2020 has been a year none of us will forget. The pandemic has transformed the way we live, the way we work, and the way we communicate. We essentially transitioned our business to a remote work environment overnight to protect our employees while continuing to meet the needs of our agents and customers. But despite the unusual circumstances, 2020 was still a successful and rewarding year for us. We finished the year with a combined ratio of 96.6%, Premium Growth of 6.0%, and Surplus Growth of 7.9%. This is a true testament to our agency partners, our customers, and our employees. Thank you for your continued partnership.
Despite the challenges of the last year, we experienced plenty of success. We launched our Student Housing Insurance product and added rowhomes to our appetite, keeping with our promise to provide solutions for the harder-to-place segments of the multifamily housing industry. We were named Best Places to Work in 2020, which we owe to our incredible employees who are committed to living our values and enabling the success of our agents and customers. And we created the next iteration of our Strategic Plan, focusing on initiatives which will allow us to remain competitive, to offer additional products and services, and to enhance the ease of doing business with us.
Our goals for 2021 include achieving a Combined Ratio of 97.5%* and Premium Growth of 4.0%. We will continue to invest in research to better understand our customers’ expectations and unmet needs, offer additional products and services, expand into the state of North Carolina, and focus on technology enhancements that will improve the agent and customer experience.
This year we celebrate the retirement of two members of our Leadership Team who helped shape the future of our company. Scott Orndorff, our immediate past President & CEO, will retire after 42 years in the industry. Scott is serving as Vice Chairman of the Board and Chief Advisor to the President/CEO this year, ensuring a smooth and successful transition. Don Manley, Underwriting & Risk Services VP, is also set to retire in 2021. We were fortunate to find and hire Don’s replacement, Joe Begyn, in the fall of 2020. Joe joined our Senior Leadership Team with over 15 years of experience and proven leadership success. The Leadership Team has built a very solid foundation on which to run under Scott Orndorff’s leadership. I am confident in the team here at Millers and look forward to us growing and innovating this great company.
As we move forward, we will continue to be a niche-focused, stable commercial insurance carrier targeting the multifamily housing industry in the small business space. And while the past year brought on many challenges for us all, personally, and professionally, I believe our company will look back on 2020 as a year in which we met those challenges and emerged from them stronger than ever. Thank you for your continued support and valued partnership. Please stay safe in everything you do.
Jonah Mull, President & CEO
* normalized for pension plan termination