2021 Annual Report
Church Mutual Holding Company, Inc.
2021
Annual Report
Church Mutual Holding Company, Inc.
At the Church Mutual family of companies, we partner with purpose-driven organizations whose missions are as diverse as their beliefs — yet each shares a common passion for serving the greater good. We believe in the strength and potential within us all. We believe in lifelong memories, in moving sermons, in healing bedside moments, in brilliant lesson plans, in gutsy initiatives and in spirited individuals and communities who are impassioned to serve others. Most of all, we believe in our customers. Through the challenges of the past two years, our customers have inspired us. We remain committed to protecting their purpose so they can fulfill their missions.
A Message From Our CEO
Looking back on 2021, it was far from easy! The pandemic lingered on, catastrophic events were frequent, and we had to make some tough, strategic decisions — decisions that will help ensure our success for decades to come. But we soldiered through, with our mission, vision and values leading us. We know our success is critical to organizations and the communities they serve throughout the country.
Richard V. Poirier
President and CEO
Mission, Vision, Purpose
We have undergone a tremendous transformation over the past six years, going from one company to a Mutual Holding Company with multiple companies and an expanded focus on new markets.
Diversity and Inclusion
In 2021, we deepened our commitment to advancing diversity and inclusion, and broadened our efforts within our workforce, among our customers and in the communities where we live and work.
Caring for Communities
CM CARES®, the Church Mutual Insurance Company Foundation, supports initiatives and organizations throughout the United States. The foundation provides gifts to the United Way, Feeding America, the Salvation Army, Meals on Wheels and other nonprofit causes with local or national impact. In 2021, CM CARES® donated more than $700,000 to more than 300 organizations.
Family of Companies
Church Mutual
Church Mutual Insurance Company, S.I. (a stock insurer)1, founded in 1897, offers specialized insurance for houses of worship of all denominations, nonprofit and human services organizations, public and private K-12 schools, colleges and universities, senior living facilities and camps and conference centers throughout the United States. Church Mutual markets most lines of commercial property and liability insurance, including multi-peril, workers’ compensation and commercial auto insurance. In addition to insurance, Church Mutual provides a spectrum of value-added solutions that benefit its customers. In 2021, Church Mutual:
- Doubled its share of the camps market through new strategic broker partnerships.
- Continued the successful rollout of Church Mutual Premier® policies using the Quicksolver policy administration system, which increases efficiency while allowing us to better tailor coverages to the specialized needs of our customers. At the end of 2021, Church Mutual had more than 25,300 new and renewal Premier policies in force in 30 states with estimated annual premiums exceeding $160 million.
CM Vantage
CM Vantage Specialty Insurance Company, founded in 2015, is an excess and surplus lines insurance company specializing in underwriting unique exposures and providing innovative product solutions. CM Vantage distributes products through select wholesale brokers and general agents. CM Vantage’s team of experienced excess and surplus lines professionals provides a wide array of insurance products, including primary casualty, excess casualty, primary property and excess property. In 2021, CM Vantage:
- Continued profitable growth, building on the financial strength to serve the unique needs of customers in the excess and surplus lines market.
- Exceeded new business plan by $10 million!
CM Regent
CM Regent Insurance Company has a 50-year history of providing insurance expertise to meet the unique needs of K-12 school districts, colleges and universities. Coverages include commercial property and liability insurance, workers’ compensation, school leaders’ legal liability, excess liability, cyber, owner-controlled insurance program (OCIP) and a variety of employee benefit products for public schools. In 2021, CM Regent:
- Had a strong, profitable year, further strengthening its ability to serve the insurance needs of educational institutions.
- Exceeded 2021 premium plan.
- Expanded into Minnesota and Vermont and positioned itself to enter five new states in 2022.
CM Select
CM Select Insurance Company provides businessowners coverage to small religious organizations in addition to several nonprofit and human services classes. All policy output and customer communications are delivered electronically, thereby reducing overall expenses and environmental footprint. CM Select strives to deliver an unparalleled customer experience by offering tailored products and prioritizing technological innovation. In 2021, CM Select:
- Issued its 3,000th policy!
- Finished the year with new written premium at 158% of plan.
- Received its Certificate of Authority for several additional states, becoming authorized to transact business in 47 of its 48 target states.
“Great things continue to happen due to the hard work of so many in this company. We’ve proven we can handle whatever the world throws at us, and we have important strategic initiatives underway to ensure our strength into the future.”
– Richard V. Poirier, President and CEO
Awards & Recognition
AM Best
Church Mutual continues to maintain its Financial Strength “A” rating (Excellent) with a stable outlook from AM Best. In fact, we are among only 70 out of approximately 3,000 U.S. property and casualty insurers to hold an “A” rating with AM Best for 50 years or more. Our financial strength means we have the resources to support our customers when they need us most.
Top Private Company
Church Mutual ranked among the top 30 of Wisconsin’s most successful private companies in 2021’s Wisconsin 75 Awards, sponsored by Deloitte. This is the sixth consecutive year Church Mutual placed on the list, which ranks the 75 largest private companies in the state based on sales revenue. The ranking recognizes the significant role Church Mutual plays in the state’s economy.
Gallup Culture Transformation Award
Church Mutual was one of just two companies in the U.S. chosen to receive the 2021 Gallup Culture Transformation Award. The award recognizes companies that live out their culture daily and create a shared, sustainable vision for success with measurable effects for their employees and business. For Church Mutual, this means incorporating the values that ring true to all employees and placing them at the forefront of everything they do.
Rise Elite 50 Internship Award
Rising Insurance Star Executives (RISE), an organization dedicated to growing, recognizing and advancing the best young professional talent in the insurance industry, recognized Church Mutual as a 2021 Elite 50 Internship award winner and as having the Leading Virtual Platform. Our interns work on real business projects and objectives to provide them with the experience they need to be ready for employment immediately following graduation. The Church Mutual family of companies is proud to have many former interns now in full-time roles.
Financials at a Glance
0
Direct premiums written
0
Policyholders' surplus
Our Assets
Bonds
$1,368,964,392
Stocks
$371,330,062
Cash
$103,785,236
Real Estate
$11,195,855
Premiums Receivable
$258,141,554
Accrued Interest
$8,322,578
Other Assets
$289,953,966
Total Assets
$2,411,693,643
Our Obligations
Losses in process of adjustment
$803,866,167
Unearned Premiums
$501,429,268
Taxes Payable
$6,134,304
Expenses Payable
$62,756,648
Other Liabilities
$195,279,983
Total Liabilities
$1,569,466,370