It marked the 125th anniversary of our company’s incorporation. I was pleased and proud to celebrate this occasion with my fellow associates and our independent agency partners. Today, we look back fondly on the special memories we created.
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annual
report
Those memories are a by-product of something even more special ... a culture that inspires all West Bend associates to deliver our core values of excellence, integrity, and responsibility to our customers every day. It is the dedication of our associates, the strong relationships they share with our agents, and their commitment to doing the right thing for our policyholders that have allowed West Bend Mutual Insurance Company to grow for the past 125 years. I’m very proud to be part of it.
Kevin Steiner, President & CEO
2019 was truly a special year.
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I thank our agents and associates for their dedication and loyalty, both of which have been fundamental to our success in 2019. I thank our policyholders for the trust they place in us and pledge my commitment to continue to provide the best property/casualty insurance products and services. I thank our community for providing a home to our company for 125 years. With its solid foundation and sterling reputation, I know West Bend Mutual Insurance Company will be even stronger when our successors celebrate 150 years in 2044.
2019 was truly a special year.
2019 was a milestone year for West Bend Mutual Insurance Company. It marked the 125th anniversary of our company’s founding and it provided an opportunity to reflect on the relationships that were the foundation of our company and the reason we exist today.
At West Bend, we’ve always appreciated our history. Our company was founded by hardworking Wisconsin businessowners who made it their mission to help each other. After a fire destroyed an entire commercial block, these men united in 1894 to build an insurance company that would protect their businesses from the potential ravages of fire and weather. Even then, they began to see that something good could come from something bad.
West Bend Mutual Insurance Company was built on the strength of that shared mission and the resilient relationships that weathered, not just the weather, but the current of history for the past 125 years.
West Bend has earned a reputation for building and nurturing strong relationships with the independent insurance agents who represent our company. We do that through personal contact, responsible actions, and a genuine concern for our valued partners. Today more than 1,500 independent insurance agencies across 14 states represent West Bend and our associates do all they can to make it easy for agents to do business with us.
by going the extra mile for customers and for each other ... staying late to finish a quote for a new policy, calmly walking a nervous claimant through the claims process, sharing knowledge and experience on a project, or making sure an urgent overnight delivery gets out on time. Everything is done quickly, empathetically, and ethically.
so much a part of West Bend’s long heritage, is alive and well today. West Bend associates rise to the challenge week after week, year after year. Whether it’s building homes for Habitat for Humanity, collecting care packages for U.S. troops overseas, or buying Christmas gifts for families in need, help is always there and it’s given with a smile, with pride, and with a strong desire to make things better.
Today, 125 years after our founders brought their mission to fruition, West Bend Mutual Insurance is still helping people. Ours will continue to be the story of a company that grows with purpose, where decisions are always predicated on doing what’s best for our customers and associates ... a company that places its values of excellence, integrity, and responsibility in front of everything we do ... a company with a simple desire to help our customers through problems and adversity; to make sure positives come from negative situations; to step up when they need us. To do the right thing.
Throughout our history,
West Bend’s associates develop and nurture strong
relationships
The spirit of helping others,
Direct Written Premium
$1,359,050
$1,193,688
Net Premium Written
$1,275,968
$1,091,965
Underwriting Profit Before Policyholder Dividends
$93,780
$75,061
Net Investment Income
$62,370
$48,222
Realized and Unrealized Gains on Investments After Tax
$56,426
$50,213
Net Income
$112,906
$88,158
Total Surplus Increase from Operations
$92,578
$94,147
2017
2018
2019
100–
99–
98–
97–
96–
95–
94–
93–
92–
91–
90–
2017
2018
2019
93.8%
91.9%
Combined Ratio
MILLIONS
Policyholders' Surplus
$1,041
$1,138
$2,696
$2,889
$1,267,409
$1,169,043
$103,437
$52,183
<$16,846>
$114,096
$96,924
93.0%
Financial Results
Assets
MILLIONS
2017
$1,231
2018
2019
$1,200
1,000
800
600
400
200
0
2017
$3,000
2,000
1,000
800
600
400
200
0
2018
2019
Statutory Basis – Thousands
$3,091
PRESIDENT'S LETTER 2019 IN REVIEW
FINANCIAL RESULTS WEST BEND HISTORY
