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APPLIED UNDERWRITERS ANNOUNCES IMPRESSIVE YEAR-END NUMBERS
Company Continues Trend of Stable, Consistent Growth
San Francisco, March 5 --- Applied Underwriters, the San Francisco-based financial services and workers' compensation company, today announced net revenues for 2002 in excess of $100 million on gross volumes exceeding $740 million. Based upon business currently in force, the company expects 2003 gross volumes to exceed $1.4 billion. These numbers continue the company's history of reliable, profitable growth, having doubled in revenue and customers every year since its inception.
The company additionally reported that it is currently receiving applications from prospective customers through its national network of independent agents at a rate of 30,000 applications annually, demonstrating how well the company is positioned to avail itself of the opportunities created by a hard property and casualty retail insurance market. "We have been able to excel within this distressed industry due to our controlled, focused growth," said Sidney Ferenc, chief executive officer of Applied Underwriters. "In fact, hard market conditions now afford us new opportunities to grow while others struggle to recover."
The rise in the company's submissions marks Applied Underwriters steadily growing relationship with brokers nationwide. "We support the independent agency system," said Carl DeBarbrie, senior vice president of sales and marketing. "We understand that it is our job to help brokers look good. In addition to our on-call sales support, marketing materials, and online resources, this past year saw a re-launch and consolidation of our different brands and products, making it easier for agents to represent and sell our products."
The company's success with brokers and customers stems from its differentiated products and unique approach to workers' compensation coverage. SolutionOne®, Applied Underwriters' flagship product, seamlessly integrates employer coverages with employer-related business services such as payroll processing, thereby filling a clear market need: the regulatory and administrative needs of small and mid-sized employers nationwide.
"We believe Applied Underwriters is a different type of company that will revolutionize the field of insurance," continued Ferenc. "The strength of our business model is that the very thing that allows us to offer customers a superior product - integration - is the very thing that is the source of our consistent profitability."
In addition, Applied Underwriters has created unique risk-bearing facilities that are integrated to provide flexible customer risk retention which allows the company to respond readily to market demands. In 2002, Applied Underwriters' rolled out EquityCompT, a profit-sharing program aimed at mid-sized companies. EquityComp is a sophisticated and flexible risk-financing program, allowing for a deal structure that meets a company's financial circumstances and appetite for risk, but without complex captive arrangements.
The combination of focused growth, diligent underwriting, and unique products means a steadily growing base of satisfied customers and brokers and reliable, profitable growth for Applied Underwriters.
For information on Applied Underwriters' customer solutions including SolutionOne®, EquityCompT, and Coverage Dynamics®, please visit www.applieduw.com.
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Applied Underwriters is a premier financial services and workers' compensation company. The company's three solutions - SolutionOne®, EquityCompT, and Coverage Dynamics® - integrate workers' compensation coverage with employer-related services to ensure the success of small to medium-sized businesses. Its A.M. Best rated A coverage solutions offer unparalleled dependability and reliability. Founded in 1994, Applied Underwriters is headquartered in San Francisco, with a national customer service center in Omaha, NE. Additional information about the company is available at www.applieduw.com.
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