For Immediate Release
April 21, 2022
Media Contact: Thomas Thamm
MONTPELIER, Vermont (April 21, 2022)— On April 20, 2022, Vermont Mutual Insurance Group® held its 195th Annual Meeting of policyholders and Directors, reporting on Company results for 2021.
Over the course of 2021, Vermont Mutual Insurance Group reached several historic milestones, increasing its written premium by 5.9% to $577 million and growing policyholders’ surplus by more than 13% to a record $743 million.
President, CEO and Board Chairman of Vermont Mutual, Dan Bridge, stated “As the disruptions of the COVID pandemic continued into 2021, we were fortunate to leverage many important lessons gained from successfully managing the numerous challenges of 2020 to achieve very favorable financial and business results in 2021.” Bridge continued “2021 proved to be another profitable year for Vermont Mutual. We achieved a combined ratio of 91.4% and solid policyholder retention of 88.7%. In addition, the strong relationships we enjoy with our independent agency partners allowed us to produce a record $74 million in new business premium."
Mark McDonnell, Vermont Mutual’s Executive Vice President and COO, noted “Exceptional financial results notwithstanding, in 2021 we also modernized systems and processes via our Summit project and other initiatives. We also focused attention on core company values, highlighting equity, inclusion and increased diversity throughout the Company."
The following officers have been elected by the Vermont Mutual Board of Directors:
Daniel C. Bridge, President & Chief Executive Officer
Mark J. McDonnell, Executive Vice President & Chief Operating Officer
Jonathan R. Becker, Vice President - Underwriting
William J. Cahill, Vice President - General Counsel and Secretary
Susan L. Chicoine, Vice President- Human Resources
Sarah B. Young, Assistant Vice President – Human Resources
David N. DeLuca, Vice President – Claims
Shaun P.T. Farley, Vice President – Marketing
Brody N. Gilbert, Vice President – Chief Financial Officer and Treasurer
Additionally, Brody Gilbert was promoted to the position of Chief Financial Officer. Dan Bridge remarked “Having successfully transitioned through the retirement of former CFO Brian Eagan, and leading a number of key initiatives for our company, it is my great pleasure to congratulate Brody on his well-deserved promotion.”
Vermont Mutual Insurance Group® is a trade name of Vermont Mutual Insurance Company, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company. Chartered in 1828, Vermont Mutual is one of the ten oldest mutual property/casualty insurers in the United States and provides coverage throughout New England and upstate New York. Through more than 400 independent agencies, the Group insures over 315,000 policyholders, with a direct written premium of more than $500,000,000. The group is rated “A+ Superior” by A. M. Best and a Ward’s Top 50 performing property/casualty insurer in the U.S. for the past thirteen consecutive years. For more information, please visit: VermontMutual.com