To Our Policyholders and Friends:
During 2017 Loudoun Mutual’s celebrated its 168th year of operation. As a result of multiple storms the Company had numerous opportunities to serve our policyholders. 2017 was one of the worst years on record for the insurance industry. Although Loudoun Mutual was not affected by the major hurricanes, the Company did incur claims from multiple wind and hail storms. The heavy storm activity in 2017 resulted in the Company paying out more in claims than it collected in premiums. This is known as an underwriting loss. The last time the Company had an underwriting loss was in 2012. It was also a result of a storm event, the heavy winds known as the derecho. Despite a year of record storm activity, through prudent investing, the Company was able to strengthen the Company’s financial security and generate sufficient investment income to cover the underwriting loss.
Why should you insure your property with Loudoun Mutual? For over 168 years, Loudoun Mutual has had a tradition of serving our policyholders and maintaining our financial security even during record breaking storm years. As a mutual insurance company, owned by and operated for the benefit of the policyholders, we focus on long term stability and security rather than worrying about meeting a quarterly earning target. At Loudoun Mutual we exist to pay policyholders’ claims rather than return profits to stockholders.
To our existing policyholders – THANK YOU! We sincerely appreciate your business and we pledge to continue our tradition of service to you. We encourage you to contact your Loudoun Mutual agent to have your policy reviewed. Regular review of your insurance policy ensures we are doing everything we can to properly serve you and you are receiving the best value for your premium dollar.
If you are a new policyholder to Loudoun Mutual - WELCOME! We hope to establish a tradition of service with you, demonstrating the longterm value, stability and security of placing your insurance with a mutual company.
If you are a policyholder of Loudoun Mutual, you are more than just a business client, you are a member of the Company! Thank you for allowing us to serve your insurance needs.
Christopher G. Shipe, AIT, CPCU
Loudoun Mutual 168th Annual Report
Common/Pref. Stocks/Mutual Funds
Accrued Interest and Dividends
Deferred Tax Asset/Income Tax Ref.
Virginia Guaranty Assoc. Pre-Paid
Land, Buildings, Equipment, Misc.
Total Admitted Assets
LIABILITIES AND POLICY SURPLUS HOLDERS
Unpaid Losses and Adjust. Expense
Premiums Paid in Advance
Other Liabilities/Expenses Payable
Policyholder Surplus Account
Total Liabilities and Policyholder Surplus
Net Premiums Earned
Loss Adjustment Expense
Underwriting Profit (loss)
Net Investment Income/Realized Gains
Federal Income (Tax)/Credit
Net Income (loss)
Direct Premium Written
Total Admitted Assets
Marilyn M. Adams, Purcellville, VA
Donald A. Butler, Stephenson, VA
Mary M. Finnell, Mauertown, VA
M. Byrd Inskeep, Culpeper, VA
Brian S. Montgomery, Warrenton, VA
C. William Orndoff, Jr, Clearbrook, VA
John R. Riley, Jr., Stephenson, VA
Richard C. Shickle, Winchester, VA
Christopher G. Shipe, Berryville, VA
Robert W. Smalley Jr., Berryville, VA
Samuel B. Welsh, Leesburg, VA
Richard C. Shickle, Chairman of the Board
Robert W. Smalley, Jr., Vice Chairman of the Board
Christopher G. Shipe, AIT, CPCU, President/CEO
J. David King, CIC, Senior Vice President
Timothy J. Koppenhaver, ARM, PFMM, Executive Vice President
Dorothea C. Rohde, Corporate Secretary
April Bridgeman, AIC, Vice President - Claims
Kimberly A. Fry, CPA, Vice President, CFO-Treasurer
Todd E. Robertson, AIT, AIAF Vice President - Chief Information Officer