Sustained growth in the face of numerous economic challenges
Vermont Mutual Insurance Group®, one of the ten oldest mutual insurance companies in the country, recently held its 196th Annual Meeting at its headquarters in Montpelier, Vermont.
Over the course of 2022, Vermont Mutual successfully grew its written premium by 10.1% to $635 million and produced a 99.5% combined ratio. This was accomplished while the Company faced numerous challenges in the form of a severe economic downturn, inflation and a sharp increase of building costs plus a significant number of large losses.
Vermont Mutual’s President, CEO and Board Chairman, Dan Bridge, stated “The past year has presented a nearly perfect storm of unprecedented events, from historic inflation, a hardening reinsurance market, challenging financial markets and unprecedented large loss activity. This unique combination of factors combined to make 2022 among the most challenging years in our history.” Bridge added “Despite these challenges, and thanks to the leaders of our organization and the efforts of the entire Vermont Mutual team, we managed to again outperform the industry averages for 2022.”
Mark McDonnell, Vermont Mutual’s Executive Vice President and COO, remarked “The past year was certainly a challenging one for most in our industry. Vermont Mutual has successfully weathered many difficult times in our 195 years of operation and we rely heavily on a disciplined and collaborative approach to stay ahead of the curve. We are truly grateful for all of those who help make that happen, including our dedicated employees, independent agency partners and other industry colleagues that support our efforts.”
Announced additions and exits to its Board of Directors During the annual meeting
Additionally, the Annual Meeting was notable for some important milestones. Company President & CEO, Dan Bridge, noted “Today’s meeting is to be the last for two Directors who have been instrumental in providing guidance to our companies. Michele Gatto’s tenure as Director ended after 17 years of service on the Board and Bill Catto guided us as an executive and CEO, as well as Director for 27 years, capping off a successful 51-years of service to the company. Their service is appreciated, and they will be missed. We are also pleased to make two additions to the Board of Directors: Theresa Alberghini DiPlama and Mari McClure were both elected as Directors and I’m excited for the expertise and guidance they will bring to the Company.”
At the Annual Meeting, the following officers were elected by the Vermont Mutual Board of Directors:
Daniel C. Bridge, President & Chief Executive Officer
Mark J. McDonnell, Executive Vice President & Chief Operating Officer
Jonathan R. Becker, Vice President – Underwriting
William J. Cahill, Vice President – General Counsel and Secretary
David N. DeLuca, Vice President – Claims
Shaun P.T. Farley, Vice President – Marketing
Brody N. Gilbert, Vice President, Chief Financial Officer and Treasurer – Finance
Richard P. Middleton, Vice President & Chief Information Officer – Information Technology
Sarah B. Young, Vice President – Human Resources
