GREETINGS WCF INSURANCE POLICYHOLDERS,

We are pleased to report that WCF Insurance produced solid operating results in 2022. We are proud of our progress and ability to continue delivering for you, our valued policyholders.

GROWTH

Direct written premium for last year was $390 million, which represents a 10.2% increase from 2021. This growth was driven by our workers’ compensation business and our new product lines consisting of business owner’s policy, commercial auto, and umbrella insurance.

FINANCIAL STRENGTH

We are proud to announce that WCF ended 2022 with strong financial results, leaving us well positioned to achieve our strategic aspiration of becoming a super-regional carrier, capable of meeting all your business insurance needs. In 2022, we:

• Generated net income of $41 million
• Achieved a combined ratio of 97.2%
• Maintained our policyholder surplus of $1.180 billion

In addition, AM Best affirmed WCF’s A “Excellent” rating and stable outlook.

We are thrilled to be in a place of financial strength to pay a 2022 dividend equivalent to 7% of premium to our WCF Mutual policyholders.

CUSTOMER-FOCUSED INNOVATION

We believe that providing coverage that’s “just right” for your business is only part of the equation. Equally as important is the delivery of service experiences that respect you and your time. We have made significant enhancements to our online finance and claim centers, including a refreshed claim dashboard. If you haven’t been to our website recently, it is worth taking a look.

LOCAL COMMUNITY SUPPORT

We believe in empowering our local communities. We are focused on building relationships, volunteering in the community, and financially supporting local organizations and people where we do business. In 2022, we spent over 1,320 hours volunteering as a company; an increase of 117% over 2021. We also contributed more than $2 million to 130 charitable organizations.

LOOKING AHEAD

In 2023, we will continue our progress to offer the  best insurance products and service experiences to  customers. Key initiatives include offering more in  addition to workers’ compensation and investing in  new and existing systems to further improve service  delivery. We will continue to enrich the communities  we serve through increased local engagement and  corporate giving. 

We’re excited about our future and are committed to  earning your trust and confidence in every interaction  you have with us. As always, we want to hear from  you. Take advantage of our surveys and feedback  tools to let us know how we’re doing. Delivering on  the needs of our policyholders is why we exist.

Thank you for your business and be careful out there.

Matt Lyon
CEO & President

Dallas H. Bradford
Board Chair