Last updated on January 11th, 2021 at 03:43 pm
Property and casualty insurer Acuity established a company record for new business in 2020 despite numerous challenges presented by the ongoing COVID-19 pandemic, the company recently announced.
The Sheboygan-based insurer reported top-line revenue increase of over $120 million last year, adding the most new business in a single year over the company’s 95-year history.
“Thanks to our incredible partnerships with independent agents and the efforts of our staff, Acuity didn’t miss a beat last year,” Acuity president and chief executive officer Ben Salzmann said in a statement. “Our continued, profitable growth means we are protecting more customers, serving more agents, and providing more rewarding career opportunities for people across our entire operating territory.”
Acuity has achieved positive growth for 11 consecutive years, growing seven-fold over the past 20 years and doubling its top-line revenue over the last 8 years, according to a press release.
Acuity’s growth prompted the hiring of 115 employees last year with plans to hire 120 more employees in 2021.
The insurer attributes companywide growth to successes in both personal and commercial lines. In commercial lines, Acuity achieved an 18.9% increase in new business and retention while the company’s overall commercial growth in 2020 finished at 10.7%.
Similar to most insurance companies in 2020, Acuity reported experiencing a negative impact to its total written premiums as the company provided millions of dollars in rate relief to customers and vehicle owners.
“With the infrastructure, the people, and the agents we have in place, Acuity is poised to sustain our growth for a 12th straight year,” Salzmann said in a statement. “We are starting 2021 with remarkable momentum and look forward to the years ahead.”
Acuity insures over 100,000 businesses, including 300,000 commercial vehicles, and nearly a half million homes and private passenger autos across 29 states. The insurer employs over 1,400 people.