Despite the challenges presented by the ongoing pandemic, Acuity added the most new business in the insurer’s 95-year history in 2020, propelling a surge in top-line revenue of over $120 million.
“Thanks to our incredible partnerships with independent agents and the efforts of our staff, Acuity didn’t miss a beat last year,” said Acuity President and CEO Ben Salzmann. “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. The insurer has grown seven-fold over the past 20 years and in just the past 8 years has doubled its top-line revenue. With Acuity’s expansion came increased job opportunity: the insurer hired 115 employees in 2020 and plans to hire more than 120 in 2021.
Acuity’s strong, profitable growth companywide was fueled by successes in both personal and commercial lines. In commercial lines, with a whopping 18.9% increase in new business and retention at near-record levels, Acuity’s overall commercial growth in 2020 finished at 10.7%. In personal lines, COVID-19 did have a downward impact on total written premium as Acuity provided millions of dollars in rate relief to customers and vehicle owners significantly curtailed the number of miles driven; however, Acuity increased its number of package policies in 2020 compared to the prior year.
“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. “We are starting 2021 with remarkable momentum and look forward to the years ahead.”
Acuity Insurance, headquartered in Sheboygan, Wisconsin, insures over 100,000 businesses, including 300,000 commercial vehicles, and nearly a half million homes and private passenger autos across 29 states. Rated A+ by A.M. Best and S&P, Acuity employs over 1,400 people.