Merchants Earns Ward’s 50® Designation in 2021, 2022, & 2023
Merchants Insurance Group has been granted Ward’s 50® designation as a top-performing property-casualty insurance company for the third consecutive year.
Ward Benchmarking, an Aon company, provides studies into best practices and benchmarking for companies in the insurance industry, helping organizations improve efficiency and increase profitability. Ward’s 50® recognizes 50 of the 2,900 property-casualty insurance companies in the United States for their exceptional performance over a five-year analysis.
“This award is the result of the dedicated Merchants team working together every day to provide superior service and financial protection for our independent agents and policyholders,” said Merchants Insurance Group President Charles Makey. “Merchants Insurance Group is so proud to earn this prestigious award.”
The announcement of this year’s Ward’s 50® was made on Monday, July 10, 2023.
Ward’s analysis includes: enterprise benchmarking, claims experience benchmarking, claims benchmarking, IT benchmarking, workforce benchmarking, and Ward’s 50® benchmark comparison.
Among tests of financial stability, safety and consistency, and performance, companies earning Ward’s 50® designation have achieved:
- Surplus and premiums of at least $50 million
- Net income in at least 4 of the last 5 years
- Risk-based capital ratio of at least 100% for each of the 5 years analyzed
- Compound annual growth in premiums between -10% and 40%
- Rank in the top 10 of peer business mix benchmark group.
To view the complete list of the 2023 Ward’s 50® property-casualty companies, visit:
https://ward.aon.com/ward-benchmarking/wards50/property-casualty.
About Ward Benchmarking
Ward Benchmarking is the leading provider of benchmarking and best practices studies for the insurance industry. Their team analyzes staff levels, compensation, business practices, and expenses for all areas of company operations and helps insurers to measure results compared to peer groups, optimize performance, and improve profitability. Since 1991, they have performed more than 3,000 operational and compensation benchmarking exercises for companies of all sizes, including more than half of the top 100 U.S. insurance carriers. For more information, please visit ward.aon.com.
About Aon
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 50,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.
