Record Third Quarter Financial Results
Ascendant Commercial Insurance, Inc. ("Ascendant") is proud to announce record financial results for the nine month period ending September 30, 2020.
Ascendant's September 30, 2020 quarterly statutory financial statement, as filed with the Florida Office of Insurance Regulation, contained the following results:
- For the 3rd quarter of 2020, Direct Written Premium was $25.7 million as compared to $22.7 million for the same period in 2019, an increase of $3.0 million (or more than 13%), led by strong growth in the Company's core product lines of Workers' Compensation and Commercial Auto.
- For the year-to-date period of 2020, Direct Written Premium was $72.2 million as compared to $70.4 million for the same period in the prior year, an increase of nearly $2.0 million (or nearly 3.0%).
- Direct combined ratio of 98.6% for the 3rd quarter of 2020, and 97.1% for the year-to-date period of 2020.
- Net Income for the year-to-date period of $1.9 million vs. $0.7 million for the same period in the prior year, an increase of approximately $1.2 million (or more than 160%).
- Cash and invested assets of $45.6 million, an increase of $8.5 million (or approximately 23%) from $37.1 million at year-end 2019.
- Total admitted assets of $96.2 million, an increase of $9.8 million (or more than 11%) from $86.4 million at year-end 2019.
- Ending Policyholders' Surplus of $15.0 million, an increase of approximately 12% from year-end 2019, and another record high for Ascendant.
Ascendant continues to receive substantial financial support from its exclusive reinsurance partner, General Reinsurance Corporation ("Gen Re"). Gen Re reported $45.9 billion in total assets and $15.4 Billion in shareholders' equity as of December 31, 2019, and currently holds financial strength ratings of "A++" (Superior) by A.M. Best, "Aa1" by Moody's and "AA+" by Standard & Poor's.
During these historic times of global uncertainty, Ascendant stands stronger than ever and committed to the thousands of small and medium-sized business owners throughout Florida seeking financial certainty from their insurance provider. Ascendant continues to maintain a very conservative financial discipline with nearly 50% of its admitted assets in Cash and invested assets which have served to help insulate the Company and its nearly 17,000 active policyholders from these difficult times, in addition to the Company's ongoing commitment to provide innovative solutions to its more than 1,600 active producing agency partners.
We are thankful for the trust that our agents and policyholders have continued to place with us over the past 11 years, including having written nearly 175,000 policies totaling over $650 million in premium since our inception in 2009. As we work towards the close of another successful – albeit strange – year, we remain as resolved as ever to being the insurer of choice for small and medium sized businesses throughout the state of Florida.