2020 1st Quarter Financial ResultsAscendant's March 31, 2020 quarterly financial statement, as filed with the Florida Office of Insurance Regulation, contained the following results::
- Policyholders' Surplus of $14.3 million, an increase of nearly 7% from year-end 2019; another record high for Ascendant.
- Direct Premium Written of $25.4 million, and nearly $95 million over the last 12 months.
- Continued growth in Workers' Compensation, which grew by nearly $1.4 million (+14.1%) over the quarter ended March 31, 2019.
- Net underwriting gain of nearly $600,000, an increase of $1.0 million over the quarter ended March 31, 2019.
- Net Income before taxes of $1.5 million vs. $0.3 million in the quarter ended March 31, 2020.
- Cash and invested assets of $47.5 million, an increase of $10.5 million (+28.0%) from $37.1 million at year-end 2019.
- Total admitted assets of $96.8 million, an increase of $10.4 million (+12.0%) from $86.4 million at year-end 2019.
Ascendant stands stronger than ever and remains committed to the needs of small and medium sized-businesses throughout Florida. With nearly 50% of its admitted assets in Cash and invested assets, Ascendant's financial discipline has prepared it to withstand these difficult times.
We understand the challenges that our policyholders are facing and have offered various forms of relief, including flexible payment options. We have updated incentive programs and promotions to accelerate commission payments to our producing agents, many of which are family businesses, just like ours.
We are thankful for the trust that our agents and policyholders have continued to place with us over the past 10+ years, and we look forward to being the insurer of choice for small and medium sized businesses throughout the state of Florida.