Unigard Notes Proftable First Half Numbers

Washington-based Unigard Insurance Group reported its 2004 first half results, an improvement over the company’s same results from a year ago.

Unigard noted income of $14.4 million and a profitable 94.8 statutory combined ration through the end of June. For every dollar of premium the company earned, it paid $.948 in claims and operating expenses. Unigard recorded a year-end ratio of 98.3 in 2003, finishing below the industry average of 103.1

The company also reported direct written premiums of $159.7 million through the end of June. Unigard finished with $321.7 million at the end of 2003.

Peter Christen, Unigard president and CEO, credits the company’s strong first-half performance to an absence of catastrophic events and a decrease in overall claims frequency. “More consumers realize the value of insurance to protect against large losses and not for maintenance-type claims. Ultimately, this helps contain premiums paid for insurance coverage.”

Unigard, which operates in seven western states and through 300 independent agencies, also reported an 8.5 percent increase in commercial lines business. Christen credits this growth to the company’s strong agency relationships and alterations to its commercial business mix.