The 147th Annual General Meeting of South Easthope Mutual Insurance Company was held on Friday March 1, 2019 at Grace United Church hall in Tavistock. Dave Crane, our 2018 Chairperson, lead the 71 attendees through the proceedings of the meeting.
We were fortunate to have the Honourable Ernie Hardeman, Minister of Agriculture, Food and Rural Affairs and MPP Oxford as our guest speaker.
Ernie Hardeman, Minister of Agriculture, Food and Rural Affairs and MPP Oxford speaks at our AGM.The company made a donation to our corporate charity, Muscular Dystrophy Canada.
The membership in attendance received and approved the 2018 Auditor’s Report and Financial Statement and appointed auditors for the 2019 fiscal year. Dave Crane, Wayne Tebbutt and Ken Yeoman were re-elected to the board to each serve three-year terms.
Following is our Chair’s Message to Members that was read at the Annual Meeting:
Your company continues to be strong and stable as we look towards our 150th anniversary. We are pleased to present this 147th annual report, including the consolidated financial statements. It includes the results from our subsidiary company, SEH Computer Systems Inc.
2018 was a busy year for claims with the number up by 20%. The first half of the year was hit hard with ice storm claims, and the windstorm of May 4th, brought $1.3 million in claims alone.
However, reductions in reserves reduced claims by 18% in terms of dollars.
Written premium growth for 2018 was up by 7.5%. The number of policies increased by 5.2% and the count for automobiles we insure was also up by 3.4%.
Global events, volatility and uncertainty in the financial markets has affected everyone and we were not immune. This is reflected by an unrealized loss with our investments. Never before have we had a year where investment losses have reduced our underwriting profit.
Your board of directors has authorized a premium refund of 10% on net premiums written as at December 31, 2018 on property policies in good standing. To qualify for the refund, property policies must also be in force and good standing on the day the refund is issued. These refunds will be issued and mailed out in March.
Work began this year moving towards a new method to rate drivers for automobile insurance. The system will allow us to provide members with a more individualized rating. With an expected launch in 2019, some premiums will stay the same while others may increase or decrease.
Significant changes are underway with SEH Computer Systems. The Computer board is driving change to lead the subsidiary’s transformation in upgrading products that will accommodate the reality of today’s society.
We have grown our social media and web presence throughout the year.
We also remember former directors Bob Packham and Charles Shelton who passed away in 2018. Bob served on the board from 1978 to 1999 and was Chair in 1985 and 1993. Charles served on the board from 1991 to 1998 and was Chair in 1994.
As I close out my year as Chair, I want to thank you, our members for your dedication to South Easthope Mutual. Our strong and respected position within our community and industry is a testament to the loyalty of generations of our members. I also extend my appreciation to my board colleagues, management, staff, agents and brokers for their dedication to your company. It has been my pleasure to serve as Chair on your board.
Dave W. Crane
Chair of the Board