Corporate & Financial Information
Current Financials
2nd Quarter 2021 Financial Commentary
Energy Insurance Mutual Limited (“EIM”) recorded a gain on surplus
of $57.4 million for the six months ended June 30, 2021 compared to
$3.3 million for the same period in 2020. EIM recorded income from
underwriting of $0.5 million compared to a loss of ($3.7) million in the
prior year.
EIM had investment income of $70.6 million for the first six months of
2021 compared to a loss of ($3.1) million for the same period in 2020.
Current year investment results were impacted by favorable equity
market performance.
Highlights from 2021 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 57.4 million or 4.8% for the year.
- Combined ratio of 99.5% for the first six months 2021 as compared to 1036.6% for the same period prior year.
- Membership retention of 99% was achieved in the first six months of 2021.
EIM’s return on investments of 4.08% compared to a benchmark return of 4.12%. The return is a result of gains on US equities of 14.48%, international equities of 9.83%, alternative investment securities of 4.35% and losses on fixed income securities of (.01%).
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 & Chief Administrative Officer
Pinnacle West Capital Corporation/APS
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
Senior Managing Director
Blackstone Infrastructure Partners
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, Blackstone Infrastructure Partners
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
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.