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South Easthope Mutual Insurance – AGM News

South Easthope Mutual Insurance recently held our 145th Annual Meeting in Tavistock with 153 members in attendance on February 24th.

Five candidates stood for election vying for three positions on the board. Marianne Cook of Stratford was elected as the new director. Marianne operates a dairy farm with her husband Leroy near Stratford and she brings with her a depth of experience.

Linda Drost and John L. Mackay were re-elected to serve three-year terms.

The membership bade farewell to Ronald J. Mckay who is retiring from the board after six years. Ronald was our 2016 Chairman.  

We had a fantastic presentation from guest speaker Glenn McGillivray, from the Institute for Catastrophic Loss Reduction. His presentation was titled “Learning from Fort McMurray”. 

                               


 

 

CHAIR’S MESSAGE TO MEMBERS

 

We are pleased to present the 145th Annual Report for South Easthope Mutual Insurance Company. These financial statements are a consolidated report which includes the results from our subsidiary company, SEH Computer Systems Inc.

 

Written premium growth for 2016 was just under 5%. With the exception of automobile claims, we were fortunate that the number of overall claims were down from last year. However, with reinsurance adjustments from prior years, net claims were up over 6% from 2015.

 

Investment income is up from the prior year, although much of this was generated by an improvement in unrealized gains in the market. Net profit goes into reserves for the future protection of our members. We are cautious to retain reserves that exceed regulatory requirements.

 

Your board of directors has authorized a premium refund of 10% on net premiums written as at December 31, 2016 on property policies in good standing. To qualify for the refund, property policies must be in force and in good standing on the day the refund is issued. These refunds will be mailed out in March.

 

It was another busy year with even more new regulation. Our corporate ‘Risk Management’ plan was updated as was our cyber security policy. A new ‘Solvency Risk Assessment’ plan was completed. Automobile policy reforms were implemented and overland flood coverage to eligible homeowners was introduced.

We had our insurance license amended and we are now able to provide coverage for the operation of drones for farm use.

 

2016 marked the 10th anniversary of our Listowel office and the 25th of our Mitchell office. Over 400 members and guests attended the open house of our new head office in Tavistock in June. The website was updated and members can now access their policy information on the web at their convenience.

 

We extended our condolences to the family of Alvin Ahrens who passed away in May. Alvin served as an agent from 1957 until his retirement in 1984.

 

I thank you, our members, for your continued support by insuring with South Easthope Mutual. It has been my pleasure to serve on the board of your company. I extend my sincere appreciation to my board colleagues, management, staff, agents and brokers for their dedication this past year.

 

Ronald J. McKay

Chair of the Board

 

We invite you to attend the Annual Meeting which will be held on Friday February 24th at the Memorial Hall in Tavistock beginning at 1:30 pm. The meeting will begin with a very interesting presentation on the wildfire that destroyed a good portion of the town of Fort McMurray in 2016.

 

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