At Security Mutual Group we are committed to bringing quality insurance products to market, providing the best customer experience and striving to provide the best working environment for our employees. We are a company with a long history, are flexible and adaptable to address the changing needs of our customers and conduct business with integrity and professionalism.
Founder
Known today as Security Mutual Insurance Company, the Tompkins County Co-operative Fire Insurance Company, was organized on March 21, 1887 through the efforts of Otis E. Wood, the company's first corporate secretary; and was licensed to write fire insurance in the central New York counties of Cayuga, Cortland, Tompkins, and Seneca.
Our first policy was issued April 9, 1887, and provided $500 of coverage on the contents and $500 of coverage on a store owned by George H. Houtz in Etna, New York. The annual premium was $4.50.
During our first year of business, 309 policies were issued with direct written premiums of $1,273.38; and the company paid its first loss in the amount of $219.69 on policy number 41, owned by L. Trembly, covering a hotel on Cayuga Lake. An assessment was declared on all policyholders to cover the loss.
In 1910, the New York State Insurance Department issued a certificate under the provision of Section IX of the Insurance Law allowing the company to continue to issue policies under the "advanced premium" plan in the counties of central and eastern New York.
On June 22, 1920, the company's charter was amended to expand its territory to include all counties of New York, except the five Boroughs of New York City, which were later added on August 12, 1942.
During February 1927, the New York State Insurance Department granted the company permission to write coverage against windstorms, tornadoes, earthquakes, theft of automobiles, as well as, loss by legal liability for property damage resulting from the maintenance and use of automobiles.
In 1955, the company was granted the power to write all coverages necessary to issue Homeowner and Special Multi-Peril Policies. The advanced premium co-operative company could now offer a full-line of policies on a "non-assessable" basis.
Tompkins County Co-operative Fire Insurance Company merged with Security Mutual Fire Insurance Company of Delhi, New York, and the name was changed to Security Mutual Fire Insurance Company of Ithaca, New York.
For nearly 5 decades our company name evolved, until 1982, when the name Security Mutual Insurance Company was officially adopted.
As the sole remaining member of the Joint Underwriting Association known as New York Mutual Underwriters, a branch office known as Security Mutual Albany was formed to serve critical non-standard markets.
Starting out as a small "county cooperative" with $1,273 in premiums, today, Security Mutual Group writes $53 million in premiums. With $143 million in assets; $85 million of policyholder surplus, we provide Property and Casualty Insurance for Home and Business. Security Mutual is represented by a network of more than 400 independent agents throughout New York State.
Security Mutual Group supports a number of local community and charitable foundations including:
The Company has also donated to over 120 volunteer Fire Departments throughout New York State over the last 3 years.
Information Systems Supervisor
Director of Info Systems
Endorsement/Cancellation Supervisor
Human Resources Manager
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Income Statement | ||
Description | 2023 | 2022 |
---|---|---|
Premiums Earned | $43,592,865 | $40,519,166 |
Losses and LAE Incurred | $21,231,735 | $23,538,622 |
Underwriting Expense Incurred | $18,493,586 | $16,715,276 |
Net Underwriting (Loss) Income | $3,867,544 | $265,268 |
Net Investment Gain | $2,865,346 | $2,437,784 |
Other Income | $83,237 | $221,959 |
Net Income before Taxes | $6,816,127 | $2,925,011 |
Federal Taxes Incurred | $1,048,369 | $521,099 |
Net Income | $5,767,758 | $2,403,912 |
Balance Sheet | ||
Description | 2023 | 2022 |
---|---|---|
Assets | ||
Bonds | $103,680,563 | $98,687,075 |
Stocks | $17,792,331 | $17,744,641 |
Cash & Short-term investments | $9,967,446 | $10,968,224 |
Real Estate | $286,026 | $259,377 |
Other assets | $11,181,966 | $10,629,551 |
Total Assets | $142,908,332 | $138,288,868 |
Liabilities | ||
Reserves for Losses | $20,541,776 | $23,076,686 |
Reserves for Loss Adjustment Expense | $4,906,205 | $4,732,430 |
Reserve for Unearned Premiums | $26,730,427 | $24,772,856 |
Federal Tax | $1,242,953 | $680,434 |
Other Liabilities | $4,521,838 | $4,536,548 |
Total Liabilities | $57,943,199 | $57,798,954 |
Policyholders Surplus | $84,965,133 | $80,489,914 |
Total Liabilities and Policyholders Surplus | $142,908,332 | $138,288,868 |