Utica First Insurance Company was founded by local Utica, New York businessmen in 1903 as Utica Fire Insurance Company of Oneida County, NY to serve the property insurance needs of the upstate New York residents. It has developed from that small base into a company which actively writes business in the states of Connecticut, New Jersey, New York, Massachusetts, Maryland, Ohio, Pennsylvania, Virginia, Florida. In the beginning, the Company wrote exclusively property insurance on an assessable basis. Now its product line has expanded to include Homeowners, Landlord Package, Restaurant and Tavern Program, Convenience Store Program, Artisan Contractor Policies and Businessowner Policies among others.
Now the Company is an Advance Premium Cooperative. This means that the premiums for the policies are no longer subject to assessments if the loss experience is not good. The Company has grown from its humble beginnings, but has remained small in relative terms. This enables the Company to be specific as to the policies and properties and situations that it wants to insure. Instead of trying to be everything to everybody, the Company prefers to be very good at selected things and to emphasize those capabilities.
The Company has used these capabilities and marketed its products exclusively through Independent Agents. We have been growing at a greater pace and operating more profitably than the industry over the past several years. We intend to continue to grow in a controlled fashion, by offering fair rates to the better than average insured for the lines of business we provide coverage for.
Utica First is a profitable regional insurance company specializing in unique commercial and personal lines products delivered with extraordinary service.
Corporate Strategy Statement
We will market our products through the American Agency System and seek to obtain stronger commitments from our agents. The Company will strive to operate at high level of efficiency. We will introduce new products and improvements on current products when it is possible to identify a balance of need in the marketplace, an acceptable level of risk, and the ability to price the products so that an operating profit is possible. To help provide these products the company will seek strategic alliances with other business partners.
We will continue to develop our automated systems and invest in advanced technology to insure increased operating efficiencies, and maximize business opportunities.
The marketing activities will operate within the confines of the underwriting philosophy of the Company with the end goal in mind of making an underwriting profit every year.
We will diversify the concentration of risk exposure throughout the States the Company operates to spread the risks from catastrophic and regulatory changes.
The Company will offer quality service to our agents and policyholders and we will maximize this ability.
We will continue to develop the professionalism of our staff by setting educational objectives for every person in the organization. The Company will fund the necessary costs so that we will expose individuals to the current information necessary for them to professionally perform their functions. These courses will include the sponsorship of the Chartered Property and Casualty Underwriter (CPCU) and Certified Insurance Counselor (CIC) and the various Associate programs of the Insurance Institute of America.
The Company will be a good Corporate Citizen recognizing that we have a responsibility to our local community. We will continue our substantial program of donations to worthy local charitable institutions and we will encourage our employees to participate in meeting the needs of the less fortunate in our community. We will enable our managers to support with their time various nonprofit causes in local community activities.
The achievement of an acceptable balance of surplus to writings will be one major benchmark that will control our expenses and product decisions.