2022 was one of the most unique and difficult years for property and casualty insurance companies that I can remember. It was a year that threw us a lot of obstacles, most of which were weather related. From a surplus standpoint, the stock and bond markets were in freefall and that impacted our portfolio.
There were bright spots, however. We had a very good year from a top line standpoint, business growth was exceptional in all our markets, we exceeded our plan and ended the year with a modest profit. Our subsidiary companies, CM Regent® and CM Vantage™, had exceptional years, ahead of plan and posting great results. Our newest acquisition, Wausau MedMal Management Services, had a very successful initial year.
In fact, we were having a really good year - until the last week when Winter Storm Elliott happened. This was a unique storm, with 42 states under hard freeze advisories. That is unprecedented, a one in 10,000 event. You don’t model for these. As the weather patterns change, we will continue to see a rise in the frequency and severity of weather-related catastrophes. We are in a risk-taking business, and 2022 proved the books are not closed until the clock strikes midnight on Dec. 31.
We took some blows in 2022, but our balance sheet remains rock-solid. Closing the year with $2.3 billion in assets and $822 million in surplus, we stand ready to serve our customers, support their missions and support the communities where we do business.
Our innovations in risk control are paying off for our customers. With our CM Wildfire Solutions™ program in place, we didn’t lose a single building to wildfire in 2022. Our CM Sensor® water and temperature alert program saved an estimated $2.4 million in losses during Winter Storm Elliott.
Coming out of the pandemic, I was pleased to welcome our employees back to the offices in April 2022. Throughout the rest of the year, we settled into a hybrid work model, which combines the flexibility of working from home with the collaboration opportunities of working together in the office. I was thrilled to return to the Church Mutual® we all know and love.
We saw a lot of herculean efforts on many fronts throughout the year. So many within our organization did so many great things for our customers and our company. We did not waiver on our commitment to our customers, the service we provide or the compassionate, empathetic approach we take to our business. Without that, we wouldn’t be Church Mutual.
It’s bittersweet for me, but this will be my last CEO letter in a Church Mutual annual report. In December 2022, we announced Alan Ogilvie as our new company president. He will be adding the role of CEO at the end of 2023. Alan has been with Church Mutual since 2015 and did a fantastic job running our subsidiary companies. In addition, he has a wealth of insurance industry expertise and a passion for our mission. The Church Mutual family of insurance companies will be in good hands as it continues to evolve for the future.