welcome to paving the way 2014 annual report for future

Paving the way for future leaders

Welcome to Penn National Insurance’s

2014 Annual Report

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Penn National Insurance | 2014 Annual Report

Combined Statutory Financial Highlights

Big Shoes to Fill

President’s Message

Investing in our future leaders

Developing our people

A retrospective of Ken Shutts’ career

Combined Statutory Financial Statements

Facts in Brief

Officers & Directors

(Dollars in thousands) 2014 2013 2012 2011* 2010* 2009* 2008*

Direct premiums written $ 706,213 $ 681,691 $ 633,571 $ 551,033 $ 518,978 $ 512,056 $ 537,878

Net premiums written 666,301 644,536 595,863 517,723 489,123 481,156 506,734

Net premiums earned 653,181 619,758 570,761 507,689 488,099 487,031 518,373

In vestment income, including realized gains and losses 55,988 51,419 49,272 46,369 50,672 51,528 37,095

Net income (loss) 42,526 32,795 13,715 (25,164) (11,029) 29,040 35,135

Total cash and investments $1,376,699 $1,328,973 $1,223,269 $1,137,748 $1,210,396 $1,204,785 $1,161,226

Total admitted assets 1,668,067 1,559,170 1,454,559 1,348,683 1,406,703 1,382,014 1,353,668

Total policyholders’ surplus 567,445 550,211 481,590 451,151 487,148 484,850 427,155

Combined ratio after dividends 98.9 100.9 111.6 113.8 115.7 103.0 99.9

Total Policyholders’ Surplus

(in millions)

Statutory Combined Ratio After Dividends

(lower is better)

Direct Premiums Written

(in millions)

Total Admitted Assets

(in millions)

115

110

105

100

95

90

$700

600

500

400

300

200

100

0

$1700

1600

1500

1400

1300

1200

1100

1000

$600

500

400

300

200

100

0100908 08 1009 10 1108 0911 111008 09 11 13 * * * *12 12 12

*2011 and prior years do not include the results of Partners Mutual Insurance.

12 13 13 13

2014

14 14 14 14


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big shoes to fill

We’re making sure that the

seasoned veterans on our team

pass along their collective wisdom

to the people we’re training,

supporting the tradition of finding

our future leaders within our

existing employee ranks.

“ We enjoy many benefits that come from having seasoned, experienced insurance professionals who have long tenure with our organization. But those benefits come at the cost of a looming retirement bubble. Through our succession-planning process, we have been focused on developing and promoting employees up through the ranks, and to attract new employees with a desire to work in an organization that offers career advancement opportunities, and not just a job.”

Chris Sears, president & CEO


Big Shoes to Fill






Facts in Brief


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We believe that our employees are our greatest asset.

But, like most companies, we face a retirement bubble. We enjoy the benefits of the

unusually long tenure of our employees, with more than

50 percent of our employees falling in the Baby Boomer

demographic (born between 1946 and 1963).

During 2014, we demonstrated our commitment to making

this company a great place for long-term, career-oriented

employees through a series of internal promotions and

a continuation of our investment in succession planning,

employee mentoring and employee training and development.

Employee Tenure

n 25 years or greater

n 20 – 24 years

n 15 – 19 years

n 10 – 14 years

n 5 – 9 years

n 4 years or fewer


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Facts in Brief


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Back then, personal computers had not yet found their way into the

company, paper files were everywhere, and a 36-hour work week was the

norm. We were much smaller: policyholders’ surplus stood at $64 million,

and net premiums written were $171 million.

Over the years, underwriting and claims files gave way to a paperless

environment, three-part memos were replaced first by fax and then by

email, and today text messages speed communications between underwriters,

adjusters, agents and policyholders. Thankfully, our company’s values and

culture have endured over the years. We cherish our employees and agents

as much as ever. We continue to embrace our mutual structure and always

remember that the reason we exist is to serve our policyholders. And so as

Ken concludes his successful career and Chris assumes her leadership role,

we jointly author this year’s message sharing our absolute commitment to

continue the traditions and values that have served our company so well

for nearly a century.

Integrity, respect and an emphasis on delivering a superior relationship-

driven business model will continue to be the hallmarks of our company.

We understand that insurance is a “people business” and that we must

always focus on our agents and policyholders. By capitalizing on our

interactions with both parties and providing excellent service, we secure

and retain profitable business in the process. We are a regional mutual

company, and our relationship model fits us like a glove.

The world and the pace of change are not going to slow any time soon.

It is mind-boggling to think of technology advancements yet to come.

We will always use such advancements to make doing business with us

easier and more efficient, but never as a replacement for the importance

we place on building relationships.

Times may have been simpler and the world a bit slower when we began our careers at Penn National Insurance in 1980.

A joint message from Christine Sears & Kenneth R. Shutts


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Facts in Brief


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These improvements are part of a larger process in which we

are committed to enhancing the total customer experience.

We strive to deliver flawless customer interactions that are

personal, respectful and very responsive. We are examining

all forms of communication with our agents and policyholders

to include our website, telephone, email, online information

and mobile for opportunities to deliver a better overall

engagement experience.

The roll-out of our improved billing system continued this

year for both personal and commercial lines. By listening

and acting on input from agency focus groups, we improved

our invoices, making it easier for policyholders to read

and understand their bills. We introduced new convenient

payment options and now offer an option for our personal

lines policyholders to go green and receive policy documents

and bills electronically. We updated our Online Insurance

Center, which quickly and easily provides information about

policies and billing and provides policyholders with online

payment options.

We continued to add new features to our under-writing

products to allow us to address changing trends in the

marketplace. This year, we introduced contractors’ E&O

coverage, crisis response endorsement, and enhanced inland

marine capabilities. We also made revisions to our hotel/motel

product offering, which improved our product and price

competitive position.

Within personal lines, the introduction of an advance auto

quote discount was very well received and sparked new

business growth. The introduction of this discount emerged

from work completed by our analytics team. Our investment

in analytics and modeling is leading us to new findings that

we will continue to use to improve our performance.

The retirement bubble is upon us, and our succession-

management process has helped us identify the technical

and managerial skills our organization will need to carry

us forward. We have been successful in having employees

available and ready to step into the shoes of our highly

skilled, retiring employees. Our newer employees are

bringing an enthusiasm and energy level to the workplace

that is welcomed. Our tenured workforce takes pride in

passing down their technical expertise and teaching the

importance of relationships to new employees. It is exciting

to see four generations of employees, from the traditionalists

to the millennials, working together to achieve our mission

of providing superior insurance products and services.

It is widely understood that we operate in a highly

competitive business. Over the last several years, the industry

has benefitted from price increases in commercial and

personal lines. The homeowners line is beginning to show

signs of improvement from price strengthening and most

recently benign catastrophe experience across the country.

Many of our accomplishments this year centered on enhancing agency and policyholder services so that all of our interactions better meet today’s expectations.



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Facts in Brief


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Persistently low interest rates stubbornly place pressure

on underwriting results within the commercial casualty

lines. However, abundant capacity is already slowing price

increases. It would be unwise to believe that the pricing

cycle will lie dormant for very long, but we are confident

in our ability to navigate whatever the market may bring.

The past year was another in which we achieved an

overall increase in premium writings from prior year levels.

Specifically, direct premiums written were $24.5 million

higher than those of the previous year. This allowed direct

premiums written to reach $706.2 million for the twelve

months ended December 31, 2014, representing a pinnacle

achievement for our company. Net premiums earned also

grew, from $619.8 million in 2013 to $653.2 million in 2014.

An in-depth analysis of our claims liability resulted in a

$23.4 million decrease in the net reserves for loss and loss

adjustment expenses on our legacy lead paint claims as of

December 31, 2014. Of this favorable amount, $12.0 million

was considered retroactive reinsurance and therefore offset

in other expenses.

For the year ended December 31, 2014, Penn National

Insurance reported statutory net income of $42.5 million

compared to $32.8 million for the year ended December 31,

2013. This improvement was achieved despite an increase

in total net catastrophe losses and loss adjustment expenses

incurred, which were $25.7 million during 2014 compared

to the uncharacteristically low $8.1 million of 2013. Our

company’s combined ratio of 98.9 for the year represented

an improvement of 2.0 points from that of the prior year.

A total of $17.2 million was added to policyholders’ surplus,

which reached $567.4 million at the end of 2014.

Looking forward, there is no end to the challenges and

opportunities we will encounter. We plan to build on our

past successes and look to further improve our operating

performance, while at the same time giving agencies,

businesses and families a compelling reason to place business

with us. We will bring products to market that respond to an

ever-changing environment. To this end, we will be delivering

a cyber liability product for commercial policyholders and our

first telematics option for the personal auto segment in 2015.

We owe a great deal of gratitude to our agents and

policyholders who trust us with their business. We are proud

and appreciative of all of our employees who work so hard

to establish effective business relationships with agents, build

our systems, and provide support and assistance to our

policyholders during their time of need.

Kenneth R. Shutts

retired president & CEO (Dec. 31, 2014),

member – board of directors, Penn National Insurance

Christine Sears, CPCU

president and chief executive officer



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Facts in Brief


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To prepare our employees for growth, promotion and future leadership opportunities, we invest in continuing professional education in insurance. We also promote training for employees in our Financial Division, Internal Audit, HR, IT, Actuarial and support positions.

We offer time during the work day to allow employees

to pursue these studies, and we offer financial incentive

payments to reward employees for completing individual

classes and programs. Our tuition reimbursement

program allows employees to take qualified under-

graduate and graduate courses and entire degree

programs, paid for by our company.

Our employees invest enormous amounts of their

personal time studying for insurance technical training,

and we are so very proud of their accomplishments,

shown in the following chart, which documents the

number of employees who have completed rigorous

certification programs.

CPCU – Chartered Property Casualty Underwriter 65

AU – Associate in Underwriting 50

AIC – Associate in Claims 61

AIS – Associate in Insurance Services 69

AIM – Associate in Management 23

ARM – Associate in Risk Management 16

AIT – Associate in Technology 17

ARe – Associate in Reinsurance 7

AINS – Associate in General Insurance 220

FINANCIAL

Associate in Insurance Accounting and Finance

Certified Public Accountant

Chartered Financial Analyst

Licensed International Financial Analyst

Certified Treasury Professional

Certified Management Accountant

INTERNAL AUDITING

Certified Financial Services Auditor

Certified Fraud Examiner

Certified Information Systems Auditor

Certified Internal Auditor

HUMAN RESOURCES

Certified Benefits Professional

Senior Professional in Human Resources

INFORMATION TECHNOLOGY

Microsoft Certified Solutions Developer

Microsoft Certified Systems Administrator

Project Management Professional

Certified Business Intelligence Professional

ADMINISTRATIVE SERVICES

Certified Administrative Professional

Organizational Management Specialty

ACTUARIAL/STATISTICAL

Associate Insurance Data Manager


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Facts in Brief


Investing inour futureleaders

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By hiring good people with a career orientation, mentoring and developing them, and offering internal training opportunities and tuition reimbursement for a wide variety of educational initiatives, we are building bench strength to support our tradition of finding our future leaders within our existing employee ranks.


In 2014, when Chris Sears was promoted, we activated

succession plans that resulted in other significant internal

promotions.

Our succession planning process ensures that we are

anticipating retirements and other job vacancies and

investing in employees with potential to promote into

those vacating positions. A new mentoring program

creates relationships between employees designed

to build skills and transfer historical knowledge and

experience. And a trainee program allows us to

bring in new employees and teach them the skills

they need to move into insurance technical positions.

We also invest in employee development through

formal leadership development programs, including the

Leadership Harrisburg program at our headquarters region,

which takes participants through a nine-month program

that shows how community volunteers can become

involved in volunteer leadership service. We have enrolled

13 employees in this program since its inception, many of

whom continue to work for us and to serve as volunteers

with community service organizations. The leadership skills

taught in the program help them on their jobs, and have

served them well as they have taken leadership positions

on many community boards of directors.

Leadership Harrisburg graduates among our employees: Britta Schatz; Sharia Benn; Randal Mancini; Cynthia Todoroff; Tamir London; Katie Bobb; Robert Potter; Traci Ducceschi; Christopher Markley.


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Facts in Brief


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Our recipients of the YWCA Tribute to Women of Excellence award: Karen Yarrish; Chris Sears; Sharia Benn; Lisa Katterman; Sharon Marburger; Rebecca Haner; Britta Schatz; Maureen Lathrop; Cindy Reinhart; Staci Ulp; Sue Smith; Sharon Lane; Cindy Todoroff; Josetta Santiago.

Our United Way campaign team also offers leadership development

opportunities. Employees run our two-week campaign, which

raises more than $340,000. Employees plan and manage events

to educate employees about United Way affiliates, hold fund-

raising sales and events, and participate in a tricycle race that

has been a growing event for more than 15 years, with hundreds

of participants. Our United Way Women’s Leadership Network,

consisting of donors of $500 or more to the campaign, performs

volunteer work throughout the year to benefit various affiliated

agencies. We sponsor the YWCA Tribute to Women of Excellence

award program annually, and honorees from among our ranks

stand out as leaders within our organization and in the community.

United Way tricycle race team: Katie Bobb; Felix Kamau; Gio Acosta; Courtney LeFaivre; Sara Westhafer; Heather Arnold; Mark Hoover; Erika-Lauren Mastroddi.

Leadership Harrisburg-graduate Tamir London (pictured with his daughter, Zoe) serves on the board of directors of the Camp Curtain YMCA, and also on the board of Harrisburg’s chapter of Girls on the Run.



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Facts in Brief


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A RetrospectiveOur recently retired CEO, Ken Shutts, joined a company in 1980 that emphasized training and development, promotion from within, a deep respect for the independent agency distribution system and the benefits of a mutual incorporation structure.

Those values guided him as he advanced. When he reached the pinnacle of his career, he made sure they would continue to be deeply ingrained values that would encourage and guide others and allow the company to maintain the values and culture that have been its hallmark since 1919.

A reader of history, Ken looked to the past for inspiration. But as a practical realist, he knew it was his job to encourage and lead our managers to grapple with the challenges of the present and to foresee those of the future — particularly in light of fast technological changes.

In just the few years before his retirement, he proudly saw his company keep up with and surpass many leading insurance carriers’ delivery of high-technology services to agents and policyholders. Thanks to his visionary leadership, we compete with the best.

When Ken Shutts retired December 31, he left

behind a very different company than he had

joined 35 years before.

Bigger.Stronger.

35 Years: A Retrospective


Big Shoes to Fill






Facts in Brief


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In just the past few years, we made several

significant automation

enhancements due to Ken’s

leadership.

And if you ask those who

worked on the projects, they

would credit his enthusiasm,

willingness to make the necessary

financial and time investments in

the projects, and for finishing and

delivering them faster than we

would have thought possible.

Recent Commercial Lines enhancements

We enhanced our commercial lines product offerings, including

expansion of our hotel/motel business classes guidelines,

strengthened our inland marine business by considering both

supported and unsupported business, and programed PennPlus

to allow agents to quote five key inland marine categories.

We introduced coverage to protect contractors from errors

and omissions liability, and also introduced

new protection against crisis events in the

workplace, including violence and premises

contamination. We also added protection for

computer fraud and electronic funds transfer.

Recent Personal Lines enhancements

We made electronic versions of the auto insurance ID card easily

accessible on our website, our mobile app and on PennConnect.

We implemented an Advance Auto Discount when an auto policy

quoted seven or more days in advance of the effective date.

Our new umbrella quoting and submission process in PennPlus

features quick quotes and the ability to bridge data from the

underlying Homeowners or Auto policy.



Big Shoes to Fill






Facts in Brief


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We can respond to online insurance shoppers while still fully

supporting our independent agents as our sole means

of distribution, with our new partnership with IA&B and

TrustedChoice. This project provides personal auto quoting

through Project CAP (Consumer Agent Portal) in Pennsylvania.

TrustedChoice.com offers the consumer the ability to evaluate

multiple insurance companies and the chance to select an

independent agent who will advocate on their behalf. All agents

who are members of IA&B

are listed within the site’s

agent finder database.

Recent service improvements

We improved service and

customer engagement by

redesigning our corporate

website to make it easier

to pay online or file a

claim without having to log into the Online Insurance Center.

We added staff to our Customer Contact Center to speed call

response. We enhanced our mobile app, including a new ability

to store video.

We engaged in a detailed digital strategy project, which will

help us use technology to promote the independent agency

distribution system and create a flawless customer

experience for both our agents and policyholders.

Developing our digital strategy has

helped Penn National Insurance

to re-examine all aspects of

customer engagement, both for

policyholders and agents, and to

look at our company’s operations

in light of recent automation

developments and multi-channel

communication technologies.



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Facts in Brief


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December 31, (dollars in thousands) 2014 2013

Admitted Assets

Investments:Bonds $1,197,810 $1,139,084 Stocks 134,652 144,836 Mortgage loans 18,621 19,512 Real estate & other 1,576 1,752 Cash and cash equivalents 24,040 23,789

Total cash and investments 1,376,699 1,328,973

Agents’ balances and uncollected premiums 173,010 163,581 Investment income due and accrued 11,020 11,352Amounts due from reinsurers 61,639 10,295 Deferred tax asset, net 40,886 36,262 Other assets 4,813 8,707

Total admitted assets $1,668,067 $1,559,170

Liabilities and Policyholders’ Surplus

Liabilities:Reserves for losses and loss adjustment expenses $ 671,908 $ 622,909Unearned premiums 298,433 285,314Premium taxes and other expenses 66,583 39,705Drafts outstanding 12,386 10,712 Other liabilities 51,312 50,319

Total liabilities 1,100,622 1,008,959

Policyholders’ surplus:Surplus notes 50,000 50,000Unassigned surplus 517,445 500,211

Total policyholders’ surplus 567,445 550,211

Total liabilities and policyholders’ surplus $1,668,067 $1,559,170

Combined Statutory Balance Sheets (Unaudited)

2014 Combined Statutory Financial Statements (Unaudited)


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Facts in Brief


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2014 Combined Statutory Financial Statements (Unaudited)

Years Ended December 31, 2014 2013

Loss ratio 55.3 55.1Loss adjustment expense ratio 9.5 10.4

Loss and loss adjustment expense ratio 64.8 65.5Underwriting expense ratio 33.4 34.9Dividend ratio 0.7 0.5

Combined ratio after dividends 98.9 100.9

Net premiums written to surplus ratio 1.2 1.2Net liabilities to surplus ratio 1.9 1.8

Net leverage ratio 3.1 3.0

Years Ended December 31, (dollars in thousands) 2014 2013

Underwriting income (loss):Net premiums written $666,301 $644,536Increase in unearned premiums (13,120) (24,778)

Premiums earned 653,181 619,758

Losses and loss adjustment expenses 423,268 405,768Underwriting expenses 221,944 224,676

Total losses and expenses 645,212 630,444

Total underwriting income (loss) 7,969 (10,686)

Investment income:Net investment income 43,720 40,905Net realized gains on investments 12,268 10,514

Total investment income 55,988 51,419

Other income (expenses), net (9,931) 2,504

Income before dividends and federal income tax expense 54,026 43,237 Dividends to policyholders 4,613 3,327

Income before federal income tax expense 49,413 39,910 Federal income tax expense 6,887 7,115

Net income $ 42,526 $ 32,795

Combined Statutory Statements of Income (Unaudited)

Combined Statutory Operating Statistics (Unaudited)


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Facts in Brief


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* Includes General Liability, Products Liability and Umbrella Liability

2014 Combined Direct Premiums Written by State

n Pennsylvania 39%

n North Carolina 17%

n New Jersey 12%

n Alabama 6%

n Maryland 6%

n Virginia 6%

n Tennessee 5%

n Wisconsin 3%

n Other 6%

2014 Combined Direct Premiums Written by Line of Business

n Personal Auto 27%

n Other Liability 16%

n Commercial Auto 13%

n Homeowners 13%

n Workers’ Compensation 12%

n Businessowners 8%

n Other* 11%

Facts in Brief

n We ranked 97th in net premiums written out of approximately 1,000 U.S. property and casualty insurance groups.

n We employ more than 820 people.

n We sell through more than 925 independent agencies, in 11 states.

n We were founded in 1919.

n Our principal lines of business are personal automobile, other liability, commercial automobile, homeowners and workers’ compensation.

n We have a financial strength rating of A- (Excellent) from the A.M. Best Company.

Penn National Insurance’s environmental efforts in

2014 achieved the following:

n Saved 968 trees • Saved 1,582,245 gallons of water

n Recycled 115,446 pounds of office paper

n Reduced 288 cubic yards of landfill requirements

n Avoided 83,582 pounds of CO2, equal to taking eight cars off the road

n Saved 219,717 KW-hours of electricity

Winner of:

Best Places to Work in Insurance

Best Places to Work in IT

Best Places to Work in PA

Top Workplaces in Pittsburgh, PA

Best Employers in North Carolina


Big Shoes to Fill






Facts in Brief


Our Mission Why we exist

We deliver superior property and casualty insurance products

and services through independent agents. In doing so, we

provide financial security to businesses and individuals that

assists them in managing their risk.

Our Vision What we are seeking to build, grow and maintain

Penn National Insurance will distinguish itself from its peers

and will be the regional carrier of choice of top-performing

independent agents. We will partner with our agents

to grow profitably by providing them with comprehensive

solutions that meet their needs.

As an employer, Penn National Insurance will:

n Be accountable for its actions.

n Provide professional growth and development opportunities.

n Create a culture that encourages prudent risk-taking.

n Empower employees to take initiative and make decisions.

n Promote a healthy personal and work/life balance.

Core Values How we will do business

Integrity We will be open and honest in all of our actions.

Financial Strength We will be profitable and maintain the ability to meet our financial commitments.

Excellence We will strive to be the best in class for our policyholders, agents and employees.

Respect We will treat everyone fairly and value differences among ourselves.

Communication We will provide open, honest and frequent communication.

Citizenship We will give back to our communities through both volunteer time and financial support.

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Christine Sears, CPCU*president & CEO

Robert B. Brandon, CPCUexecutive vice president & COO

Gregory R. Stine, CTP, FLMIsenior vice president, treasurer & CFO

Karen C. Yarrishsenior vice president, secretary & general counsel

*Also serves on the Board of Directors

Elected Officers

Dennis C. Rowe, CPCUchairman retired CEO – Penn National Insurance

John H. Rhodes lead outside director chairman & CEO – Rhodes Development Group, Inc. (real estate development)

William H. Alexander faculty – Wharton School, University of Pennsylvania

Frank D. Campbell retired executive vice president & director – Conning Asset Management (investment management firm)

Alexander M. Clark senior managing director – Griffin Financial Group, LLC (investment banking)

Todd R. Fisher, M.D. physician – private practice

Mark B. Glessnerretired managing partner – Harrisburg Office of PricewaterhouseCoopers

James E. McGill retired senior vice president – Robins & Weill, Inc. (insurance agency)

Sherill T. Moyer, Esq. of counsel – Rhoads & Sinon LLP (law firm)

Kenneth R. Shuttsretired president & CEO – Penn National Insurance

Douglas C. Stago president – K.R. MacDonald, Inc. (insurance agency)

Stephen L. Swanson president & CEO – CSE Corporation (mine safety equipment manufacturing)

Board of Directors

Neil Frenchregional claims manager – Pittsburgh

Paul Heineckregional claims manager – North Carolina & Tennessee

Joseph Hollandregional claims manager – Harrisburg & New Jersey

Richard Maffucciopresident & CEO

Mark Ewertexecutive vice president, treasurer & COO

Suzanne Chrisemercorporate secretary & vice president of underwriting

Michael Scheibpresident & COO

Staci Ulpvice president – client services/field management

Appointed Officers Claims Office Managers

Frank Benedekvice president – Claims Division

John Buchenauervice president – Personal Lines Division

William Buffingtonvice president – Human Resources

John Foster vice president – Underwriting Operations

Sharon Lanevice president – Corporate Risk

Randal Mancinivice president – Commercial Lines Division

Chad Ottvice president – Actuarial

Andrew Potalivovice president – Field Operations

Britta SchatzCIO

James Alexanderregional vice president – Nashville

Jeff Blatherwickregional vice president – Harrisburg

Mark Fitzgeraldvice president –Surety

Donald McAulifferegional vice president – Central Atlantic

Linda Pihonskyregional vice president – Pittsburgh

Charles Uckeleregional vice president – Greensboro

Regional Office VPs

Partners Mutual Insurance Company

Inservco Insurance Services, Inc.


Big Shoes to Fill






Facts in Brief


Annual Meeting:

Monday, April 13, 2015, 11 a.m.

at Penn National Insurance’s

Home Office.

All policyholders invited to attend.

For more information, please contact:Christopher Markley,vice president,Corporate Communications

Penn National InsuranceTwo North Second StreetP.O. Box 2361Harrisburg, PA 17105

1-800-388-4764 ext. [email protected]

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