Harford Mutual Insurance Group Releases 2020 Annual Statement
Bel Air, Md. - Harford Mutual Insurance Group has released its 2020 Annual Statement.
2020 presented unprecedented obstacles and challenges, but Harford Mutual Insurance Group was able to stay committed to their purpose, mission, vision, and values. They surpassed a 2024 goal of $240 million in direct written premium four years early, ending 2020 with a record-setting $261.6 million -- the best year in the company’s 178-year-old history – and a 13.3% revenue growth compared to 2019. The company also brought in $46.6 million in new business and increased premium retention to 93.1%.
Harford Mutual also reaffirmed its commitment of $285,000 to their non-profit partners and disbursed an additional $250,000 in direct COVID relief. In addition, Harford Mutual made $405,000 in capital contributions, $27,500 in scholarship donations, and employees donated more than $12,000 in PTO hours to charities of their choice. The company ended 2020 with an astounding $1.1 million in community support.
In 2020, Harford Mutual also remained committed to keeping their company culture alive, despite working in an uncharted remote environment. They were able to stay connected through implementing outdoor meetings, celebrating employee achievements virtually, shipping employee appreciation gifts, and implementing drive-thru meal pickups at the office in place of holiday gatherings.
The Annual Statement also recognizes the 29 team members, who celebrated milestone anniversaries in 2020. Combined they have contributed 505 years of service to the company. Read the President and CEO Steve Linkous’ message to policyholders and view the annual statement online at https://www.harfordmutual.com/about/message-policyholders/
About Harford Mutual Insurance Group
Harford Mutual Insurance Group, founded in 1842 in Harford County, Maryland, provides commercial property and casualty insurance products and services to a regional market. The company ended 2020 with over $261 million in direct written premium sold through nearly 500 independent agents in Delaware, Maryland, New Jersey, Pennsylvania, North Carolina, South Carolina, Georgia, Tennessee, Virginia, and Washington DC. Harford Mutual contributed more than $1 million dollars in community support in 2020. Harford Mutual is rated A (Excellent) by A.M. Best, the leading credit rating organization dedicated to serving the global insurance industry. For more information, visit www.HarfordMutual.com.