Looking back at 2010, Lititz Mutual’s sound balance sheet reflects a 5.8% increase in both assets and our Policyholders Security Account. We are pleased to post assets of $207 million, and to strengthen our policyholders security account to $136 million. Responding to heavy policyholder claims from an unusual number of catastrophic weather events, our operating results reveal an underwriting loss of $10 million and a composite loss and expense ratio of 118.9%, up from 103.5% in 2009. At Lititz Mutual we are committed to the responsibility of being a mutual insurer; to be prepared for the worst by offering the best to our policyholders and our agents. Lititz Mutual is, and has always been, managed in the best interests of its policyholders as a whole.
Today, Lititz Mutual remains a steady and dependable force in the industry. Our 2011 motto, Timeless Service, speaks to that commitment, a commitment of personal service, enhanced technological capabilities and the financial strength our policyholders deserve. We thank our policyholders for their confidence in Lititz Mutual. We appreciate and value the opportunity to serve. Timeless Service does make a difference.
