News

 

Strong Growth for Synergy Insurance Company 2015 Financial Year

February 18, 2016

Synergy Insurance Company announced strong profit and growth for the year ending December 31, 2015. Strong underwriting results were produced through lower-than-expected loss and loss adjustment expense.

Financial Highlights

  • 2015 combined ratio was 80.5% compared to 74.2% in 2014 and 72.9% in 2013
  • 2015 combined ratio was comprised of a 57.8% loss ratio and a 22.7% expense ratio
  • Prior year loss development trended favorably and the current accident year experience contributed to the strong results
  • Policyholder surplus increased by 18.0% over the prior year-end
  • Direct premium writings increased to $31 million