To my fellow policyholders:

2020 was a tough year for all of us. Pandemic deaths, hospitalizations, quarantines, lockdowns, masks, social distancing, high unemployment, missing customers, hurricanes, wild fires and civil unrest turned the world up-side down. What a nightmare!

Unfortunately, 2020 also turned the Exchange’s results up-side down. Several policyholders had total loss fires that started in neighboring businesses. The Exchange is seeking reimbursement from the neighboring business’ insurers, but it isn’t easy to prove that the neighbor was negligent. Multiple other policyholders were victims of looting resulting from civil unrest. The Exchange’s total losses incurred increased 150% in 2020. That caused a bottom line 2020 loss of $800 thousand, wiping out most of the profit the Exchange earned during 2018 and 2019.

Here’s to better days ahead. We wish you and your business a prosperous 2021!




Jeanne Wolf
Advisory Committee Chairperson