TERMS OF USE ︳ PRIVACY POLICY ︳ DISCLOSURE
CELEBRATING SUCCESS | THE FCCI 2024 ANNUAL REPORT
Celebrating Success
A message from Cina Welch, President & CEO
On behalf of FCCI Insurance Group’s Board of Directors, officers, and our more than 880 dedicated teammates, I’m delighted to share the highlights and results of a very successful 2024.
Celebrating 65 Years
This year marked an exciting milestone for FCCI – we turned 65 on April 1! We rallied around the theme “Celebrating Success” and came together for a memorable companywide celebration. We gathered momentum throughout the year and produced winning results. Thanks to the hard work of our teammates, and the trust you place in FCCI, I’m proud to report that our direct written premium reached $1.2 billion.
Financial Strength and Growth
We’ve seen significant growth in our financial position. Our investment portfolio grew to $2.3 billion, while our GAAP members’ equity increased to $1.1 billion. We also posted a profit of $105.6 million and achieved a combined ratio of 99.6%. These accomplishments are a testament to our disciplined underwriting and our ability to navigate market dynamics effectively, all while remaining committed to the stability and strength for which FCCI is known.
Expansion to Meet Customer Needs
On October 1, FCCI Specialty Insurance Company began accepting submissions for Excess & Surplus (E&S) Lines of business. This expansion into the hard-to-place risk market allows us to offer specialized coverage to business owners who need tailored solutions beyond traditional options. It’s a major step forward, helping us strengthen our market position and continue to serve a broader range of industries. I’m incredibly proud of the team for their careful planning and efforts, and I want to express my appreciation to our E&S Agents’ Advisory Council for their guidance in shaping this new offering. In addition, our Surety strategy continues to flourish, now writing business in 45 states. We’ve made substantial investments in technology, including upgrades to the Express Surety portal, which streamlines the process for our agents, improves efficiency and enhances security. These innovations help us to better serve our customers while maintaining the level of excellence expected from FCCI.
Commitment to Volunteerism and Community
Beyond our business success, we take great pride in giving back. This year, FCCI teammates contributed 2,116 hours of company-paid volunteer time to the nonprofit organizations of their choice. Our dedication to volunteerism and fundraising for worthy causes reflects our core values. In response to the devastating impact of three catastrophic hurricanes, the FCCI Charitable Foundation directed a portion of funds raised this year to disaster relief efforts in our regional footprint. Remaining funds were directed to charitable organizations which support adults and children with disabilities.
Welcoming New Teammates
We also welcomed 123 new teammates to FCCI this year. Their fresh perspectives and enthusiasm for our mission contribute to our ongoing growth and success. Every voice at FCCI plays a role in helping us reach our shared goals.
Looking Ahead
As we reflect on the past year, I want to express my deep appreciation to our valued agency partners, policyholders and teammates. We are committed to upholding our promises of Loyalty, Integrity, Vision, Excellence and Service in everything we do. Thank you for being such an integral part of our journey. Together, we’ll continue to achieve great things and celebrate success along the way.
Cina D. Welch, Esq., CPCU
President & CEO
