Co-op Insurance news

Co-op's financial strength rating upgraded

In December 2009, industry credit rating organization AM Best upgraded Co-operative Insurance Companies' financial strength rating to A (Excellent) with a stable outlook.

The upgrade (from A- (Excellent)) demonstrates continued belief in Co-op's ability to meet its obligations to policyholders.

AM Best based the upgrade on Co-op's strong risk-adjusted capitalization, favorable underwriting performance and well-established local market position, weighed against the climate, competitive, and regulatory challenges of a northern New England market.

"AM Best does not hand out rating upgrades lightly," said Jim Sullivan, president and CEO of Co-operative Insurance Companies. "It takes years of demonstrated responsible operation and steady performance to achieve an upgrade. We are pleased that AM Best's analysts share our confidence in our people, programs, and direction."

For more about Best's Ratings, visit their site at www.ambest.com/ratings.

Co-op Insurance donates $20K to food banks

Again this December, Co-op donated $10,000 to the Vermont Foodbank and $10,000 to the New Hampshire Food Bank on behalf of its employees, directors, and agents.

"As a work community, every day we help provide financial stability and security to our tens of thousands of policyholders," said Jim Sullivan, Co-op's president and CEO. "Helping to provide food security to neighbors facing hunger seems the most appropriate gift we can give in a tough economic climate."

The Vermont Foodbank serves a network of 280 food shelves, pantries, shelters, senior centers, group homes, and other programs that assist more than 66,000 Vermonters each year. The New Hampshire Food Bank serves more than 400 similar partners to provide food to almost 100,000 New Hampshire residents.

"We're confident that supporting the these organizations is the best way for us to ensure that we're reaching those who need help," said Sullivan. "We are honored to be able to support their hard work to help ensure that people in our states do not go hungry."

Co-op stays the course with 2010 initiatives

Co-op will continue to invest in technology and people in the coming year.

The 2010 business plan continues the large-scale push that began last year to give its agents a quicker, easier way to quote new business and endorse existing policies online.

Co-op will also continue its multi-year succession planning and management project, fill some necessary new roles, continue the long-range planning process, and update its vision statement to a 2015 horizon.

"Everything we do and plan for the future is with our member policyholders in mind," said Marie Jewett, EVP of operations. "We considered our customers' evolving needs, the current economic situation, and the actions required to remain a viable, strong regional carrier. Then we created a solid plan for the hard work we'll do in 2010."

Neighborhood yard sale at Co-op May 30

Co-op helped host our neighborhood yard sale here at Co-op on May 30. Folks throughout the community took advantage of the sun and warm temperatures to offer and find bargains. Our employee activities committee raised more than $300 with our booth; those proceeds were donated to the Addison County Humane Society, our employee cause for the summer.

Annual Policyholders' Meeting and Luncheon held April 7

This year's Policyholders' Meeting took place at the Co-operative Insurance Companies offices on Colonial Drive in Middlebury, Vermont.

Co-op's current boards of directors and slate of officers, including president and CEO James W. Sullivan, all received another term. Having returned from a recent medical leave of absence, Sullivan will now maintain a part-time schedule as he finishes up a successful course of treatment for multiple myeloma.

Brad Fortier became an officer of UI Insurance Services, Co-op's wholly owned subsidiary; he holds the new position of executive vice-president of operations.

Luncheon at the Middlebury Inn, with guest speaker Lt-Governor Brian Dubie, followed the meeting.

Co-op staff and agents win awards

Two Co-operative Insurance Companies agents and a company employee won awards at the Green Mountain Association of Insurance Women's annual awards meeting in Rutland, VT, on Feb 10, 2009.

Carol Bushey of the Frankenburg Agency in Randolph, VT, won Insurance Professional of the Year honors, while Ed Matulionis of Davis Insurance Agency in Ludlow, VT, was named Insurance Professional of the year. Carol and Ed are now in the running for statewide honors at the annual meeting of the Vermont state council of NAIW.

Madeleine Quesnel, a farm underwriting assistant at Co-op, was awarded the Green Mountain Rainbow prize in honor of her continued commitment to the growth and development of GMAIW.

GMAIW is one of three Vermont chapters of NAIW, a professional development organization for the insurance and risk management industries.

Middlebury Lions honor Fletcher "Buster" Brush

On Dec 7, 2008, the Middlebury Lions Club Memory Tree was dedicated to the memory of Co-op employee Buster Brush.

On the same evening, the Lions awarded Buster their highest honor, the Melvin Jones Fellowship. Though Buster was not a Lion, as a Rotarian, he worked closely with the Lions on a number of projects over the years. His wife Jeanette accepted the award.

Fletcher "Buster" Brush, Nov. 5, 1949 - Nov. 7, 2008

Co-op employees, agents, and staff, along with scores of others in Addison County and beyond, mourn the loss of our colleague and dear friend Buster Brush.

Buster spent most of his 59 years showing us all what dedication to community truly is. As evidenced by touching tributes to him in local and regional papers and online, those who will feel his absence are legion.

We are proud to have known him, and prouder still that part of his legacy is here at Co-op. In his 28 years here, he was able to organize and oversee efforts related to causes important to him (and Co-op), including our youth driver safety training partnerships, our community grants and charitable giving programs, and our fundraising efforts for the Make-A-Wish Foundation of Vermont.

Godspeed, Buster.

New managers at Co-operative Insurance Companies

Co-op filled two management team slots in spring 2008, hiring Eric Rhoades as claims manager and Bradley Fortier as director of marketing operations.

"Brad and Eric's extensive industry experience and leadership skills will benefit their workgroups and the whole company," said Jim Sullivan, Co-op's president and CEO. "We're pleased to welcome them."

Rhoades became claims manager in March after eleven years with Progressive Insurance in Colchester, VT, and two with AAA Northern New England. He holds bachelor's and master's degrees in business from Husson College.

Fortier came aboard in June. He has spent 26 years in the insurance industry, most recently at Vermont Mutual Insurance Group and at Champlain Casualty Company, both in Montpelier. He is a graduate of Champlain College and holds AAI and CIC designations.

Co-op CEO resumes chairmanship of AAIS

In spring 2008, Co-op president and CEO Jim Sullivan stepped back into the role of chair of the American Association of Insurance Services. He fills the vacancy left by Darin Kath of Integrity Mutual Insurance Co of Wisconsin.

AAIS is a national advisory organization that develops policy forms and rating information for more than 600 property and casualty insurers throughout the country.