Corporate & Financial Information
Current Financials
1st Quarter 2021 Financial Commentary
Energy Insurance Mutual Limited (“EIM”) recorded a gain on surplus of $17.0 million for the three months ended March 31, 2021 compared to a loss of ($79.7) million for the same period in 2020. EIM recorded income from underwriting of $3.2 million compared to a loss of ($1.0) million in the prior year.
EIM had investment income of $17.5 million for the first three months of 2021 compared to a loss of ($100.6) million for the same period in 2020. Current year investment results were impacted by favorable equity market performance.
Highlights from 2020 include:
- Distribution of $50.0 million paid in March 2021 to members of record at December 31, 2020.
- Policyholders’ Surplus of $1.2 billion, an increase of $17.0 million or 1.4% for the year.
- Combined ratio of 94.2% for the first three months 2021 as compared to 102.0% for the same period prior year.
- Membership retention of 99% was achieved in the first three months of 2021.
EIM’s return on investments of 1.05% compared to a benchmark return of 0.98%. The return is a result of gains on US equities of 6.47%, international equities of 4.54%, alternative investment securities of 1.57% and losses on fixed income securities of (1.26%).
Corporate Governance
Board of Directors
G. Thomas Bolton, III
President and Chief Executive Officer
Energy Insurance Mutual Limited
Marcus V. Brown
Executive Vice President and General Counsel
Entergy Corporation
Trevor A. Carmichael
Barrister at Law
Barbados Counsel
Marian M. Durkin
Avista Corporation (retired)
Benjamin G. S. Fowke, III
Chairman and Chief Executive Officer
Xcel Energy Inc.
Mary E. Kipp
President and CEO
Puget Sound Energy
James R. Hatfield
Executive Vice President and Chief Administrative Officer
Pinnacle West Capital Corporation & Arizona Public Service Company
David E. Meador
Vice Chairman and Chief Administrative Officer
DTE Energy
Carter M. Reid
Executive Vice President, Chief of Staff and Corporate Secretary and President-Dominion Energy Services
Dominion Energy, Inc.
M. Bridget Reidy
Executive Vice President, Corporate Operations, Exelon BSC
Exelon Corporation
Brian X. Tierney
Executive Vice President Strategy
American Electric Power Service Corporation
Rudolph L. Wynter
President and COO, Wholesale Networks and US Capital Delivery
National Grid
Officers
Carter M. Reid, Dominion Resources, Inc.
Chairman
Brian X. Tierney, American Electric Power Service Corporation
Vice Chairman
G. Thomas Bolton, III
President and Chief Executive Officer
Jill C. Dominguez
Vice President - Chief Underwriting Officer
Jeffrey M. Tkacz
Vice President - Chief Financial Officer
Ann M. Joslin
Vice President - Claims
Kevin R. Wolff
Vice President, General Counsel and Corporate Secretary
Taniyka D. Ragland
Assistant Corporate Secretary
Trevor A. Carmichael
Assistant Corporate Secretary
Leadership
Publications
Members' Reports
Annual Reports
Audited Financial Statements
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 TVaR 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.