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2023 Annual Report

Resilient in Challenging Conditions

In the face of another year of extraordinary weather-driven catastrophic events, Frankenmuth Insurance persevered and maintained its financial strength and stability.

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Last year, the Midwest was hit with multiple severe storms, resulting in record-setting losses, exacerbated by elevated repair costs and lingering 40-year-high inflation. After setting an all-time high of $43 million in catastrophe events in 2022 for the company, 2023 brought a new high of $114 million, including our largest single event — a mid-Michigan hailstorm, totaling $34 million.

Despite an abnormally high combined ratio, which included more than 12.5 points from weather events and $89 million in underwriting losses, our Policyholders’ Contingency Reserve Fund was essentially unchanged, declining only 0.6%, ending at $795 million. Investment income increased in 2023, due to the impact of rising interest rates flowing into the fixed-income portfolio and equity markets that improved over 2022.

Our resilience reflects an unwavering commitment to disciplined underwriting and pricing, along with prudent investing that produces stability and consistency, even in uncertain times and challenging conditions. Frankenmuth Insurance remains financially strong and secure, supported by our AM Best Financial Strength Rating of A (Excellent), while continually providing peace of mind and assurance to policyholders.

Premium growth, supported by increased policyholder retention, contributed to reaching a new direct written premium milestone exceeding $1 billion. Commercial Lines premium volume, including the Surety operation, also reached a new threshold, eclipsing $700 million. In addition, Personal Lines ended the year with more than 250,000 policyholders, and our subsidiary Patriot Life Insurance Company now insures more than 9,000 policyholders who are protected against financial loss.

We continue to receive high marks in surveys of policyholders who have experienced a claim. Traditional claim customer satisfaction was very strong at 96%, and our Net Promoter Score of 89 far exceeds the industry benchmark of 69. This is a remarkable result, considering the unprecedented number of catastrophic claims in 2023. Combined, these results indicate that our customers are very happy with our claim service and are highly likely to recommend Frankenmuth Insurance to others. Satisfaction survey results from our independent agency partners were also very favorable, with 89% of our agents being satisfied with our service.

Amid a very busy claim year, our company continued to look toward the future, investing in automation and technology to broaden and expand product and service offerings, while lowering costs through increased operational efficiencies.

With an ongoing commitment to progress and innovation, we plan to launch our new Personal Lines and small commercial platforms in 2024. Both are designed to enhance the ease of doing business for our independent agency partners and support profitable growth.

Frankenmuth Insurance continues to embrace a stewardship mindset, supporting charitable organizations, providing scholarships to college students pursuing a career in insurance, and contributing to endowment funds at colleges and universities offering risk and insurance management programs. In 2023, we contributed to two new educational endowment funds with Eastern Kentucky University and Georgia State University, bringing our total to five such supported programs. Total charitable contributions and civic giving exceeded $600,000 in 2023.

As we look to 2024, we are grateful to our dedicated employees and loyal, independent agency partners who are ultimately responsible for our progress and success. And to you, our valued policyholders, thank you for your confidence and trust in Frankenmuth Insurance.

Fred A. Edmond, Jr., CPCU
Fred A. Edmond, Jr., CPCU

Fred Edmond

2023 Financial Report

Combined Financial Statement (in thousands)

Note: 2023 figures are unaudited.
* Excess of assets over obligations. This fund is set aside to allow us to pay catastrophic claims without affecting normal operations.

Combined Financial Highlights (in millions)


Direct Written Premium


In Assets


In Policyholders’ Contingency Reserve Fund


(Excellent) Rating By AM Best

Net Catastrophe (CAT) Losses (in millions)

2023 Satisfaction Report


Claims Satisfaction

Net Promoter Score*

*Indicates satisfaction and likelihood to recommend,
based on customers who’ve had claims with us.
The insurance industry average is 69.


Agency Partner Satisfaction

We strive to bring you peace of mind

About us

Frankenmuth Insurance’s core purpose is to provide peace of mind. Headquartered in historic Frankenmuth, Michigan, the company has been protecting individuals, families, and businesses for more than 155 years.

We truly care about the people we serve and strive to be your insurer of choice by delivering unparalleled protection and service. As a super-regional carrier, we partner exclusively with more than 800 independent agencies in 15 states to customize business, home, auto, and life insurance policies and surety bonds.

We are proud to be one of the industry’s most financially sound, stable, and secure carriers, with more than $2 billion in assets. We have earned an AM Best A (Excellent) financial strength rating or higher every year for more than 45 years.

About Us

Years In Business


States Of Operation

Independent Agencies

In-Force Policies

Where we do business

Frankenmuth Insurance
1 Mutual Avenue
Frankenmuth, MI 48787

Frankenmuth Surety
A division of Frankenmuth Insurance
701 US Route One, Suite 1
Yarmouth, ME 04096

Patriot Insurance Company
A member of Frankenmuth Insurance
701 US Route One, Suite 1
Yarmouth, ME 04096

Patriot Life Insurance Company
A subsidiary of Frankenmuth Insurance
fmins.com and patriotinsuranceco.com
1 Mutual Avenue
Frankenmuth, MI 48787


New structure, same operating principles

Frankenmuth Insurance converted to a mutual holding company structure, effective January 1, 2023. This included the formation of a new mutual holding company called Frankenmuth Mutual Holding Company, which continues to be owned by its members (policyholders). Additionally, the property and casualty insurance company, Frankenmuth Mutual Insurance Company, converted to a wholly owned stock subsidiary of Frankenmuth Holdings, Inc. and changed its name to Frankenmuth Insurance Company (Frankenmuth Insurance).

Frankly, while things may have changed on paper, we continue to operate and uphold the principles and culture of a mutual company, owned by its policyholders, and we make decisions in the best interest of those we have the privilege to protect. You can expect the same exceptional “neighbor helping neighbor” feeling of our service now and for years to come.

Our Leadership

Company Officers

Frederick A. Edmond, Jr., CPCU, CEO
Andrew H. Knudsen, President, COO, and Secretary
Dawn M. Jaffray, CPA, CGA, Senior Vice President, CFO, and Treasurer
Zachary J. Martin, FCAS, MAAA, FSA, CSPA, Vice President and Assistant Secretary
Timothy S. Donnellon, Vice President
Timothy E. LeClair, ARM, Vice President
Mark L. Pinkerton, Vice President
Joseph W. Ruch, Vice President (Frankenmuth Surety)
Curtis D. Williams, Vice President
Beth A. Wright, CPCU, AIC, SCLA, CWCP, Vice President

Board of Directors

John S. Benson, Chairperson
Lyle G. Davis, Jr.
Frederick A. Edmond, Jr., CPCU
Denise G. Essenberg
Bryan L. Gilleland, SPHR
Andrew H. Knudsen, Secretary
Scott L. Mandel, JD
Mary R. Merkel
Yanina Montau-Thatcher
David A. Pendleton

Frankenmuth Insurance