mutual is a Florida-based regional insurance carrier specializing in workers’ compensation solutions since 1956. Rated A- (Excellent), FSC VIII by A.M. Best, the company insures a variety of industries, writes business in nine states (Alabama, Florida, Georgia, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee) and will expand into Virginia later this year. More information about FFVA Mutual is available at www.ffvamutual.com and on Facebook, LinkedIn and Twitter.
Contact: Melissa Hide, VP, marketing & brand development, at 321-214-5253 or melissa.hide@ffvamutual.com
