Ricardo A. Espino
President & CEO

A Letter From Our President & CEO

As 2015 draws to a close, we reflect with gratitude upon another hurricane season with minimal activity.  The mainland did not emerge unscathed, however—even without high winds on land, Hurricane Joaquin inflicted severe property damage and tragic loss of life through flooding in South Carolina.  This is a reminder that even during periods when the weather is kind, complacency is never an acceptable alternative to preparedness for us.  While North American catastrophe losses have decreased 19% compared to prior year, the number of PCS-designated events have increased by 10%.*  More than a dozen of these events have occurred in states where we do business in 2015.  While we never wish for losses, our geographic diversity leads to frequent exposure to weather events, ensuring that our claims response is battle-tested and ready for any eventuality.

In August, our company reached the milestone of $100 million in written premium, achieved primarily through organic growth with you, our partners.  This is a time for us to take stock—how can we work better and faster for you and our shared customers?  This entails further rounding our product offerings and ensuring that we have the best internal controls and procedures.  To that end, we are working on enhancing current products and offering additional residential products in our existing states.  We’ve also successfully launched our first commercial offerings, a Business Owner Policy program and Commercial Residential Policy program, in Florida.  Our new website and consumer portal rolled out this fall making it easier than ever for customers to access their policies and make payments. For our agencies, we are working to enhance our current rewards experience by offering new incentives in 2016.  With respect to internal controls and procedures, we are implementing a robust Enterprise Risk Management program to ensure we are good stewards of the trust you place in us.  In addition to being the right thing to do, we firmly believe that this strategy differentiates us by adding value beyond pricing in today’s soft market.

Your feedback continues to be central to our efforts to innovate—please keep the ideas coming!  We look forward to our partnership resulting in yet another quarter of shared successes.  Wishing everyone a blessed and safe holiday and good fortunes for 2016.   

Ricardo A. Espino, President and CEO

*Source: Property Claims Services, Events Rise, Losses Fall: PCS Q3 2015 Catastrophe Review