80th Annual General Meeting Recap
On Wednesday, April 14, 2021, Red River Mutual held its 80th Annual General meeting.
Our President & CEO, Brian Esau, shared our three-staged approach – respond, recover, and thrive – to support our employees in a new work environment and keep actively engaged with our strategic projects and community initiatives.
We are grateful to say we were able to thrive in all our business lines during such a challenging year. This past year we also continued to make a positive impact in the lives of our customers and communities with our inaugural Spruce Up Your Story community sponsorship campaign.
“I would like to acknowledge our incredible broker partners, who have worked tirelessly in difficult circumstances and frequently changing protocols to deliver insurance products to their customers who depend on them for their insurance needs,” said Brian Esau. “I also want to extend a special thank you to our staff, who have shown their dedication to customers, while adapting to new circumstances with an unwavering commitment to operational excellence, throughout these challenging times.”
In 2020, Red River Mutual experienced an increase in our Gross Written Premium by 12 per cent to just over $140 million. Supporting our growth was a net income of $10.5 million, which was a combination of strong underwriting results and solid investment return, increasing our equity to $101.4 million at the end of the year.
“This is a milestone,” said Garth Reimer, the Chair of our Board of Directors. “It provides a solid foundation to assure our policyholders that Red River Mutual will be there for the future.”
Four of the members on our Board of Directors also had their terms extended – Dr. Sylvie Albert (3-year term), Darrel Penner (3-year term), Chad Friesen (3-year term), and Beth Bell (2-year term).
“Your Board continues to emphasize and engage in ongoing education to keep pace with emerging trends and challenges,” said Garth Reimer. “It is a real privilege to work with such a diverse and competent group of women and men, and their contributions and sustained interest in the success of Red River Mutual bode well for the future.”
You can read both Brian Esau and Garth Reimer’s full messages, as well as more in depth updates on our community involvement, business lines, and our full financial report in our 2020 Annual Report.
Thank You for a fantastic 2020! We look forward to continued growth throughout 2021.