For the second 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 2011 calendar year’s performance joins Lancer’s 2010 award.
In making the announcement on July 17, 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 more than 1% of all companies analyzed by the Ward Group.
The Ward Group is a leading provider of benchmarking and best practices research studies for insurance companies. The firm analyzes staff levels, business practices and expenses for all areas of insurance company operations to help companies measure results and optimize performance.
“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 5-year period,” Rieder said.
Companies are measured and ranked in performance based on the following metrics: 5-year average return on average equity; 5-year average return on average assets; 5-year average return on total revenue; 5-year growth in net premium written; 5-year improvement in leverage ratio; and 5-year average combined ratio.
In accepting the designation from the Ward Group for the second straight year, Lancer’s President Dave Delaney said he was most pleased Ward recognized Lancer over a five year period (2007-2011) that presented unprecedented challenges. He credited Lancer’s management and staff for achieving the Ward’s 50 benchmark, and for staying profitable and strengthening surplus at a greater rate than the overall property casualty insurance industry.
“At Lancer, we always strive to aggressively manage our policyholders’ claims and our operating expenses,” Delaney said. “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 one of the country’s leading providers of commercial automobile liability, physical damage and general liability coverages.