Two storms last year negatively impacted the Maple Valley Mutual Insurance Company, President Al Schuettpelz told policyholders at the company’s annual meeting March 25.
About 220 people attended the 123rd annual meeting at The Ravine Pub & Grill in Green Bay.
Schuettpelz said two storms resulted in $2.8 million in losses and related expenses.
The $346,397 increase in written premiums last year was a positive sign, he said, and the company has now shown growth in the past three years. He also talked about about reinsurance costs, reinsurance program changes, a recently completed catastrophe analytical report, recent legislative changes and the retirement of the company’s claims manager.
Chairman John Matravers talked about the revisions made to programs and changes related to some of the agencies representing the company. The Wisconsin Insurance Department’s five-year audit was completed in November, and the company’s A- (excellent) rating with the A.M. Best Company will continue another year.
Re-elected to the board of directors for a three-year term were Thomas Bitters, Lena, Kenneth Rosner, Crivitz, and Schuettpelz, De Pere. Other directors of the company are Dr. Gary Kotecki, Pound, Duane Magnin, Oconto Falls, Matravers, Oconto, Linda Sinkula, Kewaunee, Patrick Van De Hey, De Pere, and Francis Wranosky, Oconto Falls.
Wanda McCarthy was honored for her 15 years of service as an employee. Wranosky was honored for his 20 years of service as a director, and Bitters was honored for his five years of service as a director and officer. Schuettpelz was honored for his 40 years as a director, officer and employee.
At the board of director’s meeting, Matravers was elected chairman, 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 now expanded its writing territory to 21 counties in northeast Wisconsin. The company writes insurance coverages for approximately 7,500 policyholders.
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