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Consolidated Financial Statements As of and for the Years Ended December 31, 2020 and 2019
Two billion in assets
FCCI reaches two billion dollars in cash and investments
Cina Welch and Chris Shoucair, FCCI
In 2020, FCCI crossed the two billion dollar mark in cash and investments. As a mutually held superregional business insurance company, we are proud of our financial strength and stability. Our long tradition of acting responsibly and keeping promises has brought us to this significant milestone.
FCCI’s strong business model
Although our business model is evolving, the overall strategy of providing insurance coverage to middle-market businesses one policy at a time and doing what we say we will do has stood the test of time and helped us succeed for more than 60 years. When it comes to managing our investments, we are very conservative, as evidenced by a bias toward owning high-quality debt instruments or bonds. This limits our exposure to market downturns and ensures our ability to meet our obligations to policyholders and claimants under a wide range of conditions.
FCCI benefits from a large investment portfolio
The predictable stream of investment income derived primarily from our bond portfolio is our second largest source of revenue and a critical supplement to our insurance operations. Because we are not solely dependent on premiums, we are able to provide insurance coverage at competitive rates while also building policyholders’ surplus to support future growth and handle large events, such as hurricanes.
Our two billion dollar landmark is worth celebrating, but we did not get there overnight. It took us 47 years to reach the first billion; yet with our consistent, steady approach, it only took 14 years to reach the second billion. Year after year, FCCI demonstrates the ability to thrive and deliver on our unwavering promise.
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