The United States Census Bureau released new residential construction statistics for May 2023, reflecting positive indications regarding building permits, housing starts, and housing completions. With increased business demands, Contractors of all types need to ensure they have the appropriate coverage. Frederick Mutual offers comprehensive, competitive coverage for qualified Artisan Contractors Frederick Mutual offers insurance for homeowners and businessowners in the Mid-Atlantic! For more information on housing market stats reported by the US Census Bureau please read here
https://lnkd.in/eEPbJiY
Frederick Mutual All-Employee Meeting and Field Day!
Undeterred by the weather, Frederick Mutual’s staff gathered for fun and fellowship at the All-Employee Meeting and Field Day. Bringing together our hybrid workforce from seven states, Frederick Mutual strives to continue to build upon team engagement and camaraderie in an evolving workforce.
Frederick Mutual Introduces New Product for Businessowners: Employment Practices Liability
There are ample opportunities to build camaraderie, trust, and equal playing fields between your staff and clients! However, when unforeseen or uncontrollable events arise, Frederick Mutual’s Employment Practice Liability coverage can kick in to protect your business or establishment.
Here is an example of when a landlord at an apartment building faced an EPL lawsuit.
The insured received a notice of the claim from the state Commission on Human Rights and Opportunities alleging familial status discrimination and pregnancy discrimination. The charge alleged discrimination based on familial status when they declined to rent an apartment to the insured. An initial demand of $40,000 was presented. A settlement was reached between the two parties involved through mediations.
As a landlord and/or a businessowner we know you work diligently to serve your employees and tenants. Frederick Mutual is here to provide you peace of mind with our new EPL coverage to help your business defend against employment claims that allege age, gender or race discrimination, sexual harassment, or other unlawful employment acts or practices.
Employee Spotlight: Brian, IT Systems Developer
This month Frederick Mutual would like to spotlight Brian, our IT Systems Developer. Hear what fellow staff members have to say about Brian!
"Brian is a talented software developer who is always eager to learn new and better ways of accomplishing tasks. He has demonstrated this by creating the software that has facilitated the homeowners conversion process and rated thousands upon thousands of policies in BriteCore. Brian manages to do amazing things while maintaining humility and a sense of humor. He is a collaborator who shares his insights and ideas to help make Frederick Mutual a better place for all. And he has an adorable daughter!"
Press Release: 2023 Frederick Mutual Financial Rating Update
Frederick Mutual Insurance Company: May 1st, 2023
Frederick, Maryland
Frederick Mutual is celebrating 180 years in business throughout 2023!
The executive management team and Board of Directors are actively pursuing strategic initiatives to strengthen our financial position and provide flexibility to thrive in today’s dynamic and competitive environment. The Company recently reorganized to a mutual insurance holding company structure. Building on this momentum, Frederick Mutual’s leadership is taking meaningful steps toward a range of opportunities that will ensure the Company’s long-term success.
Frederick Mutual holds a Financial Stability Rating (“FSR”) of “A, Exceptional” with Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing. Major real estate, financial and agency E & O contracts also recognize the Demotech FSR rating.
It is important to note that FMIC maintains a conservative investment portfolio; and a high-quality reinsurance program is in place to mitigate the impact of frequent and severe weather-related events on policyholder surplus.
Please note, the Company has withdrawn from the rating process with AM Best.
Thank you for doing business with Frederick Mutual Insurance!
Frederick Mutual Financial Standing Press Release
Frederick Mutual Insurance Company: April 21st, 2023
Frederick, Maryland
Dear Agents,
The year 2022 was not without major challenges across the entire property and casualty insurance industry, particularly in the personal lines sector. Higher than normal weather catastrophe activity, ongoing economic challenges with interest rate changes, inflation, and stock market volatility have also significantly impacted the industry as well as Frederick Mutual’s operating results and policyholder surplus.
Frederick Mutual maintains a Financial Stability Rating (“FSR”) of “A, Exceptional” with Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.
It is important to note that FMIC maintains a conservative investment portfolio; and a high-quality reinsurance program is in place to mitigate the impact of frequent and severe weather-related events on policyholder surplus.
The executive management team and Board of Directors of Frederick Mutual Insurance Company are actively pursuing strategic initiatives to strengthen Frederick Mutual’s financial position and operating performance. To provide flexibility to thrive in today’s dynamic and competitive environment, Frederick Mutual recently reorganized to a mutual insurance holding company structure. Building on this momentum, Frederick Mutual’s leadership are taking meaningful steps toward a range of opportunities that will improve balance sheet strength and ensure the Company’s long-term success.
Thank you for doing business with Frederick Mutual Insurance!
Frederick Mutual Makes Easter Baskets for Salvation Army!
At Frederick Mutual, stewarding relationships within our local community is a core value. This month our staff collected items for Easter Baskets for the Salvation Army for Easter Baskets. Our faithful staff assembled 30 baskets and will be delivering them to the Salvation Army today! We look forward to the smiles on the children’s and family’s faces who will receive these baskets this Easter!
Frederick Mutual Employee Spotlight: Lisa Snowden
This month Frederick Mutual would like to spotlight Lisa Snowden, Office Administrator. Lisa joined Frederick Mutual in March of 2015 after working in the mortgage industry for 20 years.
“Lisa’s daily actions reflect the love of Christ and her devotion to soul care for those around her. She selflessly ensures work priorities are handled with grace, accuracy, and timeliness. Lisa leads the weekly morning prayer time before the workday begins.”
Lisa lives in Frederick Country, MD and is married with three handsome sons, which includes a set of identical twins, and a beautiful daughter. Lisa loves God, her family and helping others.
The Demotech Difference
For five years, Frederick Mutual has partnered with Demotech, Inc. for our annual Financial Stability Rating® (FSR). Frederick Mutual has trusted the reliability of Demotech, Inc. due to its sound and pragmatic rating practices. In 1989, Demotech, Inc. became the first to review and rate independent, regional and specialty insurance companies. Excerpts from an analysis by Michael Cohen, Principal, Cohen Strategic Consulting, previously a vice president at A. M. Best, summarize The Demotech difference:
There are three major factors that differentiate Demotech’s approach to ratings from those of the other rating agencies:
1. Demotech calibrates its opinion to the likelihood of an insurer having positive surplus 18 months out … other agencies use less specific, subjective adjectives to describe claims paying ability (i.e. “strongest”, “very strong”, “strong”, “adequate”, etc.).
2. Demotech does not view an insurer’s size as an explicit rating factor. Their view is based on their research indicating that when insurers with manageable operating leverage and a conservative investment strategy secure appropriate reinsurance, smaller size does not correlate with increased risk of potential impairment.
3. Consistent with its perspective on size, Demotech views an appropriate reinsurance program as an integral component of an insurer’s business model and plan. In contrast to the larger rating agencies which often view reinsurance as the “cession of potential profit,” Demotech views reinsurance and the concurrent protection of carrier surplus as a necessity for independent, regional and specialty insurers to execute their business plans.
With more than 460 insurers reviewed and rated country wide, as of 7/11/2022, Demotech, Inc. is registered with the U.S.Securities and Exchange Commission (SEC) as a national recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Visit www.demotech.com for additional information.
With 180 years in business, and an A, Exceptional FSR, Frederick Mutual believes in the robust, thorough and objective review that Demotech, Inc. provides for insurance companies. Frederick Mutual believes in the Demotech difference.
Frederick Mutual Employee Spotlight: Kris Bapistellar
Frederick Mutual Employee Spotlight!
Kristine A. Bapisteller has been in the insurance business for over 18 years. Kris joined Frederick Mutual Insurance Company in December 2004 as a contractor and permanently joined the company in March 2005. Kris assumes the responsibilities of providing support to FMIC employees, agencies and policyholders. She currently serves as FMIC’s primary help desk team member!
Kris lives in Taneytown with her husband where she was born and raised on a farm.
She enjoys vacations, road trips, flower gardening, taking care of her cats, and spending time with her family.
Frederick Mutual's Community Partners in 2022
Frederick Mutual Gives Back in 2022!
Frederick Mutual continues to be committed to the company’s ministry of care.
In 2022, Frederick Mutual donated $33,978!
Below are some of the non-profit organizations that the company donated to:
Frederick Rescue Mission
Heritage Frederick
FCC Foundation
United Way of Frederick County
Purple Heart Foundation
St. Jude’s Children’s Research
East End Pregnancy
Susan G. Komen
Boys & Girls Club of Frederick County
Frederick County Animal Control
Mental Health Association
Frederick Mutual remains dedicated in giving back to non-profit organizations both local and nationwide.
"Frederick Mutual goes where the need is greatest for the community supporting their needs through donations, sponsorship, and outreach." ~ Nancy Newmister, CEO & President
Frederick Mutual Celebrates 180 Years in Business!
Founded in 1843, Frederick Mutual is the 3rd oldest insurance company in Maryland, and the 9th oldest in the U.S. We invite you to join in celebrating Frederick Mutual's legacy of Providing Peace of Mind for policyholders in every season!
FMIC Member Approval of Mutual Insurance Holding Company
FREDERICK MUTUAL INSURANCE COMPANY announces member approval of its reorganization to a mutual insurance holding company system
On December 15, 2022, on the company’s 180th anniversary, Frederick Mutual’s members approved the reorganization of Frederick Mutual under Maryland law to a mutual insurance holding company structure. Through the reorganization, Frederick Mutual will become a stock insurer subsidiary of a newly formed mutual insurance holding company, Frederick Mutual Holdings, Inc. As part of the reorganization, Frederick Mutual Group, Inc. will also be formed as an intermediate holding company for Frederick Mutual. The members’ vote to approve the new structure follows approvals by the company’s Board of Directors and the Maryland Insurance Administration.
With this new structure, a Frederick Mutual policyholder’s rights and benefits under their insurance policy will remain the obligations of Frederick Mutual while all existing and future policyholders of Frederick Mutual will retain their mutual ownership rights by automatically becoming members of Frederick Mutual Holdings, Inc. The structure will allow Frederick Mutual to retain its identity and storied history of mutual ownership while providing flexibility to thrive in today’s dynamic and competitive environment.
Frederick Mutual insurance Company was founded in 1843, is the 3rd oldest insurance company in Maryland, and the 9th oldest in U.S.
Celebrating 180 Years!
Frederick Mutual Employee Spotlight: Allie Villatoro
When it comes to settling insurance claims, a friendly and caring face goes a long way. This month Frederick Mutual celebrates our Claims Assistant, Allie Villatoro.
Allie works in building professional relationships with salvage vendors, engineers, auto appraisers, attorneys and independent adjusters. In addition, Allie is bi-lingual and assists Spanish speaking policyholders and agents. We sincerely appreciate Allie’s joyful presence, positive attitude, and collaborative nature at Frederick Mutual!
Frederick Mutual Appoints New Board Member: Karen Furtado
FREDERICK MUTUAL INSURANCE COMPANY announces the appointment of Karen Furtado to the Company’s Board of Directors.
Frederick Mutual Insurance Company is excited to announce the appointment of Karen Furtado to its Board of Directors. For more than 30 years, Karen has held leadership positions across the insurance industry. She was previously the Vice President of CGI's Insurance Practice, where she was responsible for the development and oversight of CGI's insurance software services, hosted software services, and core insurance BPO practice. Karen currently provides insurance technology consultative services as a Partner with Strategy Meets Action, located in Boston, MA. Karen’s overall insurance and information technology background complements the expertise of the FMIC Board of Directors.
Frederick Mutual insurance Company was founded in 1843, 3rd oldest insurance company in Maryland, 9th oldest in U.S.
Celebrating 179 years in 2022!
Frederick Mutual Awarded NUProperty&Casualty Luminaries Technological Innovation Distinction
Under new president and CEO Nancy Newmister, FMIC undertook an aggressive modernization program that spurred the launch of 21 new products by 2021, including the core roll-out, agent app and policyholder app. Thoughtful integration has allowed the company to reorganize products, processes and strategies around the new platform. Cost savings from improved efficiency in risk assessment, underwriting and claims processing have dropped the company’s combined ratio by 11 points below the prior five-year average.
This professional recognition program spotlights innovation in the property & casualty insurance sector. Honorees are companies, people, programs and practices that are modernizing and humanizing P&C insurance. Honorees are selected by a panel of industry experts based on how well they stated and achieved goals with regards to the nomination category; how impactful their work has been; how dedicated the nominee has been to furthering modernization and humanization in the insurance business; and the nominee’s commitment to the highest ethical standards as well as dedication to service and excellence.
“Today’s top insurance organizations recognize the industry’s history and purpose while embodying contemporary processes and services,” says NU Property & Casualty Executive Editor Elana Ashanti Jefferson. “My colleagues and I are thrilled to be able to recognize pace-setting insurance organizations, programs, practices, teams and individuals as part of the annual NU PropertyCasualty360 Luminaries recognition program.”
Inflation and Your Insurance
Frederick Mutual sheds light on inflation factors affecting insurance costs and how Frederick Mutual is coming alongside our policyholders.
Insuring Your Happily Ever After!
Frederick Mutual provides insurance reminders for couples as wedding season approaches!
Frederick Mutual Awarded with Great Place to Work Designation for 2022!
Please read more about this national certificate here.
