Sheboygan-based property and casualty insurer Acuity announced that it achieved a new annual revenue record in 2017. The company had revenue of $1.44 billion, a 4.3 percent increase from its 2016 revenue of $1.38 billion, its previous record.
Acuity also said it had an increase of $62 million in total written premium in 2017.
“For the past 18 years, Acuity has consistently grown faster than the insurance industry, and this past year is no exception to that trend,” said Acuity president and CEO Ben Salzmann. “Our 2017 growth is more than double what we expected earlier in the year and is particularly remarkable given the challenging industry conditions that have other carriers struggling.”
Also in 2017, Acuity broke the barrier of 300,000 policies in force for the first time in its 92-year history, reached an all-time high in new business written premium, and set records in both commercial and personal lines. In commercial lines, the company attained new high marks in quotes received, quote hit ratio, new business written premium, new policies issued, and customer retention. In personal lines, the company posted its 21st consecutive year of growth.
“Acuity’s financial success in 2017 is the result of an outstanding partnership between our independent agency force and dedicated staff and the trust of our mutual customers,” said Wally Waldhart, vice president of sales and communications. “We are thankful to everyone who helped us achieve another record-setting year, and we look forward to continued success in 2018.”
“We see insurance industry conditions for 2018 supporting even more growth for Acuity,” Salzmann said. “For instance, many of our competitors are significantly tightening their appetite in commercial automobile insurance or pulling out of the line altogether. In contrast, we are an active market for commercial auto and anticipate continued long-term profitable growth opportunity in the line.”
Acuity operates in 26 states and insures more than 100,000 businesses and over 450,000 homes and vehicles. The company manages over $4 billion in assets.
