FORT WAYNE, Ind., Feb. 23, 2021 /PRNewswire/ -- Since its founding in 1917, Brotherhood Mutual Insurance Company has remained steadfast in its mission of serving the needs of Christian ministries. Today, the national property and casualty insurer announced strong financial results for 2020.
The company ended the year with gains in both net income and surplus. Net income was $3.2 million, and surplus rose to $298 million, led by strong growth in premiums earned and investments. Brotherhood Mutual has an A- Rating (Excellent) from A.M. Best. The company also is a 2020 recipient of the Best Places to Work in Indiana.
As a leader in the industry, Brotherhood Mutual serves more than 65,000 churches, schools, colleges, camps, and mission organizations. Over the past 12 years the company has nearly doubled both its customer base and its employee base. There is also strong growth in demand for its MinistryWorks service, which is America's largest payroll and payroll tax filing service that specializes in Christian ministries. And as it prepares for future growth, Brotherhood Mutual will continue to benefit its home community by adding new jobs.
Through the Brotherhood Mutual Foundation, the company gave back nearly $1.3 million to 120 organizations in 2020, including $375,000 to Full Strength Network to help with outreach to denominations, churches, and pastors to educate them about pastor wellbeing and to connect them with tools and resources to prevent burnout.
"Our 2020 results could not have been achieved without the dedication and focus of our 500+ employees here in northeast Indiana and our 476 independent agents nationwide," said Mark Robison, chairman and president, Brotherhood Mutual. "Even though we had to pivot with remote work at times during the pandemic, we were fully engaged in serving our customers and operating at full capacity. Customer care still remains a high priority."
The pandemic affected ministries throughout 2020, and Brotherhood Mutual sought ways to alleviate the added burden by providing a high level of customer care and financial relief. The company returned $3.7 million to policyholders on their liability premium for their auto policy and commercial multi-peril policy. Additionally, the company released more than $1.3 million in annual dividends to policyholders earlier than usual.
Throughout 2020 to the present, Brotherhood Mutual provided timely information to help ministries manage the emerging risk presented by the pandemic. The company dedicated a section of its website to house more than 60 pages of coronavirus resources that were created, including articles, videos, checklists, special publications, and webinars.
Other company initiatives throughout 2020 helped serve customers and the broader community, including a full day virtual summit for K-12 schools. More than 500 school leaders from 41 states registered to attend The Christian School Financial Summit, which focused on sustainability. Broader outreach efforts throughout 2020 included employee funding drives for United Way, Full Strength Network, and by sending teams for local Habitat for Humanity build days.
In April, Brotherhood Mutual will complete construction on the $25.5 million expansion to its corporate headquarters in Fort Wayne, IN, which began July 2019. This is the company's fourth building expansion since it moved in 1980. The latest expansion will help house the 300 additional employees planned for the next decade. This allows the company to continue to provide excellent customer care and focus on the growing needs of its customers in not only property and casualty insurance, but also in other service offerings such as ministry payroll, workers compensation, mission travel services, and commercial auto insurance.
About Brotherhood Mutual®
Celebrating more than 100 years in business, Brotherhood Mutual Insurance Company is one of the nation's leading property and casualty insurers of Christian ministries. The company serves more than 65,000 churches, schools, colleges, camps, and related ministries in 47 states and the District of Columbia. Headquartered in Fort Wayne, Indiana, Brotherhood Mutual is staffed by 500+ employees and works with 476 independent agents in 111 agencies nationwide. www.brotherhoodmutual.com
SOURCE Brotherhood Mutual Insurance Company