A Letter From Our Chairperson
Dear Fellow Fabricare Business Owners:To our fellow fabricare business owners: On behalf of the entire Advisory Committee, I am pleased to report that:Assets to liabilities: 1.84 Invested assets to liabilities: 1.64 Surplus to Net Premiums Written: 1.22 Surplus to Loss Reserves: 1.70 We are disappointed that the Exchange did not generate a profit in 2008. For only the 3rd year since 1915, there is no March 2009 profit distribution to policyholders. The two biggest factors that combined to prevent the Exchange from generating a 2008 profit were: Hurricane Ike claims: $572,000 Unfavorable development on old claims: 625,000 Aside from Hurricane Ike, the Exchange's loss experience on our current policyholders continues to be good. We believe our policyholders are good risks that will generate good results. These are challenging times for all businesses in all industries. Now, more than ever, fabricare businesses need a knowledgeable friend in the insurance industry. Reciprocal exchanges have no stockholders. The Exchange exists to meet the insurance needs of its policyholders as professionally and efficiently as possible. We are honored to help the Exchange accomplish that by serving as Advisory Committee members. Sincerely, Jeanne Wolf Advisory Committee Chairperson |
From our scrapbook
NIE has a wonderful collection of dry cleaner, coin-operated, and fabricare industry ads with memorabilia throughout the years. Please visit our scrapbook to view more glimpses of our history devoted to insuring dry cleaners and coin laundries since 1915. |
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6030 Bancroft Avenue, St. Louis MO, 63109 |
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