Dear Valued Agency Partners,

I am delighted to share with you some of the exciting developments and achievements we experienced at Millers throughout 2023. It was indeed a busy year, marked by significant upgrades and strategic advancements that have positioned us for continued success in the future.

One of the major milestones we accomplished in 2023 was the successful upgrade of our policy administration and billing systems. This was no small feat and has enhanced our operational efficiency and service delivery capabilities. Additionally, we welcomed a new member to our Senior Leadership Team as part of our succession program, with the hiring of an Assistant Vice President of Claims. This strategic addition improves our leadership bench strength and reinforces our commitment to excellence in claims management.

Our efforts in 2023 yielded remarkable results, as premiums grew to over $112 million, which reflected a 10.4% increase compared to the previous year. This growth can be attributed to our effective risk selection strategies, focused approach on niche markets, and timely strategic adjustments to counter inflationary pressures. These achievements underscore the value Millers brings to the multifamily housing sector and are a testament to the dedication of our agents and employees.

Despite the challenges posed by the business landscape, including continued economic inflationary pressures, increasing frequency of industry-wide natural catastrophe events, and rapidly rising reinsurance costs, we considered 2023 a successful underwriting year by posting a 98.4 net combined ratio and growing policyholders’ surplus to $98 million. This accomplishment demonstrates our ability to navigate the market effectively and ensures Millers’ continued ability to support and protect our policyholders.

Looking ahead, we remain committed to being a niche-focused, stable commercial insurance carrier targeting the multifamily housing industry in the small business space. You can continue to rely on us to provide the consistency and confidence your business demands, building strong and enduring relationships together.

On behalf of everyone at Millers, I extend our sincere thanks and gratitude to you, our valued agency partners. Together, we achieved much in 2023, and we are excited about the opportunities and successes that await us in 2024.

Best regards,

Jeffrey S. Pratt

President & CEO