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Contact Shelter Insurance® at: 1-800-SHELTER (743-5837) • ShelterInsurance.com www.facebook.com/ShelterInsurance www.youtube.com/user/ShelterInsurance1 twitter.com/Shelter_ins www.linkedin.com/company/shelter-insurance-companies 2013 Overview Table of Contents To Our Policyholders ................................................................1 Our Commitment to Management Excellence ...........................2 2013 in Review ....................................................................3-11 Companywide Information .....................................................12 Family of Companies ..............................................................13 Financial Results ................................................................14-25 Directors and Officers .............................................................26 Community Involvement ...................................................27-32 dfg Shelter Gardens We’re your Shield. We’re your Shelter. To Our Policyholders We wish to begin this annual report by thanking retired board member Gerald Brouder for his years of service to Shelter Insurance® and extending our best wishes to his successor, David Monday. For 2013, moderate catastrophe losses, elevated average premium per policy, improved policy retention, and solid invest- ment returns resulted in $135 million of combined income before tax for the Shelter Insurance Companies. Total gross property and casualty premiums written approached nearly $1.5 billion, policyholders’ surplus increased 12.1% and grew to over $1.566 billion, and total assets under management reached $5 billion as of the year end. Shelter Mutual and Shelter General reported total net income before tax of $82 million. During the year, Shelter General paid an $8.2 million dividend to Shelter Mutual. Haulers’ gross written premiums were almost $35 million, an increase of 12% due to expansion efforts in Alabama and Georgia. Shelter Reinsurance experienced light catastrophic losses for the year and as such reported a 40% loss ratio and an underwriting gain of $32 million. During 2013, Mutual provided $50 million of additional paid-in capital to this organization in order to tap into potential growth opportunities. Re contributed a 15% return on average investment or $30 million to Shelter Mutual. Shelter Life continued to increase its insurance in force, which at year end was $22.6 billion. The return on average investment in this operation was 8.6%. During 2013, Shelter Financial Bank was closed due to the imposition of additional federal oversight and regulation. The Bank merged with its parent, Shelter Financial Corporation, which now services the remaining 3,700+ loan portfolio. For the year, Shelter Financial Corporation provided over $3 million of net income before tax, paid a $6.3 million dividend, and returned $7.7 million of additional paid-in capital to Shelter Mutual. A new subsidiary, Shelter Investments, LLC, was established during 2013 with a capital infusion by Mutual of $56 million in order to hold investments in Goldman Sachs’ managed accounts. As this subsidiary is in its infancy, investment returns will likely take time to develop. Daniel Boone Agency continued to report stellar return on average equity of almost 300%. Shelter Enterprises funded a new building in Tennessee to house Shelter Mutual’s claims branch facility as well as to offer rental space to outside parties. Lastly, Shelter Benefits Management Inc. continued to effectively manage Shelter’s human resource activities, now including the self-funded group health insurance plan. As 2014 unfolds, the Company continues to plan and prepare for growth opportunities, diversification of risk and ex- panded geographic distribution. To achieve this strategy, plans for expansion into new states in the Western U.S. through the use of an independent agency model will be developed. Entry into new states should provide risk diversification from the Company’s heavily concentrated Midwest presence with its related propensity for wind and hail losses. This strategy also includes restructuring the direct sales channel in existing states, with a goal to provide superior service to customers who prefer using the internet, mobile devices or a 1-800 number to communicate with us. Geographic distribution expan- sion further includes increasing coverage in Colorado beyond the Front Range and spreading into northern Nevada. An expanded presence for Haulers in South Carolina will be pursued as well. Additionally, Shelter is preparing for increased reporting and business intelligence needs with the implementation of a new accounting system during 2014. The Com- pany also looks to expand the pre-loaded debit card program for certain claims payments, initiated during 2013, to other types of claims during 2014. Shelter continues to produce solid financial results and strength in surplus. This attention to all areas ensures the future success of Shelter Insurance® as an industry leader in products and services, builds on our reputation for integrity and customer service, and solidifies our financial security. These efforts ultimately benefit our customers, employees, agents and their related communities. J. Donald Duello Rick Means Chairman of the Board President & CEO Shelter Insurance Companies / 1 Our Commitment to Management Excellence Annual Meeting of Policyholders Elects Board of Directors - 9 Directors Board Committees Reports Executive and Investment Audit Compen sation Appoints Appoints Oversight External Audit Oversight Firm Executive Management Audits Internal Audit Oversight & Delegation Home Office Operations and Branch Offices Departments Investments Accounting Shelter Insurance Companies are governed by a nine- Shelter’s financial reporting process and internal member Board of Directors that is empowered to control system; appointing, reviewing, and assessing provide policy decisions and general oversight of the the independent audit firm; and providing an avenue of Companies’ operations. Key responsibilities include open communication among the independent auditors, reviewing corporate strategy and business plans and internal auditors, senior management and the Board. appointing officers. Three directors are elected annually by policyholders at the annual policyholders’ meeting. Other senior management committees are established Each director is elected for a three-year term. In addition, according to critical management issues. These the Board appoints three committees to directly assist committees are overseen by executive management. the Board in fulfilling its responsibilities: the Investment The goal of the Board and other committees is to Committee, the Executive and Compensation ensure a management structure that provides effective Committee and the Audit Committee. oversight and is responsive to key issues on behalf of the employees, agents and customers of the Shelter While all three committees are important, the Audit Insurance Companies. Committee in particular is charged with performing three functions: serving as an objective party to monitor 2 / Shelter Insurance Companies 2013 Year in Review Different Market – Different Approach: Shelter Insurance® Heads West In a noteable departure from its existing business model, model led the Company to seek out an end-to-end system in 2013, Shelter made the decision to begin laying the that is utilized by other companies that sell through groundwork to expand its operations west into new independent agents. territories. As part of westward expansion, the Company intends to employ a different channel to promote and sell Another area of emphasis leading up to the launching of its products in this new region. Whereas Shelter utilizes the new company is an effort to invest in the restructuring a captive agency force to write policies in its traditional of our direct business – business that is sold through 14-state operating region, it is anticipated that customers Shelter’s 1-800-SHELTER number as well as through its in the new sales area will purchase their coverage from web site. As the population becomes more comfortable independent agents through a newly formed subsidiary. with mobile devices, customers are increasingly inclined to forego a face-to-face meeting with a person in favor Although it will be several months before the first policies of interacting electronically with prospective insurers. To are sold in the new territory, foundational work continues meet the demands of this segment of the insurance-buying into 2014 as the Company readies itself for this new community, Shelter intends to leverage more dollars to challenge. A new policy administration system devoted publicize its capabilities in these areas. The Company solely to the new company is being purchased, which plans to develop its own policy administration system to is also a departure from current operating procedures. account for and service policies sold through these channels. In the past, Shelter has developed home-grown systems; nevertheless, the challenges of pursuing an additional distribution channel that is very different from the existing Underwriting Programs Aim to Enhance Data Accuracy During the past year, the Underwriting Department cancellation work if adverse results are found on the undertook several projects in an effort to provide more CLUE or MVR reports. With point-of-sale access to this accurate point-of-sale data for specific policy rating information, agents will be able to discuss the information purposes, increasing
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