Ascendant Financial Results 3rd Quarter 2021
Ascendant Announces Record Growth, Liquidity & Surplus Levels as of 3rd Quarter 2021
Ascendant Commercial Insurance, Inc. (“Ascendant”), is proud to announce continued, record levels of premiums written, liquidity and policyholders’ surplus in its financial statements through September 30, 2021 recently filed with the Florida Office of Insurance Regulation (“OIR”) and National Association of Insurance Commissioners (“NAIC”).
- Direct Premiums Written were $94.9 million for the nine months-ended September 30th, 2021, as compared to $72.2 million in 2020, a year over year increase of $22.7 million (+31%).
- Year over year growth in all of the Company’s product offerings, led by its Workers’ Compensation (+19%) and Commercial Automobile Liability (+32%) lines of business.
- Cash and invested assets were $56.3 million, another record level for Ascendant and increase of $7.7 million (+15%) since year-end 2020.
- Conservative balance sheet management and liquidity, with Cash and invested assets representing nearly 46% of total admitted assets.
- Total admitted assets of $121.0 million, another record level for Ascendant and an increase of $18.4 million (+18%) since year-end 2020.
- Income before taxes of $1.1 million.
- Policyholders’ Surplus of $16.0 million, another record high for Ascendant.
In addition to Ascendant’s solid financial position, the Company continues to be supported by 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 as of December 31, 2020, and currently holds financial strength ratings of “A++” (Superior) by A.M. Best, “Aa1” by Moody’s and“AA+” by Standard & Poor’s.
Ascendant recently celebrated its 12th year anniversary in September 2021 and despite our growth and successes over the years, our roots still remain as a family-owned business headquartered in South Florida, like many of our agents and policyholders.
Ascendant takes great pride in being a long term insurance provider to the nearly 100,000 small to medium sized businesses it has insured, especially as the economy continues to evolve and move forward from the historic global uncertainty created by COVID-19.
We remain committed to continuing to offer the highest level of customer service in the industry, while developing creative and cutting-edge solutions to our agency partners and policyholders through technological enhancements to our web-based submission and policy management platforms.
These impressive results would not have been possible without the hard work of our staff and valued agency partners. Thank you for your trust and selecting Ascendant as your preferred insurance solutions provider.