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Synergy Announces Record 2013 Earnings

March 14, 2014

Synergy Holdings, the parent company of Synergy Coverage Solutions and Synergy Insurance Company (SIC), is reporting record earnings for the 2013 calendar year.

The strong performance was driven by multiple factors, including profitable current accident year underwriting results, better-than-expected prior year loss development patterns, along with SIC's growth through new business and a policy assumption/loss portfolio transfer agreement. The companies are continuing to grow operations in 2014 by adding a Midwest Healthcare Program and expansion of a Large Deductible Program.

This performance shows the Company is executing on its strategy to expand its risk-taking operations and continuing to improve underwriting results across all programs.

Annual 2013 Financial Highlights

  • Corporate net income of $9.3 million pretax and $6.0 million net income after tax
  • Consolidated revenue increase of 174%
  • SIC combined ratio of 72.8%
  • SIC surplus growth of 78% to $12.0 million from $6.7 million