Financially speaking, 2022 was a banner year for Agribusiness. We hit a record $129 million in direct written premium, exceeding our goal by $9 million. Of that amount, $15 million was generated from new business, topping our goal by $3 million. We achieved an exceptional 92% retention rate for policy renewals. We could only have attained these results through the efforts and support of our agency partners.

This strong performance came with some challenges. The Ag business is particularly vulnerable to weather-related damages from wind, hail, tornadoes and hurricanes. While Hurricane Ian impacted the results, only a few policyholders sustained damage. The Ag claims and underwriting teammates were out on day one, assessing damage, doing cleanup work, and providing much-needed comfort and support.

FCCI is recognized in the Agricultural industry as a leading provider of specialty insurance. Growers, packers, shippers, farms, dairies, suppliers and more trust our Ag team to protect their businesses and livelihood.

After a slow start in 2022, the Carolinas and the entire Mid-Atlantic team rallied in the last six months of the year to deliver production that was consistently above our goals as we increased our number of opportunities, won larger new business accounts, and restored confidence in our agency partners. Ultimately, we ended with direct written premium of $111.1 million. In addition, our claim team performed exceptionally for our policyholders, paying 2,123 claims totaling $29.8 million and achieving a closing ratio of 100.4%

We also set up our region for continued success by significantly growing opportunities in our newest expansion state of Pennsylvania which gives us great optimism going into 2023.

We hired six new teammates in 2022, bringing our Mid-Atlantic family to 56 strong. We continued to hire the best people that fit our region’s culture and who follow the work ethic of “we do what we say we'll do.” We’ve built a high-performing team that our agency partners know and trust and who continue to provide value to our customers through creative underwriting and by out-servicing the competition.

We also added 11 new agency partners which now number 197. The strength of our success has always been attributable to the relationships we have with our agents and we were fortunate to connect with not only our newly appointed agents but with our key partners throughout the territory. While many companies have eliminated outside events, the Mid-Atlantic Region hosted five successful agency events across our footprint in 2022. These put our team face-to-face with customers to nurture those lasting relationships. The feedback was overwhelmingly positive as they appreciated FCCI taking the initiative to connect in person, and it paid off through unique business opportunities and a noticeable lift in premium. While technology can be efficient and effective, we cannot understate the value of meeting our customers person-to-person.

Sadly, in July we lost a dear member of our regional family with the sudden death of Claims Manager Jack Sowers. It was a gut-wrenching shock to teammates in our region, our agency partners and the insurance industry throughout Virginia. Jack’s passing had a profound impact, both personally and professionally, on the co-workers, agents and policyholders he served throughout his career. Everyone who knew Jack respected and admired his friendship, dedication, experience and support. In his memory, the break room in our Mid-Atlantic office now bears a plaque in tribute to Jack. He will always be with us!

Looking back on 2022, I can confidently say that our region finished strong and proud. We have solid leadership and phenomenal teammates in place to serve our customers and succeed in 2023.