Maple Valley Mutual Insurance Company’s performance for 2014 showed both favorable and unfavorable results, according to information released March 24 at the 124th annual meeting.
President Al Schuettpelz reported premiums written increased by $220,338, the company’s surplus increased by $267,518, admitted assets were up $1,397,022 and incurred losses were down from the previous year, with a gross loss ratio coming in at 52.6 percent.
The unusual part, he reported, was with these favorable results, the company’s combined ratio came in at a very high 107.4 percent. The reason for this was the significant difference between the cost of reinsurance and reinsurance recovered.
Last year, the company paid its reinsurance carrier $1,275,000 and will recover only $277,000 on incurred losses. This large difference, he noted, is why the company experienced an underwriting loss and its combined ratio exceeded 100 percent.
Chairman John Matravers presented information regarding recent agency appointments, its quotation system and changes in the company’s farmowners, dwelling and mobile homeowners programs. He also noted the company’s A- (excellent) rating with the A.M. Best Company was continued for another year.
Re-elected to the board of directors for a three-year term were Francis Wranoksy, Oconto Falls, Linda Sinkula, Kewaunee, and Duane Magnin, Oconto Falls. Other directors are Thomas Bitters, Lena, Dr. Gary Kotecki, Pound, Matravers, Oconto, Kenneth Rosner, Crivitz, Schuettpelz, De Pere, and Patrick Van De Hey, De Pere.
Employees Robert Bonnin and Michelle Ziesmer were honored for their 15 and five years of service, respectively. Matravers was honored for 20 years as a director and officer, and Paul Mueller was honored for 35 years as an agent.
At the board of director’s meeting, the board elected Matravers chairman of the board; Schuettpelz, president, CEO and general manager; and Bitters, vice chairman and secretary.
Maple Valley Mutual was established as a town mutual in 1891 by 44 residents in Oconto County. In 1987, the company became a nonassessable mutual insurance carrier and has expanded its writing territory to 21 counties in Northeast Wisconsin. The company currently writes insurance coverages for approximately 7,500 policyholders.
Approximately 220 policyholders, guests and employees attended the annual meeting.
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