Cumberland Insurance Group Announces Solid 2008 Results
BRIDGETON, NJ: Despite continuing soft insurance market conditions and the severe problems in the financial markets, The Cumberland Insurance Group posted a solid year in 2008. In results released at the Company’s recent Annual Meeting, The Cumberland Insurance Group reported an increase in Direct Written Premiums to $128,727,302, and a net income for the year of over $5 million.
“The positive results we achieved in 2008 make it clear that The Cumberland Insurance Group’s long-term operating strategy is correct,” said Chairman Leo T. Hogan. “Our strategic focus has been on solid, steady investments offering stable earnings, and hence a high degree of security. This security represents the foundation of our business and justifies the trust that our policyholders and agency partners have placed in the Company for 165 years.”
“This business philosophy has served us well, and as a result through very tough national economic times we are proud that our 2008 results are very different from the stories that continue to lead the news headlines,” said President and CEO Robert P. Brady. “We have a good story to tell which is grounded in ethical decision-making, long-term profitability, and financial stability. Our conservative approach in the areas of underwriting, reserving, and operations has built a stable company with a strong capital position and consistent growth.”
“Additionally, our capital management strategy has allowed us to support key business initiatives such as infrastructure investments in new products and technologies,” Brady continued. “Many of t hese enhancements came online in 2008, making it easier for agents to quote, write, and service business with the Company.”
“We are also pleased that efforts to improve our overall expense ratio by streamlining operations and instituting other internal expense controls were successful. We did have to make some difficult decisions. However, as a result, we believe we have improved our competitive position in the marketplace and are well-positioned for the future,” Brady concluded.
The Cumberland Insurance Group was established in 1844 and currently serves over 120,000 policyholders in the states of New Jersey, Pennsylvania, Delaware, and Maryland. In 2008, the Company had Total Admitted Assets of $315,595,220 and a Policyholders’ Surplus of $140,166,468. For more information about The Cumberland Insurance Group or to find an independent agent near you, please visit www.cumberlandgroup.com.
For more information about this press release, please contact Lee Tofanelli at 856-691-3113.