To My Fellow NIE Policyholders,
I am pleased to report that the Exchange achieved its third consecutive profitable year in 2024. Net income after taxes was $280,000. Premium writings increased by 6% and claims and related expenses decreased by $201,000. Surplus increased to $5.333 million.
The Exchange incurred about $860,000 total direct losses from Hurricane Beryl, Hurricane Milton and Hurricane Helene in 2024. Meanwhile, reinsurance that the Exchange carries on large losses greater than $500,000 and on catastrophe losses (such as hurricanes) continued to be difficult to obtain even at much higher expense and less favorable terms.
The Exchange completed a successful examination conducted by the Missouri Department of Commerce and Insurance in early 2024. The issued report made no changes to the Exchange’s reported financial results for the 5 year examination period.
A significant positive occurrence in 2025 was the Exchange settling its longest standing (15 years) environmental claim in Indiana.
NIE continues to wish your business and your family the best in 2025.
