Refund of Surplus Correction
In the printed newsletter you recently received from our company, there is an announcement of a refund of surplus to our policyholders. There is a misprint in the newsletter – it states the refund is 20 % of gross premium and totals $3.1 million. The notice should have read.
“The Board of Directors is pleased to announce it authorized a $3.5 million refund of surplus to our policyholders at a Special Board Meeting on January 14, 2022. The underwriting profit earned in 2021 was exceptional and the Board decided it would issue a refund of surplus in the amount of approximately 15 % of a policy’s gross premium. ”
Please accept our apology for this error.
Jeffery Howell, President