Corporate & Financial Information
Current Financials
4th Quarter 2023 Financial Commentary
Energy Insurance Mutual Limited (“EIM”) recorded a gain on surplus of $86.0 million for the year ended December 31, 2023 driven by investment market performance partially offset by unfavorable claims development. This is compared to a loss of ($99.9) million for 2022.
EIM’s investment income totaled $175.1 million for the year ended 2023 compared to a loss of ($152.7) million for 2022. Prior year investment results were impacted by unfavorable market performance across most asset sectors. EIM incurred a loss from underwriting of ($70.0) million compared to income of $46.4 million in the prior year.
Highlights from 2023 include:
- Policyholders’ Surplus of $1.2 billion, an increase of $86.0 million or 7.5% for the year.
- Combined ratio of 123.3% for the year ended 2023 as compared to 83.8% for the same period prior year, driven by unfavorable development of claims in prior year and higher than expected current year losses.
- Membership retention of 98% was achieved.
EIM’s investment portfolio returned 8.51% for 2023. The return is a result of gains on US equities of 20.75%, international equities of 18.69%, fixed income securities of 5.59% and alternative investment securities of 4.03%.
Corporate Governance
Board of Directors
Brian B. Bird
President and Chief Executive Officer
NorthWestern EnergyG. Thomas Bolton, III
President and Chief Executive Officer
Energy Insurance Mutual LimitedMarcus V. Brown
Executive Vice President and General Counsel
Entergy CorporationGiles Carmichael
Chancery Chambers, Partner
Benjamin G. S. Fowke, III
Chairman and Chief Executive Officer (retired)
Xcel Energy Inc.Kodwo Ghartey-Tagoe
Executive Vice President, Chief Legal Officer and Corporate Secretary
Duke Energy
Martin J. Lyons, Jr.
President and Chief Executive Officer
AmerenCarter 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 CorporationAmanda Rome
Executive Vice President, Group President - Utilities, Chief Customer Officer
Xcel Energy Inc.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.