Ascendant Announces Record Financial Results in 2021 - Most Profitable Year Since Inception in 2009
Ascendant Commercial Insurance, Inc. (“Ascendant”), is proud to announce its most profitable year since its inception in 2009, including its 10th consecutive year of profitability and growth in policyholders’ surplus. Despite the continued challenges presented from the ongoing worldwide COVID-19 pandemic, Ascendant’s disciplined approach to risk management helped produce the following results for the year ended December 31, 2021.
- Direct Written Premium of $122.0 million as compared to $98.5 million in 2020, an increase of $23.5 million (or approximately 24%).
- The year over year increase in Direct Written Premium came from continued growth in all of the Company’s product lines. Commercial Auto increased by $15.8 million (or approximately 34%) to $62.1 million, Workers’ Compensation increased by $4.2 million (or approximately 9.0%) to $51.3 million, and General Liability increased by $4.2 million (or approximately 70%) to $10.1 million.
- Cash and invested assets of $59.2 million, an increase of $10.6 million (or approximately 22%) from $48.6 million at year-end 2020.
- Total admitted assets of $122.8 million, an increase of $20.2 million (or approximately 20%) from $102.6 million at year-end 2020. With nearly half of its total admitted assets in Cash and invested assets, Ascendant’s liquidity continues to be conservatively managed and well positioned to meet the current and future obligations of its policyholders.
- Income before taxes of $3.0 million as compared to $2.2 million in the prior year, an increase of $0.8 million (or approximately 37%).
- Net Income (after taxes) of $2.2 million as compared to $1.8 million in 2020, an increase of $0.4 million (or approximately 22%).
- Ending Policyholders’ Surplus of $17.2 million, an increase of $1.8 million (or approximately 12%) from year-end 2020, and another record high for Ascendant.
- Risk Based Capital Ratio of 316%, with Adjusted Capital $6.3 million (+70.9%) above its $10.9 million regulatory requirement.
Ascendant’s financial position is further bolstered by risk-sharing reinsurance contracts with its exclusive reinsurance partner, General Reinsurance Corporation (“Gen Re”). Gen Re reported $49.5 billion in total assets and $15.5 Billion in shareholders’ equity for Fiscal Year 2020 and currently holds financial strength ratings of “A++” (Superior) by A.M. Best, “Aa1” by Moody’s and “AA+” by Standard & Poor’s.
We are thankful for the trust that our agents and nearly 100,000 policyholders have continued to place with us over the past 12 years. We remain resolute in our commitment to the to the small and medium sized businesses community in Florida, as demonstrated by the approximately 200,000 policies and more than $800 million in premium written since our inception. Lastly, we would like to recognize the efforts of our wonderful team of nearly 150 insurance professionals who work prudently and diligently every day to meet the needs of our policyholders.