For you to deliver on the promise you make to your customers, you need a partner who brings care and stability to their risks.

At Millers, we are unwavering in our commitment to the multifamily housing niche, unlike many generalists. Our strong devotion to multifamily housing has resulted in consistent, holistic coverage our agents and insureds can depend on. And our 2021 financials are a testament to just that.

We finished the year with a combined ratio of 97.7%*, Premium Growth of 10.1%, and Surplus Growth of 11.3%. We couldn’t have accomplished this without the commitment and compassion of our partner agencies, our customers, and our employees. We thank each and every one of you for the trust you continue to place in us.

In 2021, we focused mostly on providing additional products, services, and expanding into a new state. In April, we launched our Student Housing Insurance Program offering a solution for a risk that is typically difficult to place. In July, we entered into North Carolina and spent some time building relationships with the Independent Insurance Agents of North Carolina (IIANC) Association and appointing 20 North Carolina agents. This fall, we partnered with Get Covered and SmartMove to provide two additional products that align well with the multifamily housing niche (renters insurance and tenant screening services). Lastly, we provided alternative payment methods for our insureds as well as a true 12-month billing option.

One of our greatest accomplishments in 2021 was being named a Best Places to Work in PA company for the fifth year in a row by the Central Penn Business Journal! We do not take this title lightly, as it is another proof point of our commitment to our team culture. We credit much of our continued success to providing a place where all perspectives are discussed and celebrated. A place where ideas are freely exchanged and evolve because we understand that new perspectives and experiences bring new visions and knowledge that can lead to better solutions for our agents, customers, and employees.

While we are committed to supporting your agency and our customers, our employees likewise remain dedicated to the philanthropic initiatives and spirit of giving that has long defined our culture. In 2021, Millers Mutual donated $100,000 to various charitable organizations in our geographic footprint.

Our goals for 2022 include achieving a Combined Ratio of 97.7%, Premium Growth of 10.1% and Surplus Growth of 5.4%, which we feel confident we can achieve with your partnership and the positive outlook for the Multifamily Housing Industry.

Apartments have been a favored asset class for years, but 2021 figures showed just how cemented investors’ confidence is in the market. According to the National Apartment Association, the percentage increase in transaction volumes is up, rent pricing is on the rise, and The National Association of Homebuilders’ (NAHB) is optimistic about the multifamily market for market rate and affordable housing. We have every reason to believe there is much opportunity to be had in the multifamily housing market, further reinforcing our decision to focus on this niche.

We pledge to continue to invest in research to better understand our customers’ expectations and unmet needs, offer additional products and services to complement our BOP, and focus on technology enhancements that will improve the agent and customer experience.

As we move forward, we believe Millers Mutual has the right strategy, leadership team and growth framework to continue meeting and exceeding the needs of our agents, employees, and customers. We will continue to be a niche-focused company targeting multifamily housing with the goal of profitable growth, so we remain a stable, strong option for our agents and customers.

You can count on us to provide you the consistency your business demands and the confidence you can stake your relationships on, now and in the future.

Kind Regards

Jonah Mull, President & CEO

*Normalized for pension plan (frozen since 2012) termination