Dear Agency Partners and Stakeholders,
I am excited to share CIG’s 2023 Annual Report – Diamonds in the Rough. Please look over and read the report, linked below. We felt this theme was appropriate to recognize CIG’s amazing accomplishments last year while at the same time acknowledging that we all faced very difficult challenges in the market and economy.
Financially, CIG had a very successful 2023, achieving some significant milestones in our 125th anniversary year. Our top line premium production surpassed the $500 million mark, the greatest in CIG’s history. This was driven by the company’s highest new business levels in both Personal and Commercial Lines. Along with those, our policyholders’ surplus exceeded $400 million, another record for the company.
Equally as important was the success of our initiatives, setting the foundation for our long-term goals. Last year, we upgraded our major Guidewire policy and billing systems and also deployed a new cloud-based Guidewire ClaimCenter platform. These enhancements will enable greater capabilities and deliveries going forward. On the commercial side, we introduced new classes for our BOP product and implemented several product and rate changes. All of this will provide a more robust and sustainable market for you, our agency partners.
Despite the rough times we faced in 2023, I hope you have experienced some bright spots in your partnership with CIG. Strengthening our agency partnerships will remain a shining beacon for all of us.
While we continue to see news every week about our industry’s challenges, know that CIG remains committed to supporting our agency partners for the long term. We will identify creative ways to turn problems into opportunities and look forward to finding even more sparkling diamonds in the years to come.