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Exceeding Expectations
A message from Cina Welch, President & CEO
On behalf of FCCI’s board of directors, officers and 830 teammates, we value your partnership and loyal support. Fittingly, our 2022 theme was Exceeding Expectations. It was a challenging year due to the financial landscape along with weather-related catastrophes. Nevertheless, many businesses, including FCCI, overcame these obstacles with exceptional resilience.
In fact, FCCI reached a historic milestone surpassing $1 billion dollars in direct written premium by the end of 2022. Such a momentous achievement could not have happened without the hard work of our teammates, and the trust and belief our agent partners and policyholders have placed with us.
While core insurance operations continued to produce profits, we experienced a net loss of $4.1 million in 2022 mainly due to a decline in investment portfolio market values. Notwithstanding this decline, our investments and cash continued to exceed $2 billion buoyed by $81.9 million of positive cash flow from operations, and our GAAP members’ equity remained solid at $852.5 million.
When Hurricane Ian hit Southwest Florida, it was reported by NOAA as being the third most costly hurricane on record. We were there for our policyholders – “Doing what we said we’d do.” By year-end, we closed an impressive 87% of all Ian-related claims. Collectively, FCCI closed 100.1% of all lines of business claims.
FCCI took progressive steps toward addressing the talent shortage in the insurance industry. In 2022, we hired 160 new teammates. This top talent brought additional expertise and outstanding customer service skills. FCCI maximized its commitment to recruitment by growing our Underwriter and Claim Trainee programs, nurturing our relationships with schools and enlisting the help of teammates, especially our Young Professionals. We are proud to say that 30% of all new hires came from teammate referrals.
We also made a significant commitment and investment in technology. Four percent of our direct written premium dollars were dedicated to enhancing our infrastructure, security and resources. Specifically, FCCI launched new IT systems including Claims, Surety, Agency Management, Policy Decisions and Customer Communications. These platforms empowered our teammates and allowed for better service to our agents and policyholders.
We remain committed to a culture of respect and inclusion. Diversity of thought makes us one team. Our unique perspectives make us stronger, smarter and well-positioned for success. We value and rely on the collective voices of our teammates, customers and community to help guide us. FCCI shares a sense of belonging, social cohesion and purpose – the essential elements to flourish, be authentic and integrate our cultures.
On behalf of all of our teammates who choose to be part of this amazing team, we strive to exceed your expectations every day. We are grateful for the opportunity to serve you by being accessible, responsive and following through. It’s our promise to be there when needed most. Thank you for putting your trust in FCCI.
Christina “Cina” D. Welch, Esq., CPCU President & CEO