Jacksonville, Fla.-based insurer The Main Street America Group said its 2007 net income increased 20 percent over the previous year, the best financial results in the company's 84-year history.
The super regional insurer said net income rose by $15 million to $88 million for the year, leading to a return on equity of 17.8 percent, two percentage points higher than in 2006. The company also reported its combined ratio dropped a half-point during the year to 95.8.
The company also said it increased its statutory surplus and equity to $619.6 million and its direct written premium to $851 million.
"We could not have achieved our financial success in 2007 without the tireless efforts of all of our employees and our customers–independent insurance agents," said Main Street America chairman, president and chief executive officer, Tom Van Berkel.
Mr. Van Berkel added, "We remain 100 percent committed to our Main Street market niche and the independent agency system as our sole distribution channel as we continue to profitably grow our book of business."
The Main Street America Group, founded in 1923, operates four property-casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company and MSA Insurance Company.
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