In a recent report entitled “Growth and Profit Leaders in Personal Lines Insurance,” Independent research firm Conning, Inc., ranked Pioneer State Mutual Insurance among a select group of nineteen companies that led their peers in both growth and profitability over both long-term (10-year) and short-term (5-year) measurement periods. Conning’s analysis evaluated 267 companies with at least $20 million in net premiums written over the completed 10-year period (2005-2014). PSMIC was the only Michigan domiciled company to receive this honor and one of the few multi-line companies of the nineteen selected.
Conning noted that the independent agency distribution channel is the most commonly used distribution format among top performers, including PSMIC. PSMIC attributes much of their success to their Independent Agency Partners’ support and expertise, particularly their front-line underwriting practices matching PSMIC’s risk appetite.
Conning’s ranking of PSMIC as a Growth and Profit Leader also is further validation of PSMIC’s historic culture of underwriting discipline and intentional decision making.
“Success doesn’t come from hitting home runs ... it comes from singles, and if you are lucky, doubles. It’s making one good decision at a time,” said Kurt Foley, President & CEO
Pioneer is a Michigan-based insurance company, headquartered in Flint, Michigan, that has been exclusively “Insuring Michigan” since 1908. Pioneer has been recently reaffirmed “A+” by A.M. Best and writes over $200 million in direct written premium through 225 Independent Agency Partners.
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