Success reflects long-term strategy, expected to continue into 2025
STEVENS POINT, Wisconsin., October 2, 2024 /PRNewswire/ — Deloitte recently announced that Sentry is ranked #13 in its Wisconsin 75a ranking of the 75 largest private companies in Wisconsin based on income. That's one more position than in 2023.
Sentry has continued to grow, reflected in its rise to No. 643 on the Fortune 1000, its highest ranking to date.
Sentry has continued to grow in recent years, reflected in its rise to No. 643 on the Fortune 1000, its highest ranking to date and 134 spots higher than a decade ago. This progress comes despite industry challenges, such as economic inflation, social inflation, and a post-pandemic economic increase in industrial and highway accidents, which have led to an increase in litigation.
He Point StevensThe mutual insurance company attributes its success to a business model that emphasizes diversification, specialization and experience. This approach results in smart pricing and personalized service offerings for customers.
“Staying true to who we are – smart, deliberate and deeply connected to our customers and communities – has helped us overcome industry challenges and come out even stronger financially,” he said Pete McPartlandPresident and CEO of Sentry. “Our growth is made possible by our employees, who approach their work with thoughtfulness and purpose. Their commitment will continue to drive our success.”
Market growth
After the expansion in Denver and The PassSentry opened a new regional office in dallas in 2023 to serve better Texas businesses, particularly those in industries such as commercial construction, manufacturing, and service industries (financial, hospitality, professional, etc.).
Sentry also recently expanded its overstock and surplus market offerings in the maritime cargo and errors and omissions spaces through strategic partnerships with Falvey Insurance Group and Aegis Professional Risk, respectively.
Technology-driven growth, innovation
Sentry's investment in technology, including the transition from mainframe to cloud-based technologies, has significantly accelerated product development, allowing new products to come to market in months instead of years. These advancements also allow Sentry to offer more accurate prices in real time.
Sentry has further leveraged technology to better support its customers. An innovation is an innovative predictive tool that helps claims personnel identify early risk factors in injured worker cases. By addressing these risks from the beginning, Sentry adapts managed care plansimproving recovery times for workers and benefiting employers.
Growth forecast will continue
The Sentry Deloitte Wisconsin 75 ranking was based on its 4.3 billion dollars in premium income in 2023 – up 10% year-over-year. Sentry surplus grew 8% in 2023 to $8 billion. Given Sentry's strategic positioning in its markets, growth is expected to continue in both its commercial line and its consumer line. On the consumer side, Sentry's recent announcement about its acquisition of El General® from American Family Insurance, which is expected to close in late 2024 pending regulatory approval, will significantly expand its presence in the non-standard auto market.
About the Deloitte Wisconsin 75 2024
Deloitte annual Wisconsin List 75 salutes the largest private company Wisconsin-headquartered companies. These companies play a key role in the state's economy. He Wisconsin List 75 is selected based on annual sales revenue.
To be eligible for Deloitte Wisconsin For recognition, companies must be majority owned by an individual(s), a family, an employee stock ownership plan, or a private equity company. Public companies are eligible when more than 50% of the value or voting stock is owned by individuals, families, an employee stock ownership plan, or private equity. Additionally, companies must have annual sales revenue of at least $50,000. He Wisconsin 75 excludes cooperatives and accounting, tax, legal and consulting services companies.
About sentinel
Sentry Insurance is one of the largest and most financially secure mutual insurance groups in the united stateswith a Financial Strength Rating of A+ (superior) from AM Best, effective as of June 2024. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries sell property and casualty insurance, life insurance, annuities and retirement programs to businesses and individuals nationwide. Based in Stevens Point (Wisconsin)Sentry employs 5,000 associates nationwide. See a complete list of insurance companies at sentinel.com.
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SOURCE Sentinel Insurance
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