We take pride in that tradition as well as in the way we have managed to maintain conservative ideals while remaining receptive to promising challenges and opportunities. The efficient blending of both has kept Penn Charter financially sound.
Our Financial Statement shows $9.9 million Assets and Policyholders Security Account at $8.1 million.
Operating Results show an underwriting gain of $38,000, along with investment income of $243,000. The composite loss and expense ratio was a very respectable 78.7% greatly improved from 116% in 2006.
In the past, we have credited the success of this Company to the loyalty and cooperation of our agents, the dedication of our directors, officers and staff, and most importantly, to the confidence of our policyholders. On this point we remain firm. For no Company can grow without its organizational heart: every individual associated with Penn Charter is vital to its success.
The founders of Pen Charter in 1860 envisioned a Company dedicated to quality service and protection. Penn Charter, at the 148-year mark, reflects this ideal. In that tradition, present day management continues to take those actions necessary to maintain Company strength for the protection of policyholders in the year and decade ahead ... a tradition we intend to uphold.
