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Synergy Insurance Company Announces 3rd Quarter 2013 Results

November 7, 2013

Synergy Insurance Company announced 3rd quarter results for 2013, resulting in combined ratio of 91.6%.

Net earned premium has increased to $23.3 million as of September 30, 2013 compared to $3.7 million as of September 30, 2012.  The following factors contributed to the increase in net earned premium:

  • Reduction in ceded quota share reinsurance from 60% to 35%
  • Policy assumption from the North Carolina Chamber of Commerce Self Insurers Fund contributed to $15.9 million net earned premium
  • New business

During the quarter, Policyholders Surplus grew by 11.9% compared to the same period in 2012.

We are looking forward to continued and profitable growth into 2014.