Tag: Workers Compensation

2025 Stonetrust Annual Report

Posted on April 4, 2025 by - Uncategorized

This year’s Stonetrust Annual Report provides a comprehensive overview of the company’s performance in 2024. Stonetrust Commercial Insurance Company achieved remarkable financial success in 2024 in a challenging and hyper-competitive workers’ compensation insurance environment. The company reported strong net underwriting and investment gains, resulting in total net income of $13.1 million for the year. Stonetrust’s surplus increased significantly again in 2024, to $170.7 million.

This year’s annual report features APEX Insurance Consultants of Arkadelphia, Arkansas, as the spotlight agency. APEX operates under the leadership of Stan Elrod, his daughter Melanie Bobo, and his son Michael Elrod. Since partnering with Stonetrust in 2013, APEX has grown to become Stonetrust’s largest agency in Arkansas, exemplifying the type of successful long-term relationships that drive the company’s growth.

Stonetrust’s continued success is built on the loyalty and commitment of its agency partners and employees. With additional state expansion targeted for late 2025, Stonetrust plans to continue growing its business profitably with current agency partners and agencies in new markets. 

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2024 Stonetrust Annual Report

Posted on August 19, 2024 by - Uncategorized

2024 Stonetrust Annual Report – 2023 Results & AM Best Upgrade

The 2024 Stonetrust Annual Report provides a comprehensive overview of the company’s performance and key milestones in 2023. Notably, Stonetrust Commercial Insurance Company achieved significant financial success, reporting a 6% growth in total premiums, which amounted to $52.4 million in written premiums and $51.7 million in net earned premiums. The company’s net underwriting gain reached $11.1 million, while a net investment gain of $2.5 million contributed to a total net income of $9.4 million. Stonetrust also saw a nearly $17 million increase in its surplus, which grew to $149.5 million, further strengthening its financial position.

In line with these achievements, Stonetrust’s total assets increased from $230.8 million at the end of 2022 to $253.4 million. These results reflect a consistent trend of underwriting profitability and strong investment returns, maintaining a competitive edge in the workers’ compensation insurance market. Despite the challenges posed by declining claim frequencies, lower claim costs, and fierce competition, Stonetrust remained resilient in 2023, underwriting nearly $12 million in new business premiums.

Stonetrust’s success was further validated by its July 2024 AM Best evaluation, which reaffirmed the company’s Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent). Most notably, AM Best upgraded Stonetrust’s outlook from “Stable” to “Positive,” citing the company’s very strong balance sheet strength, consistent operating performance, robust underwriting earnings, and steady investment income.

The report also highlights the importance of partnerships, showcasing One General Agency (OGA) as a key contributor to Stonetrust’s growth and success in Oklahoma. The company expressed gratitude for the ongoing commitment and support from its agency partners, emphasizing that Stonetrust’s continued success is largely due to these strong collaborations.

Looking ahead to 2024, Stonetrust remains focused on maintaining its growth trajectory and delivering excellent results, even in the face of evolving market conditions and technological advancements.

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Unveiling the Stonetrust Difference: Fast, Reliable, and Easy Every Time!

Posted on April 9, 2024 by - Uncategorized

Since 1993, our commitment to reliability has defined the Stonetrust Difference, guiding us on an incredible journey with our agents and policyholders. Our dedication to building and fostering these relationships is at the heart of everything we do. When our agents and policyholders spoke up, we listened.

They expressed their prior frustrations with other workers’ compensation companies and the hurdles they have faced over the years. From fancy gimmicks and unclear incentives, to going round and round with underwriters, it has become clear that some companies simply drop the ball all too frequently.

As we listened carefully to the feedback from our customers and partners, a vision began to emerge. The complicated interaction and slow response times of other companies reminded us of a Rube Goldberg machine, a contraption intentionally designed to perform a simple task in an overly complicated way. This comparison seemed to capture the complexity and additional steps required of agents and policyholders by other insurance companies as part of their workers’ compensation underwriting process. 

Please take a moment to watch our version of the Rube Goldberg machine. To us, it illustrates how other workers’ compensation companies have complicated processes and unreliable service.  Stonetrust provides a better way – always available and responsive, delivering personalized service every time. We believe in making the process simple, fast, and reliable, so you never have to jump through hoops or wait on the phone for answers.

With Stonetrust, we’ve streamlined the process, offering efficient service that’s just a phone call away. We’ve built our reputation by consistently delivering on our promises, and we continue to be a trusted partner for our agents and policyholders. At the end of the day, it’s about providing service that is reliable, responsive, and easy. That’s the Stonetrust Difference —the way insurance should always be.