2016 A Good Year Brings Cautious Optimism for 2017

As 2016 draws to a close, Scott Donald, President and CEO, Western Surety Company, offers his insight on the company’s performance, and a look ahead to 2017.

“Despite pessimistic premium forecasts for 2016, Western Surety Company is slightly ahead of our 2015 pace,” says Scott Donald. “We were very fortunate not to see any major claims commence in 2016. As such, the result will be a low single digit loss ratio and overall, an excellent year of operations.”

This has occurred despite somewhat challenging economic conditions for the construction industry. “I believe overall, 2016 has been reasonably successful, though mainly applicable to construction companies that have previously withstood difficult economic cycles,” says Donald. “I can only surmise that profit margins are down nationally. However, for surety companies, it was refreshing to see that the industry’s loss ratio at September 30 had decreased compared to 2015. National surety premiums had also increased and that is another positive sign. This, however, may be more of a product of additional private owners requesting bonds for their protection, due to economic difficulties.”

Western Surety Company has stayed the course in their underwriting approach while the overall economy is changing. Donald continues, “The main contribution to our company’s success is the expertise and the long term commitment of our employees. In my opinion, our staff is one of, if not the most experienced in our industry. That translates to service excellence for our brokers and contractors, and overall greater stability and growth for our company.”

Western Surety Company continues to invest time and resources into its E-Services online portal for commercial and construction bonds. The company will provide an update in early 2017 regarding its most recent IT developments and how this will benefit brokers.

“We’ve received many compliments on our E-Services,” says Donald. “It creates an atmosphere that is beyond “user friendly” and we anticipate further additions to the number of brokers utilizing the service.”

Donald adds that business has been fairly steady over the years and that he is optimistic for 2017. “We approach 2017 with tempered enthusiasm. We believe in our underwriting principles which have guided the company through many volatile economic periods. We are looking forward to the year ahead and to working with all our great industry partners. We can’t thank our brokers and contractor clients enough for their continued support.”

Donald concludes, “Our slogan is ‘It’s always about the people’. And it’s true. This has been and will continue to be Western Surety Company’s strongest attribute and the most respected aspect of our company.”

From the entire staff of Western Surety, we wish you a Merry Christmas and a safe, prosperous and Happy New Year.

Christmas Charity Donation

Continuing our tradition of having our employees enter into a draw for the right to select Western Surety’s annual Christmas charity donation, Jerrod Briere, Surety Underwriter, Regina Head Office, chose Kidsport. We are very pleased to support this very worthwhile charity.

 

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Its always about the people!  logowww.westernsurety.ca