2024
ANNUAL REPORT
Reflecting on 2024, one theme stands out—
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.
2024 was a testament to the strength of our collective commitment, with our agents and associates, uniting behind a singular goal of returning to profitability. Thanks to the power of relationships, West Bend has emerged stronger, better positioned for growth, and prepared for challenges ahead.
The insurance industry continues to navigate volatility and complexities. Rising cost of claims from catastrophic (CAT) weather events and the effects of social inflation will continue to add complexity to our loss models. However, due to the profitable business provided by our agency partners, decisive rate and coverage actions in personal lines, a growing surety business, and enhanced operational efficiencies in commercial underwriting, West Bend has fortified its financial standing.
Fortunately, 2024 was a year of relative stability in terms of weather-related losses, allowing us to turn an underwriting profit and continue our planned growth. We grew at a rate of 6%, just under our 7% target. Notably, Surety grew 48.8% and Personal Lines increased by 4.8%; these contributions, along with growth in Commercial Enterprise, helped us reach $2.25 billion in direct written premium.
Other contributing factors include new claims volume coming in under projections at 16.6%, seven CAT events instead of the predicted nine, and CAT losses totaling $119 million, well under budgeted projections.
West Bend ended the year with a 97.6% combined ratio, reinforcing our disciplined approach to underwriting and expense management. With a $155 million surplus gain (10.5% growth), our premium-to-surplus ratio improved to 1.29 at year-end. West Bend maintains a strong balance sheet with $4.7 billion in assets and $1.6 billion in surplus.
Our ability to remain an open market in all states for personal and commercial business is a reflection of the trust and confidence our partners place in us. West Bend’s ambitions remain high, with a long-term strategic goal of ranking among the top 50 U.S. P&C insurance carriers. Achieving this requires a steadfast commitment to our strategy, discipline in execution, and continued investment in our agency, associate, and policyholder experience.
Key 2025 initiatives include the Wisconsin launch of West Bend Choice®, our new personal lines platform, with plans to expand into additional states. Additionally, we look forward to the introduction of the Silver Lining Claims Center, designed to streamline claims handling and enhance service for policyholders, agents, and associates.
Our most valuable asset is our associates. In 2024, we welcomed 180 new associates, bringing our workforce to more than 1,600 professionals across 25 states. Notably, 32% of our workforce operates fully remote, including more than 220 field associates who live and serve in states outside of Wisconsin.
We're honored to recognize our long-standing associates, including 366 members of our 25-Year Club, with 47% still actively contributing to our company’s success. For the 15th time, West Bend has been recognized as a Top Workplace, a reflection of our commitment to fostering a culture of excellence, integrity, and responsibility.
At West Bend, we believe in giving back. In 2024, our charitable contributions exceeded $2.6 million, including support to 33 nonprofit organizations we honored with the Spirit of the Silver Lining® Award with our independent agents. Since the inception of the Spirit of the Silver Lining Award, we’ve donated more than $2.2 million to deserving beneficiaries, reinforcing our mission to support the communities we serve along with our independent agents.
The journey forward is one of continued collaboration. Our success is driven by trust, dedication, and relationships with our agents, associates, and policyholders. We remain committed to providing The Silver Lining® by delivering superior service every day.
the power of relationships.
Trust. Dedication. Relationships.
West Bend Insurance Company Charitable Fund
Since 2004, West Bend's charitable fund has made more than 2,500 grants totaling $27,006,431 to various programs focused on community (including human services, youth development, and family), environment, and the arts.
The Silver Lining® Classic
The Silver Lining Classic marked its tenth anniversary in 2024, raising more than $700,000 benefitting youth education. In partnership with 360 independent insurance agents, key business partners, friends, and associates, we raised funds through this biennial fundraising event by hosting a golf outing, dinner, and auction. Proceeds, managed by the Silver Lining Charitable Foundation, were distributed to three charities. Each of the benefiting charities—Evans Scholars Foundation, the Donald Driver Foundation, and the Pat Connaughton Foundation—received a $165,000 check at the event.
The Silver Lining Classic was attended by representatives from the benefiting organizations, including John Kaczkowski, president and CEO of the Western Golf Association for Evans Scholars, Donald Driver of the Donald Driver Foundation, and Pat Connaughton of the Pat Connaughton Foundation. The focus of this year’s event was youth education. While each charity has a unique mission, all three serve youth and families by providing access to various resources; teaching valuable skills like work ethic, leadership, and endurance through sports; offering scholarships for higher education; and connecting individuals to education and wellness programs.
The Arts
West Bend is also a big supporter of the arts. During our annual campaign, we shine a spotlight on the value a thriving arts scene adds to the community. In 2024, associates raised more than $108,000 in support of the United Performing Arts Fund’s 14 member groups, including First Stage, Florentine Opera Company, Milwaukee Ballet, Milwaukee 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 2024, West Bend donated nearly $550,000 through associate and company contributions.
Environment
In 2024, in partnership with the city of Green Bay, Wisconsin and the Arbor Day Foundation, we planted trees in Murphy Park in Green Bay. More than 30 volunteers, including associates and agents, gathered to plant 35 native trees as part of a broader effort to restore natural habitats in Green Bay following significant ecological damage caused by the emerald ash borer and recent severe weather events.
Our ability to remain an open market in all states for personal and commercial business is a reflection of the trust and confidence our partners place in us.
Rob Jacques
President and CEO
FINANCIAL RESULTS
STATUTORY BASIS – THOUSANDS
2024
2022
112
108
104
100
96
92
2022
©2025 West Bend Insurance Company
2023
2024
111.0%
104.6%
97.6%
COMBINED RATIO
ASSETS
$5,000
4,000
3,000
2,000
1.000
700
400
100
0
MILLIONS
$3,997
$4,296
$4,700
2022
2023
2024
$1,800
1,600
1,400
1,200
1,000
800
600
400
200
MILLIONS
$1,473
$1,628
2023
2024
POLICYHOLDER SURPLUS
Direct Written Premium
Earned Premium
Net Underwriting Profit
Net Investment Income
Realized and Unrealized Gains, Net of Tax
Federal Income Tax
Other Surplus Changes, Including Other Income
Total Surplus Change
$2,247,691
2,043,697
$29,641
$134,712
$24,061
($36,504)
$2,870
$154,780
$1,865,775
1,626,410
($105,337)
$90,987
($83,202)
$1,632
$12,895
($83,025)
2023
$2,121,248
1,880,515
($239,337)
$115,235
$45,361
$19,767
$18,384
($40,590)
$1,514
2022
Philanthropy
