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2023
ANNUAL REPORT
WEST BEND INSURANCE COMPANY
West Bend achieved a significant milestone in 2023, growing at a rate of 13.7% and reaching $2.1 billion in direct written premium.
West Bend headed into 2023 facing significant industry change. 2022 was a very challenging and unprofitable year for the industry creating the need for significant rate increases and modified policy terms and conditions. The industry also faced once-in-a-generation changes in the reinsurance market.
In 2023, severe weather and general and social inflation trends continued, resulting in another year of underwriting loss for the industry.
Unfortunately, West Bend was affected by similar pressures in 2023. Severe storms resulted in record losses of $360 million, and this, together with the negative impact of general and social inflation, created an underwriting loss. Despite ending 2023 with a combined ratio of 111%, we’re extremely proud of our associates for their rapid action and outstanding performance, positioning our company to manage weather volatility and combat inflationary trends.
West Bend has an excellent plan to return to profitability.
Rob Jacques
President and CEO
West Bend achieved a significant milestone in 2023, growing at a rate of 13.7% and reaching $2.1 billion in direct written premium. The company wrote $244 million of new business and retained 91% of our policyholders in Personal Lines and 85% in Commercial. These excellent results are a testament to the strength of our agency partnerships and dedicated associates.
West Bend remains a leader in the industry, enjoying great success across the 14 states in which we actively write business. We have a strong balance sheet with $4.3 billion in assets and $1.5 billion in surplus. As we saw companies exit lines of business and stop writing new business, West Bend remained an open market in all of our states.
At West Bend, we remain true to our strategy to deliver a comprehensive property and casualty product and services portfolio. We remain dedicated to providing superior service, The Silver Lining®. In 2023, we expanded our Surety business and completed work on a new Personal Lines product called West Bend Choice®. In 2023, 92% of our policyholders who experienced a claim with West Bend said they would refer us to family or friends.
At the heart of the company is a vibrant community of more than 1,600 associates who share their collective experiences and fresh insights. In 2023, we welcomed 214 new members to our family to backfill retirements and turnover and fill new positions in key strategic development areas. Associates enjoy the flexible, hybrid work environment we provide, and today, 30% of our workforce is fully remote, operating from 24 states. Among our ranks are 336 associates in our 25-year club, of which 51% are still actively working for the company. For 14 consecutive years, West Bend was recognized as a top workplace.
Our associates remain true to our mission, vision, values, and operating principles. This dedication includes enthusiastic support of the communities in which we live and work. Our community support grants last year totaled more than $2.1 million. This assistance included contributions to 35 Spirit of the Silver Lining® nonprofits, supported by independent agent partners. Since the inception of the Spirit of the Silver Lining Award program, we’ve donated more than $2 million to award beneficiaries.
We sincerely thank our associates and agents for their commitment and trust. Together, we’re poised to navigate the challenges ahead and thrive. We look forward to embarking on a journey of growth, partnership, and outstanding opportunity.
Finally, we thank our policyholders for their trust in us and pledge our commitment to continue to provide the best property and casualty insurance products and services. We’re committed to our vision of being the company of choice for associates, agents, and policyholders.
Community
Impact
West Bend's fundamental approach is to support the organizations our associates and agents are involved with and passionate about helping. Acting upon our core values of excellence, integrity, and responsibility, we identify ways to reach under-resourced areas, specifically supporting programs involved with early childhood development, youth mentorship, and family support.
ENVIRONMENT
In 2023, West Bend partnered with the Milwaukee Recreation Department and Community Tree Recovery, an Arbor Day Foundation, to inspire people to plant, nurture, and celebrate trees. Volunteers, including independent agents and West Bend associates, planted trees at Bryant Playfield in Milwaukee, Wisconsin, to help combat the urban heat island and create a sanctuary for wildlife and community members in the Northwest side of Milwaukee.
THE ARTS
West Bend is also a big supporter of the arts. In 2023, associates raised the curtain on West Bend's annual United Performing Arts Fund Campaign, bringing in over $110,000 in support of 14 member groups, including First Stage, Florentine Opera Company, Milwaukee Ballet, Milwauke Repertory Theater, Milwaukee Symphony Orchestra, and Skylight Music Theatre.
Community
The United Way fights for the health, education, and financial stability of every person in the community. In 2023, West Bend raised nearly $390,000 through associate contributions and support. Also, West Bend's charitable fund provided over $900,000 in grants to various programs focused on human services, youth development, and family.
West Bend honored with awards
In 2023 West Bend was honored with inclusion on two lists of exemplary workplaces.
Best Workplaces in Financial Services & InsuranceTM
Great Place to Work® and Fortune Magazine named West Bend one of the Best Workplaces in Financial Services & Insurance. Inclusion on this list is based on an anonymous employee survey, as well as a company culture profile. Ninety-one percent of West Bend respondents said West Bend was a great place to work, compared to fifty-seven percent of employees at a typical U.S.-based company. Some of the categories we ranked highest in were our facilities, contributions to the community, service provided to our customers, and welcoming environment for new associates.
COMING TOGETHER
West Bend hosted a bi-annual, company conference in September. This was an opportunity for associates from across the footprint to reconnect with coworkers and, in many cases, meet teammates face-to-face for the first time. Nearly 1,400 associates from 25 different states attended the event held on the West Bend campus. Associates participated in department conferences, and a wide range of educational and motivational seminars provided by subject matter experts. They also attended nightly social gatherings concluding the event with a locally sourced, block party-themed celebration.
FINANCIAL RESULTS
STATUTORY BASIS – THOUSANDS
2023
2022
2021
COMBINED RATIO
112
108
104
100
96
92
111.0%
104.6%
93.6%
2021
2022
2023
©2024 West Bend Insurance Company