Corporate & Financial Information
Current Financials
3rd Quarter 2024 Financial Commentary
Energy Insurance Mutual Limited (“EIM”) recorded a gain on surplus of $124.2 million for the nine months ended September 30, 2024, driven by favorable investment market performance partially offset by modest underwriting loss. This is compared to a budget of $68.0 million and $13.8 million for the same period in 2023
EIM’s investment income totaled $180.9 million for the first nine months of 2024 compared to $58.0 million for the same period in 2023. Current year investment results were impacted by favorable market performance across most asset sectors. EIM recorded a loss from underwriting of ($25.2) million compared to a loss of ($44.0) million for the nine months of 2024.
Highlights from 2024 include:
- Surplus of $1.36 billion, an increase of $124.2 million or 10.1% for the first nine months.
- Combined ratio of 109.8% for the first nine months 2024 as compared to 119.3% for the same period prior year.
- Membership retention of 96% was achieved in the first nine months of 2024.
EIM’s return on investments of 7.9% compared to a budgeted return of 4.5% for the first nine months of 2024. The return is a result of gains on US equities of 20.5%, international equities of 9.9%, alternative investment securities of 6.8% and fixed income securities of 5.2%.
Corporate Governance
Board of Directors
Brian B. Bird
President and Chief Executive Officer
NorthWestern Energy
G. Thomas Bolton, III
President and Chief Executive Officer
Energy Insurance Mutual Limited
Marcus V. Brown
Executive Vice President and General Counsel
Entergy Corporation
Giles Carmichael
Chancery Chambers, Partner
Kodwo Ghartey-Tagoe
Executive Vice President, Chief Legal Officer and Corporate Secretary
Duke Energy
Jeanne Jones
Executive Vice President and Chief Financial Officer
Exelon Corporation
Martin J. Lyons, Jr.
President and Chief Executive Officer
Ameren
Carter M. Reid
Executive Vice President, Chief of Staff and Corporate Secretary and President-Dominion Energy Services (retired)
Dominion Energy, Inc.
M. Bridget Reidy
Executive Vice President, Corporate Operations, Exelon BSC (retired)
Exelon Corporation
Amanda Rome
Executive Vice President, Group President - Utilities, Chief Customer Officer
Xcel Energy Inc.
Peggy Simmons
Executive Vice President – Utilities
AEP (American Electric Power)
Dan S. Tucker
Executive Vice President and Chief Financial Officer
Southern Company
Officers
Marcus V. Brown, Entergy Corporation
Chair
Martin J. Lyons, Jr., Ameren
Vice-Chair
G. Thomas Bolton, III
President and Chief Executive Officer
Chancery Corporate Services Limited
Assistant Corporate Secretary
M. Cindy Dobbins
Vice President – Chief Claims Officer
Jill C. Dominguez
Vice President – Chief Underwriting Officer
Tanner V. McAndrew
Vice President – Risk Management and Corporate Strategy
Jeffrey M. Tkacz
Vice President – Chief Financial Officer
Kevin R. Wolff
Vice President – General Counsel and Corporate Secretary
Leadership
Enterprise Risk Management
ERM (Enterprise Risk Management) plays an integral role in how EIM manages our business. As such, the ERM Committee, reporting to the Board of Directors, has defined the Company's risk tolerance policy as follows.
Corporate Risk Tolerance
We have set our corporate risk tolerance at being able to withstand a modeled 1/200 VaR annual aggregate occurrence and maintain an "A" rating by AM Best on an entity wide level. The related categories include reserve, underwriting, operational, investment, catastrophe and reinsurer credit risk. Risk capacity is the percentage at or above this level and is used to measure how effectively the Company is managing risk on a quarterly basis.