Merchants Insurance Group Named to Ward’s 50® Top Performing Insurance Companies
Merchants Insurance Group is proud to announce that we have been granted Ward’s 50® designation as a top-performing property-casualty insurance company for the second 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.
“We are honored to be one of the Ward’s 50® top-performing property and casualty companies in the United States,” said Merchants’ president, Charles Makey. “Merchants Insurance Group is so proud to earn this prestigious award.”
Merchants Insurance Group was named a Ward’s 50® company for the first time in 2021. This year’s announcement came on Monday, July 11, 2022.
“Receiving this designation is a testament to our dedicated Merchants team and independent agents, to make this happen through very challenging times,” Makey said.
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.
View the complete list of the 2022 Ward’s 50® property-casualty companies here.
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.
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.