Callicoon Co-operative Insurance Company Awarded 2013 Stakeholder Team Accomplishment Recognition™ Award
Columbus, Ohio, October 25, 2013: Callicoon Co-operative Insurance Company of Jeffersonville, New York, has been awarded a 2013 Stakeholder Team Accomplishment RecognitionTM (STAR) award from Demotech, Inc. for its operating results in 2012, as also verified in its June 30, 2013 statutory quarterly statement. A total of 2,736 Property and Casualty carriers were reviewed, with only 44, or 1.6 percent, meeting each of Demotech’s objective criteria. Callicoon was one of only 10 carriers in the State Specialist company classification to earn a 2013 STAR award, and was the only State Specialist award winner from the State of New York.
Demotech developed Stakeholder Team Accomplishment Recognition™ to identify and recognize insurers that were able to satisfy all stakeholders, not just a single segment of interested parties. To earn a 2013 STAR Award, Callicoon had to demonstrate that:
- employees and producers benefitted from a combined compensation level above the median within the Company’s Classification System category
- claimants benefited as measured by an accident year 2012 loss and loss adjustment expense ratio above the median within the Company’s Classification System category
- regulators and consumers benefitted from a strong balance sheet and relative financial stability
- reinsurers benefitted due to the relative stability between the Company’s net and ceded loss and loss adjustment expense ratios
- overall profitability was in the top third of its Company Classification System category based upon return on net admitted assets
- June 30, 2013 operating results confirmed that the reported year-end 2012 results were realistic and reasonable, particularly as to the verification of our loss and loss adjustment expense reserve criterion.
About Callicoon Co-operative Insurance Company
Callicoon Co-operative Insurance Company was organized on April 13, 1878, as the Callicoon Agricultural Fire Relief Association of Sullivan County, New York. It was incorporated under the laws of the State of New York on June 29, 1910. Callicoon underwrites most property lines, with a focus on commercial multiple peril, homeowners, fire and farmowners coverages. The company only writes in New York State, with the majority of business written in its home county of Sullivan and the surrounding counties of Orange, Delaware and Ulster. The company is managed by Philip E. Conaty, Esq. under the direction of its President, John K. Gempler and Board of Directors – Roger Bisland, David Bodenstein, George Ferguson, William and Carol Lane, Doug Loucks, Jeanne Smith, Edward Sykes and Lee Titus.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer, regardless of financial size. Visit www.demotech.com for more information.
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