Michigan-based American Community Mutual Insurance Company, a provider of individual and group health insurance, reported strong operating results through 2003, ending the year with direct written premiums of $363.4 million.
Policyholders’ surplus rose to $84.2 million – a 31 percent increase from 2002. Net income grew to $23.5 million from last year’s $18.5 million. The company’s strong year-end figures capped more than 12 quarters of continuous profitability.
According to Gerald Meach, American Community president and CEO, “Our company success can be attributed to two main factors: staying committed to a strategy of controlled, profitable growth; and having a dedicated, professional team of employees and a strong network of independent agents. It is because of their support and hard work that we achieved our 2003 objectives, and are continuing our upward momentum into 2004.”
American Community has grown by focusing on the small to medium-size group market, and individual health market.
Insurance-industry observers have taken note of American Community’s improved performance. A.M. Best Company recently upgraded its rating of American Community, which included a positive outlook for the company.
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