Merchants Insurance Group is proud to announce that we have been granted Ward’s 50® designation as a top-performing property-casualty insurance company for the second consecutive year.
Ward Benchmarking, an Aon company, provides studies into best practices and benchmarking for companies in the insurance industry, helping organizations improve efficiency and increase profitability. Ward’s 50® recognizes 50 of the 2,900 property-casualty insurance companies in the United States for their exceptional performance over a five-year analysis.
“We are honored to be one of the Ward’s 50® top-performing property and casualty companies in the United States,” said Merchants’ president, Charles Makey. “Merchants Insurance Group is so proud to earn this prestigious award.”
Merchants Insurance Group was named a Ward’s 50® company for the first time in 2021. This year’s announcement came on Monday, July 11, 2022.
“Receiving this designation is a testament to our dedicated Merchants team and independent agents, to make this happen through very challenging times,” Makey said.
Ward’s analysis includes: enterprise benchmarking, claims experience benchmarking, claims benchmarking, IT benchmarking, workforce benchmarking, and Ward’s 50® benchmark comparison.
Among tests of financial stability, safety and consistency, and performance, companies earning Ward’s 50® designation have achieved:
- Surplus and premiums of at least $50 million
- Net income in at least 4 of the last 5 years
- Risk-based capital ratio of at least 100% for each of the 5 years analyzed
- Compound annual growth in premiums between -10% and 40%
- Rank in the top 10 of peer business mix benchmark group.
Source: Merchants Insurance Group
