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2022AnnualReport

SECURA Insurance colored bar SECURA Insurance logo, traditional
SECURA Insurance flair logo

A message from Garth Wicinsky

The past year was filled with new accomplishments, some challenges, and plenty of learnings.

While we grew stronger in a number of ways in 2022, our profitability was challenged. We had a record-high number of claims in 2022 fueled by heavy storm activity. When our policyholders suffer a loss, we are there for them to deliver on our promise. I am proud of our claims associates who all stepped up to the plate and continually provided the best service during challenging times.

The past year was also filled with economic uncertainty and record-high inflation levels. Throughout it all, we still grew as a company with 13.1% direct written premium growth.

We achieve these results and work through tough times as an organization because of our strong leadership and workforce. Our talented, caring, and motivated people work hard to bring the best service to our policyholders and agents every day.

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Portrait of Garth Wicinsky

Garth Wicinsky

President & CEO, SECURA Insurance

Financials

Mix of business percentage pie chart

Mix of business

  •  65.2%Commercial
  •  20.3%Personal
  •  14.5%Farm

Combined ratio = 111.6%

Combined ratio pie chart of 107.4%
  •  68.1%Loss Ratio
  •  32.1%Underwriting Expense Ratio
  •  1.4%Dividend Ratio
  •  10.0%Loss Adjustment Expense Ratio

5-year combined ratio

5-year combined ratio graph compared to prior years
  •   SECURA
  •   Industry (Source: Conning)

Direct written premium (in millions)

Direct written premium bar graph

Direct written premium grew to $996 million as our agency partners produced $130 million in new business.

Policyholders' surplus (in millions)

Policyholders' surplus bar graph

Year-end surplus of $560 million

Total assets (in millions)

Total assets bar graph

Assets grew to over $1.8 billion

"Our underwriting teams work hard to select the right risks and underwrite and rate them appropriately. This underwriting discipline helps drive profitable long-term growth." – Kevin Klestinski, Vice President and Chief Underwriting Officer

Kevin Klestinski

"Although 2022 was a difficult year for the industry and we faced numerous headwinds, SECURA remains financially strong. Our solid surplus position will continue to support our ability to fulfill our promises to our policyholders and agents." – Christine Cousineau, Vice President, Chief Financial Officer, and Treasurer

Christine Cousineau

SECURA's states of operation and agency relationships

Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, North Dakota, Pennsylvania, and Wisconsin

SECURA works with independent insurance agents in 13 states to distribute its insurance products. Strong relationships are at the core of the business.

Animated graphic of the 13 states SECURA serves

In 2022, SECURA appointed 30 new contracted agencies, which contributed to approximately $5 million in the company's overall direct written premium, and added 130 new agency locations. While agency mergers and acquisitions continued in 2022, managing existing relationships and developing new partnerships has allowed SECURA to thrive in the active environment.

In 2023, SECURA will continue to focus on growing deeper with existing agency relationships and appointing the right agencies to continue company growth.

Photo of agents at SECURA's office
Group photo of SECURA employees for Corporate Four
Group photo of SECURA employees
Group photo of SECURA employees

"We deeply appreciate the close relationships we have with our agents. Agents can choose who they do business with, and we never forget that. We work hard each day to continue to win their best business by providing a high level of service at every interaction." – Tim Heyroth, Senior Vice President and Chief Sales Officer

Tim Heyroth

Claims

In 2022, SECURA saw record losses with over 3,000 more weather claims filed compared to the previous year, but paying claims and serving customers exceptionally well is why we're here. Our claims representatives are compassionate, responsive, thorough, and professional, and they are ready to care for our customers.

Weather claim counts (2019-2022)

Bar graph of weather claim counts from 2019 to 2022

Policyholder Testimonials

"My claims rep did a great job explaining the process to me and made it very clear what she needed from me. I also appreciated her following up with me to resolve the claim as I was in the middle of our busy construction season. Thanks!"

Shawn

"Very impressed with SECURA. Hope to never have to go through such an auto claim again, but I can't imagine being treated any better. Thank you for all the work and patience you showed during the processing of our claim."

Reid

Agent Testimonials

"SECURA is a great company and has a great product. SECURA is quick to call the insured on claims once the claim has been submitted and the insureds really appreciate that."

Laurie, Account Manager, Arizona

"As a prior Claim Specialist I measure companies by their ability to respond to the needs of our mutual clients, the reasons behind their claims decisions, engagement with their agencies, and how they treat their employees. SECURA demonstrates excellence in these areas and ranks at the very top of carriers I represent."

Josh, Producer & Operations Specialist, Missouri

"Our job is to be there for our policyholders when they need us most, and that's right where we were this year. When a policyholder is having their worst day due to a loss, our claims reps are there to help make them whole again and fulfill our promise." – Larry Wright, Senior Vice President and Chief Claims Officer

Larry Wright

Strategic initiatives

Focus on technology

Investing in technology is crucial to support continued profitable growth, improve our internal efficiencies, and ultimately deliver better service and an improved experience for our customers. SECURA has made major investments in internal systems over the past several years. In 2023, technology modernization will continue to be a focus. These investments will pave the way forward to bring new products and coverages to customers.

SECURA BizLink

SECURA BizLinkSM is our online rating system for agents. In 2022, we made 190 enhancements to BizLink to improve agents' user experience. Most significantly, we launched straight-through processing. This enhancement allows BizLink users to process a quote from start to finish, including issuance, with little to no intervention from internal SECURA resources.

State expansion

In 2022, we introduced our Commercial Lines and Agribusiness products in Pennsylvania. We previously launched Specialty Lines in Pennsylvania in October 2021. The addition of Commercial Lines and Agribusiness allows agencies to focus on additional classes, such as Manufacturing, Contractors, Ag Retail, Ag Growers, Food Products Manufacturing, and more.

"Our investment in technology supports our future. Some of the benefits we gain from updating our technology include faster speed to market and improved claim handling and payment experience for our customers." – Carol Wedig, Vice President – Information Technology

Carol Wedig

"Our expansion in Pennsylvania allowed for new growth. We've seen great success with the launch of our specialty, commercial, and agribusiness products." – Amy DeHart, Senior Vice President and Chief Actuary

Amy DeHart

Genuine people

SECURA's workforce is a mix of associates located near the company's home office in Neenah, Wis., and throughout the United States. Whether associates are working in the office or remotely, they all strive for open and transparent relationships with each other, our agents, and our policyholders. SECURA associates continue to say they enjoy working at the company through the company's annual Workplace Strengths Survey, which reported a 97% overall associate satisfaction rating, and through earning the Great Place To Work certification in 2022.

Read more

"Our people and company culture are two of the most important parts of our business. We push ourselves to be a place where associates want to come to work each day and give their best for each other and our customers – this is how we succeed." – Sarah Krause, Vice President – Human Resources

Sarah Krause
Image of diversity, equity & inclusion

Diversity, equity, and inclusion

Diversity, equity, and inclusion are instrumental to cultivating a strong organization. SECURA is focused on creating a culture of diversity, equity, and inclusion that fosters an eagerness to take risks, think outside the box, and collectively succeed.

Read more

Giving back to our communities

In 2022, the company continued supporting nonprofits and organizations where we live, work, and play by awarding donations and grants through a charitable fund with the Community Foundation of the Fox Valley Region.

Read more

"Giving back to the community has been a core company value since SECURA's beginnings in 1900. We are honored to be able to give back to the organizations that support our neighbors, families, and friends." – Dan Ferris, Vice President, Chief Legal Officer, and Corporate Secretary

Dan Ferris
SECURA's recognition and awards

Recognition we've earned

Recognition by industry groups is just one way we measure our success financially and as a workplace. Here's a look back at recognition we earned or continued in 2022.

Read more

SECURA Officers and Board of Directors

SECURA Officers

  • Tamara Bates Regional Vice President – Sales
  • Christine Cousineau Vice President, Chief Financial Officer, and Treasurer
  • Amy DeHart Senior Vice President and Chief Actuary
  • Daniel Ferris Vice President, Chief Legal Officer, and Corporate Secretary
  • Mary Gronbach Vice President – Investments
  • Jennifer Haas Vice President – Research & Development
  • Timothy Heyroth Senior Vice President and Chief Sales Officer
  • Tripp Humston Regional Vice President – Sales
  • Sandra Hupfer Vice President – Casualty Claims
  • Kevin Klestinski Vice President and Chief Underwriting Officer
  • Sarah Krause Vice President – Human Resources
  • Brian Lindow Vice President – Information Security
  • Steven Miller Vice President – Commercial Lines Underwriting
  • Jennifer Nelson Vice President – Property Claims
  • Brett Purcell Regional Vice President – Sales
  • Shane Roh Regional Vice President – Sales
  • David Schlichting Vice President – Farm and Agribusiness Underwriting
  • Sara Stenz Vice President and Controller
  • Jill Uitenbroek Vice President – Internal Audit and Enterprise Risk Management
  • Carol Wedig Vice President – Information Technology
  • Garth Wicinsky President & CEO
  • Larry Wright Senior Vice President and Chief Claims Officer

Board of Directors

  • Daniel Neufelder SECURA Board Chair Retired President Indiana University Health West Central Region
  • Mark Behrens Executive Vice President & CFO Johnson Financial Group
  • Tim Bergstrom President & CEO Bergstrom Automotive
  • Alice Gannon Retired Senior Vice President & Chief Actuary United Services Automobile Association (USAA)
  • David Gross Retired President & CEO SECURA Insurance
  • Chris Hess President and CEO Goodwill Industries of North Central Wisconsin
  • Barbara Rau Dean of the College of Business University of Wisconsin Oshkosh
  • John Robison Chief Investment Officer American Fidelity Assurance Company
  • Anne Ross Partner Foley and Lardner, LLP
  • Catherine Tierney President and CEO Community First Credit Union
  • Garth Wicinsky President & CEO SECURA Insurance
 

Garth WicinskyPresident & CEO, SECURA Insurance

The past year was filled with new accomplishments, some challenges, and plenty of learnings.

While we grew stronger in a number of ways in 2022, our profitability was challenged. We had a record-high number of claims in 2022 fueled by heavy storm activity. When our policyholders suffer a loss, we are there for them to deliver on our promise. I am proud of our claims associates who all stepped up to the plate and continually provided the best service during challenging times.

The past year was also filled with economic uncertainty and record-high inflation levels. Throughout it all, we still grew as a company with 13.1% direct written premium growth.

We achieve these results and work through tough times as an organization because of our strong leadership and workforce. Our talented, caring, and motivated people work hard to bring the best service to our policyholders and agents every day.

Modernizing our technology continued to be a focus in 2022; with the goal to reduce our technical debt, replace legacy systems, and invest in the right systems to best support our customers. At the same time, we continue to invest in our people through professional development courses and continuing education.

In 2022, I became President & CEO, a role I was humbled to take on. In my first eight months of leading SECURA I've learned so much, and I'm thankful for all who have supported me in this period of transition.

Thank you to all associates for your dedication to our customers and communities. Thank you to our agents for welcoming me into my new role and for teaching me more about your agencies. I look forward to getting to know you even better over the coming years. I also thank our board of directors for their support and approval of our plans to help us grow as a company.

As a mutual insurance company, we take a long-term view of our business, and we are well equipped to endure a challenging year like 2022. We have strong agency partners and knowledgeable associates who have helped us build a foundation for long-term success into 2023 and beyond.

Garth Wicinsky's signature

Genuine people

SECURA's workforce is a mix of associates located near the company's home office in Neenah, Wis., and throughout the United States. Whether associates are working in the office or remotely, they all strive for open and transparent relationships with each other, our agents, and our policyholders. SECURA associates continue to say they enjoy working at the company through the company's annual Workplace Strengths Survey, which reported a 97% overall associate satisfaction rating, and through earning the Great Place To Work certification in 2022.

SECURA continues to invest in its people with opportunities for growth, education, and professional development.

  • Approximately 30% of positions were filled internally in 2022
  • 85% of SECURA's officers were promoted internally to their role
  • 83 new roles were added in 2022
  • Average associate tenure of 8.6 years, with 29% of associates with 10+ years of service
  • 5.66% voluntary associate turnover
  • 55 interns in various roles throughout the company

Diversity, equity, and inclusion

Diversity, equity, and inclusion are instrumental to cultivating a strong organization. SECURA is focused on creating a culture of diversity, equity, and inclusion that fosters an eagerness to take risks, think outside the box, and collectively succeed.

In 2022, SECURA's Diversity, Equity, and Inclusion Committee:

  • Provided regular internal communications to influence shifts in behavior and thought and share resources to build a more inclusive environment
  • Expanded Associate Resource Groups to connect networks of associates with common interests and foster a sense of belonging
  • Hosted Days of Listening with SECURA executive team members and small groups of associates to bring people closer and cultivate better understanding

Giving back to our communities

In 2022, the company continued supporting nonprofits and organizations where we live, work, and play by awarding donations and grants through a charitable fund with the Community Foundation of the Fox Valley Region.

SECURA also encourages its associates to give back to organizations close to their hearts through donations and volunteer time. Those efforts are multiplied with SECURA's Dollars for Hours and Matching Gift programs. When associates volunteer or donate, SECURA makes a donation to the associate's chosen nonprofit.

#SECURAGivesBack ContestSince 2017, we've been asking our agency partners to nominate their community nonprofits to win a donation through our annual SECURA Gives Back contest. In 2022, we received more than 300 nominations and donated a total of $39,000 to 13 different nonprofits. Since the start of the contest in 2017, we've donated $171,500 to nonprofits across the country.

Pillars 35-in-30 Matching Gift ChallengeIn December 2022, SECURA participated in a matching gift challenge benefiting Pillars of Appleton, an organization providing shelter, support, and solutions to address the housing needs in our community. SECURA matched $35,000 in donations dollar-for-dollar.

Farm-Ag Fire Department IncentiveFire departments play an essential role in protecting policyholders when disaster strikes. Through this incentive, Farm-Ag agents earned donations to local fire departments of their choice. SECURA donated a total of $27,000 to 18 local fire departments across 13 states.

Learn more about SECURA's community involvement by visiting secura.net/community.

Recognition we've earned

Recognition by industry groups is just one way we measure our success financially and as a workplace. Here's a look back at recognition we earned or continued in 2022.