CUSTOM BUILT FOR YOU 2015 ANNUAL REPORT
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1 CUSTOM BUILT FOR YOU ANNUAL REPORT
2 LETTER FROM THE CHAIRMAN OF THE BOARD AND THE PRESIDENT & CEO CUSTOM BUILT D FOR YOU uring, Builders Insurance Group continued implementing its strategy of diversified growth and sound expense management. The results include a series of financial milestones: Direct written premium increased to $194 million, the highest in Company history. Combined ratio of 83.8% and expense ratio of 29.2%, were the lowest in Company history. Statutory surplus grew to $227 million and total GAAP basis assets grew to $710 million, both records. A.M. Best Company again confirmed our A-rating, and raised the Company s outlook from stable to positive. The Company paid dividends of $1million to qualifying policyholders in ; the dividends - our 20th consecutive distribution - of $1 million will be paid in the second quarter of 2016 bringing cumulative dividends paid since 1997 to $49.5 million. Additionally, the Company revamped its loss control website which provides a broad range of resources to assist builders in creating and maintaining a safe working environment. Finally, Builders Insurance Group introduced a new corporate logo that better reflects our focus on the home building community. The new logo incorporates a modern feel, while keeping some elements of the original logo. We also changed two of our member company names to more accurately reflect our business. Vinings Insurance Company became National Builders Insurance Company and Association Insurance Company became American Builders Insurance Company. SENIOR EXECUTIVE OFFICERS Patrick Mitchell President & Chief Executive Officer Andrew Dunn Senior Vice President of Information Technology & Chief Information Officer Craig Edwards Senior Vice President, General Counsel & Secretary Greg Krause Senior Vice President of Underwriting Tom Maupin Senior Vice President of Sales & Marketing Linda McMurray Senior Vice President of Claims & Medical Management Renee Palin Senior Vice President, Chief Financial Officer & Treasurer BOARD OF DIRECTORS Allen M. Richardson (Chairman) Looking forward, we continue to examine new markets and products to better serve our customers. Using advanced technology, we strive to continually improve operational efficiency, reduce costs and make it easy for our agents and policyholders to do business with us. Builders Insurance Group remains a committed, reliable provider of comprehensive and competitive products tailored to the unique needs of home builders, trade contractors and small businesses in our 17 states. Thank you for your loyalty to Builders Insurance Group. John Christopher Bowles (Vice Chairman) Salvatore Correnti Frederick E. Fisher G. Eugene Hill David J. Jasmund Patrick J. Mitchell Charles M. Potok 01 Annual Report Allen Richardson, Chairman Patrick Mitchell, President & CEO 02
3 PRODUCTS & TERRITORY, HIGHLIGHTS, FINANCIAL POSITION FINANCIAL POSITION AS OF DECEMBER 31, AND The information below is a condensed version of the audited financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). Expanded audited GAAP and Statutory financial statements, including accompanying notes, are available upon request. Balance Sheet ($000) Assets Cash & invested assets Reinsurance recoverables Receivables Tax assets Other assets $567,737 46,805 72,325 4,657 18,533 $536,753 41,587 68,282 1,067 16,865 Total assets $710,057 $664,554 $329,459 77,385 1,507 36,094 40,878 1,419 $309,664 69,790 1,391 38,196 40,447 4, , , , ,006 Liabilities & Members Equity Liabilities ACHIEVMENTS AND HIGHLIGHTS Agency Plant: 884 agency locations Number of Markets: 17 States throughout the U.S. Policyholder Count: more than 17,300 Workers Compensation, General Liability, Package, Umbrella and Builders Risk policies in force Number of Employees: 147 insurance, claims, finance, marketing and administrative professionals Dividends: Dividends of $1 million paid in ; 20th distribution of $1 million in second quarter of 2016 bringing cumulative dividends paid since 1997 to $49.5 million. Loss & loss adjustment expenses Unearned premiums Policyholder dividends payable Other payables Notes payable Other liabilities Total liabilities Members Equity Paid-in capital Retained earnings Accumulated other comprehensive income Total members equity Total liabilities & members equity 20,015 25, , ,387 $710,057 $664,554 ASSETS Total assets were $710.1 million and $664.5 million at December 31, and, respectively. The change in the asset base includes primarily increases in cash and invested assets. LIABILITIES Total liabilities were $486.7 million and $464.2 million at December 31, and, respectively. Contributing to the increase in liabilities were increases in liabilities for loss and loss adjustment expenses and unearned premiums. MEMBERS EQUITY Members equity increased $22.9 million, or 11%, to $223.3 million at December 31,. The change is due to net income of $28.1 million offset by a decrease from the change in unrealized gains from investments, net of tax, of ($5.3 million). A.M. Best Company Financial Rating: A- (Excellent) with a Positive Outlook 03 Annual Report 03 Annual Report 04
4 DIVIDENDS, ASSET MIX, POLICYHOLDERS SURPLUS, RESULTS OF OPERATIONS CUMULATIVE POLICYHOLDER DIVIDENDS PAID (IN MILLIONS) 2016 $50 $49 $ $ $1 $5 10 $11 $18 $23 $28 $31 $33 $35 $37 $41 $43 $43 $42 $46 $ Other Assets 11% Revenue: Premiums earned, net $177,157 $174,938 Net investment income 15,614 14,718 Realized gains on investments, net 979 4,587 Impairment of investments (255) - Other revenue Total revenue 194, ,800 Expenses: RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, AND The information below is a condensed version of the audited financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). Expanded audited GAAP and Statutory financial statements, including accompanying notes, are available upon request. Income Statement ($000) Loss & loss adjustment expenses 96, ,038 Operating and administrative expense 53,330 55,464 Interest expense 1,900 1,898 Policyholder dividends 1,481 1,371 Total expenses 153, ,771 Income before income taxes 40,966 26,029 Income tax expense 12,872 7,536 $250 ASSET MIX INVESTED ASSETS: $568M OTHER ASSETS: $142M TOTAL ASSETS: $710M Premium Balances 9% Other Invested Assets 5% Real Estate 2% Cash & Short-Term nvestments 2% Common Stocks 7% POLICYHOLDERS SURPLUS (IN MILLIONS) Bonds 64% Net income $28,094 $18,493 Net income was $28.1 million and $18.5 million for the years ending December 31, and, respectively. Premium earned in was $177.2 compared to $174.9 million in. The increase in premium revenues reflects growth in new states and products. Net investment income was $15.6 million and $14.7 million for the years ending December 31, and, respectively. Realized net gains on investment sales totaled $1.0 million and $4.6 million for the years ending December 31, and, respectively. Incurred loss and loss adjustment expenses were $96.7 million and $110.0 million for the years ending December 31, and, respectively. $200 $150 $100 $50 $140.9 $149.9 $114.6 $138.2 $155.4 $159.2 $170.0 $185.9 $201.8 $227.3 Select Combined Statutory Financial Highlights, for the twelvemonth period and year ended December 31, Direct premium written $ 193,978,105 $ 187,357,987 Net premiums earned $ 177,157,533 $ 174,938,319 Underwriting gain (loss) $ 27,607,792 $ 9,065,291 Combined ratio 83.8% 94.4% $ Surplus as regards policyholders $ 227,330,717 $ 201,844, Annual Report 06
5 ABOUT BUILDERS INSURANCE GROUP More than 17,500 policyholders in residential and light commercial construction as well as variety of non-construction fields rely on Builders Insurance Group to protect their most important assets their people and property. Over a span of two decades, the company has evolved into a dynamic, financially secure and dedicated partner with a philosophy of providing outstanding products, backed by exceptional customer service and easy-to-use technology solutions. Headquartered in Atlanta, the company delivers innovative Workers Compensation, General Liability, Property, Umbrella and Builders Risk insurance through independent agents to customers in 17 states throughout the U.S. Builders Insurance Group and all of its member companies are rated A- (Excellent) VIII by A.M. Best Company. For more information, please visit our Web site at P.O. Box Atlanta, GA
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