For the third consecutive year, Lancer Insurance Co. has been named to Ward’s Top 50 performing companies in the U.S. property casualty insurance industry. The award for the 2012 calendar year’s performance joins Lancer’s 2011 and 2010 awards.
In making the announcement, Ward Group Partner Jeff Rieder noted that the 50 companies selected — which include Chubb Group, Progressive Insurance Group, USAA Group and The Travelers Insurance Group — distinguished themselves from the more than 3,000 companies analyzed by collectively demonstrating the ability to thrive in challenging economic times.
The companies selected for the prestigious honor represent slightly over 1% of all companies analyzed by the Ward Group, which examines staff levels, business practices and expenses for all areas of insurance company operations.
“In selecting the Ward’s 50, we identify companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results over a five-year period,” said Rieder.
Companies are measured and ranked in performance based on their five-year averages of the following metrics: return on average equity, return on average assets, return on total revenue, growth in net premium written, improvement in leverage ratio and combined ratio.
In accepting the designation from the Ward Group for the third straight year, Lancer’s President Dave Delaney said he was most pleased that Ward recognized Lancer for achieving outstanding financial results in the areas of safety, consistency and performance over a five-year period (2008 - 2012) that presented unprecedented business challenges.
“At Lancer, we always strive to aggressively manage our policyholders’ claims and our operating expenses,” said Delaney. “We also maintain a strong underwriting discipline regardless of market conditions. This serves to keep our prices stable, which benefits our policyholders and their agents.”
Lancer Insurance Co. is a provider of commercial automobile liability, physical damage and general liability coverages.