SFM continues to see growth beyond its home state of Minnesota, where it remains first in terms of workers’ compensation market share.

“Our relationships with agency partners outside of Minnesota are gaining more momentum with each passing year,” said Mike Happe, Senior Vice President and Chief Marketing Officer. “SFM’s reputation as the work comp experts has helped us develop and retain business in our newer markets.”

Below are SFM’s top five states and their carrier rank based on written premium (the rankings for 2024 will be released in the spring of 2025).

• Minnesota – 1
• Wisconsin – 15
• Iowa – 7
• Nebraska – 9
• South Dakota – 4

Meanwhile, SFM’s growth in newer markets saw significant increases in Kansas, Indiana and Tennessee, and the company is putting additional resources into those states. Also of note, Cody Allen, SFM Territory Manager, has been elected to the governing board at the Indiana Compensation Rating Bureau.

Highlights from 2024 include:

• 96% policyholder retention rate
• Added 6,800 new policyholders, resulting in new business premium of over $26 million
• Total written premium for the year: $255 million (excluding the Wisconsin Assigned Risk Plan)
• Another year of an A- rating from AM Best
• SFM Foundation up to $4.1 million in total scholarships awarded

“Despite seeing increasing claim severity, we have seen measured, steady growth, and SFM will continue that strategy in the years to come,” said Steve Sandilla, Senior VP and Chief Business Officer. “We continue to make the best outcomes for clients our primary focus and we are thankful for the trust of our agents and policyholders year after year.”

Other SFM items of note

SFM partnered with more than 3,000 independent agents in 2024 and closed out the year with its number of businesses served over 50,000. That adds up to more than 500,000 covered employees.

The company also retained the service contract for the Minnesota Workers’ Compensation Assigned Risk Plan (ARP), which renewed for another five years, and SFM’s portion of the Wisconsin program is increasing next year from 20% to 25%. Company leaders are working on growing that business in other core states for the future.

The Minnesota ARP, served by SFM’s Superior Point, handled 13,500 policyholders and $20 million in premium for 2024. In Wisconsin, SFM handled about 4,000 policyholders and $12.5 million in premium for 2024.

Also, SFM Risk Solutions provided third-party administration service to 32 self-insured clients in 2024, including four groups with about 2,000 individual members.

Lastly, SFM added Dr. Andrew Wilkins to its staff as Chief Medical Director on the Medical Services team in 2024.

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