Builders Reports Strong 2023 Financial Performance and Announces 28th Consecutive Dividend

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Feb 29, 2024, 16:00 ET

ATLANTA, Feb. 29, 2024 /PRNewswire/ -- Atlanta-based commercial insurance leader, Builders, has announced preliminary financial results for the fiscal year ending December 31, 2023. The "A" (Excellent) A.M. Best-rated company's report shows strong earnings and net income growth, net written premiums growth, and surplus growth during 2023. As a result of this, Builders declared its 28th consecutive annual dividend payment to qualifying Georgia policyholders. This year's dividend of $1.5 million based on 2023 performance brings total dividends paid to more than $57.5 million.

"Our 28th consecutive dividend reflects our policyholders' ongoing commitment to safe worksites and guidance from our agents on effective risk management practices," stated Todd Campbell, CEO and Group President of Builders. "We will continue to offer innovative insurance solutions and expert service to our Georgia customers to ensure their workers are protected and their businesses thrive," added Campbell.

Financial Highlights (unaudited)

FY Net Revenues of $245 Million
Record FY 2022 Statutory Surplus of $360 Million
Consolidated Combined Ratio on statutory basis, including policyholder dividends of 99.8%
The Loss Ratio is 64.3%
FY 2023 Members' Equity of $356 Million

The new dividend was issued in February to Georgia policyholders who have maintained continuous coverage with Builders since January 1, 2022, and demonstrate an acceptable loss ratio. In addition, the policyholder must have maintained membership in a sponsoring association and be without any unresolved receivable balances.

Builders has grown over the years to exceed $1 billion in total assets with approximately 200 employees and 1,100 agency locations across the nation, providing commercial insurance policies to over 19,000 businesses across a wide variety of industries in 22 states.

About Builders

A property and casualty insurance leader, Atlanta-based Builders is the region's reliable expert and workforce advocate serving agents and their clients through deep partnerships, service excellence, and financial strength. Over 30 years of market leadership in complex construction risks has fostered exceptional expertise in workers' compensation, injury prevention and best-in-class medical management, driving superior outcomes in any professional industry. Builders and its member companies are rated "A" (Excellent) IX by AM Best. Top Workplaces USA — #InsuranceBuiltStrong.

For more information about Builders, visit bldrs.com or call 678.309.4000.

SOURCE Builders