Property-Casualty Mutuals: Resilient and Staying Relevant


Michael Warner
Conning, Inc.

Conning—Mutual Insurers: Building Financial Strength through Policyholder Service and Niche Focus

(Hartford, CT) September 22, 2014—Property-casualty mutual insurers continue to sustain and develop their financial strength through their focus on policyholder service and relationships, and their geographic or niche focus, according to a new study by Conning.

“Our survey of mutual insurers confirmed their continued strategic focus on policyholder service and satisfaction as their single most important objective,” said Jerry Theodorou, analyst at Conning. “In addition to their policyholder focus, mutuals also build more sustained relationships with independent agent partners, according to our interviews with agents working with both mutual and stock companies. Despite this apparent traditional relationship strategy, mutual executives also expressed concerns about their technology challenges and improving underwriting performance.”

The Conning study, “Property-Casualty Mutuals: Resilient and Staying Relevant” assesses the mutual sector’s current health and future prospects through analysis of a proprietary Conning survey of mutual executives, interviews with independent agents, segmented peer comparisons, and comparisons to stock companies. The study concludes with an exploration of how mutuals are confronting the challenges of technology, regulatory uncertainty and capital enhancement.  

“We analyzed mutual insurer performance over ten years and isolated characteristics of various sets of outperforming companies,” said Steve Webersen, director of research at Conning. “Many of the outperforming mutuals were medium-sized, with personal lines players typically focusing on one state, and commercial lines outperformers specializing in specific industry segments. This geographic or niche focus was prevalent in small and large outperformers as well, as was the predominant distribution channel of independent agents.”

Property-Casualty Mutuals: Resilient and Staying Relevant” is available for purchase from Conning by calling (888) 707-1177 or by visiting the company’s web site at

About Conning
Conning ( is a leading investment management company for the global insurance industry, with almost $92 billion in assets under management as of June 30, 2014 through Conning, Inc., Conning Asset Management Limited, Cathay Conning Asset Management Limited, and Goodwin Capital Advisers, Inc. Conning’s unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through customized business and investment strategies. Founded in 1912, Conning is focused on the future, providing clients with innovative solutions, leveraging its global capabilities, investment experience, and proprietary research. Conning is headquartered in Hartford, Connecticut, with additional offices in New York, London, Cologne, and Hong Kong.