LAKELAND, Fla., April 24, 2014 /PRNewswire/ -- BusinessFirst Insurance Company, a monoline workers' compensation insurance company, today announced its 2013 financial results, reporting a 27.8 percent increase in direct written premium over its 2012 results.
BusinessFirst Insurance Company and affiliate RetailFirst Insurance Company comprise RetailFirst Insurance Group. The companies reported a $17 million (19.4 percent) increase in combined direct written premium, which rose to 108.6 million. The group's total admitted assets rose by more than $13 million to just under $290 million and policyholder surplus rose by more than $9 million to just over $145 million. During 2013, the statutory combined ratio for the group improved by 4.7 points to 104.7 points.
Thomas S. Petcoff, president of both companies states, "We are dedicated to providing strong, competitive products for our policyholders and independent agents. Our latest financial results demonstrate our continued commitment to financial stability and a disciplined approach to underwriting that focuses on long-term profitability and growth."
The RetailFirst Insurance Group companies insure almost 14,000 businesses throughout Florida, Kentucky, North Carolina and Tennessee. The group is rated B++ (Good) by A.M. Best Company and has excess of loss reinsurance coverage provided by A rated Safety National Casualty Corporation. Day-to-day operations of the group are managed by Summit Consulting LLC, a managing general agent with more than 35 years of experience in workers' compensation.
Workers' compensation business submissions are accepted through independent agents. For more information about RetailFirst or BusinessFirst, visit their websites at www.retailfirstinsurance.com or www.businessfirstinsurance.com.
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