COLUMBUS, Ohio, Nov. 26, 2013 /PRNewswire/ -- Two companies in the Mutual Benefit Group, Mutual Benefit Insurance Company and Select Risk Insurance Company, have been awarded a 2013 Stakeholder Team Accomplishment Recognition™ (STAR) award from Demotech, Inc. for their operating results in 2012, as verified through their June 30, 2013 statutory quarterly statements. A total of 2,736 Property and Casualty carriers were reviewed, with only 44, or 1.6 percent, meeting each of Demotech's objective criteria. Mutual Benefit Insurance Company was one of only six carriers in the Regional company classification to earn a 2013 STAR award, and Select Risk Insurance Company was one of only ten companies in the State Specialist category.
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Demotech developed Stakeholder Team Accomplishment Recognition™ to identify and recognize insurers that were able to satisfy all stakeholders, not just a single segment of interested parties. To earn a 2013 STAR Award, Mutual Benefit Insurance Company and Select Risk Insurance Company had to demonstrate that:
- employees and producers benefitted from a combined compensation level above the median within the Company's Classification System category
- claimants benefited as measured by an accident year 2012 loss and loss adjustment expense ratio above the median within the Company's Classification System category
- regulators and consumers benefitted from a strong balance sheet and relative financial stability
- reinsurers benefitted due to the relative stability between the Company's net and ceded loss and loss adjustment expense ratios
- overall profitability was in the top third of its Company Classification System category based upon return on net admitted assets
- June 30, 2013 operating results confirmed that the reported year-end 2012 results were realistic and reasonable, particularly as to the verification of our loss and loss adjustment expense reserve criterion.
About Mutual Benefit Group
"Building and protecting economic well-being for those who value security in their daily lives." That's how Mutual Benefit Group defines its purpose, and seek to fulfill it by providing a full line of quality, tailored, fairly priced insurance coverage for your home, automobile, and business through the independent agency system. A regional property and casualty insurance firm with home offices in Huntingdon, Pennsylvania, Mutual Benefit Group offers coverage through member companies, Mutual Benefit Insurance Company and Select Risk Insurance Company. Founded more than 100 years ago as a two-man operation, Mutual Benefit Group has grown to employ nearly 160 people, with a reputation for providing service with a friendly, personal touch.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer, regardless of financial size. Visit www.demotech.com for more information.
SOURCE Demotech, Inc.
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