SFM increased written premium and market share in every one of its core states in 2022, and results so far this year show continued momentum. Premium for the first quarter of 2023 came in well ahead of projections, up 12% from the same period the prior year.

Long-standing partners know that we believe in steady, measured growth, which brings value to both established partners and newly appointed agents.

Comparing market positions by state

SFM’s premium share is on the rise in all of its core states, according to an industry report issued this spring by SNL Financial. SNL, a data analytics firm within the S&P Global organization, issues an annual insurance industry study that compares market share and ranks carriers within each state of operation. While SFM’s presence as a leading carrier in its core territory is nothing new, this report provides important independent corroboration of SFM’s position in the market.

SFM’s carrier ranking in its top five states, based on 2022 written premium

(listed in descending order of total premium)

“In addition to expanding the lead we’ve held in Minnesota for over 20 years, it’s great to see that the majority of our growth is coming from our other core states,” said Senior VP and Chief Marketing Officer Mike Happe. “For example, we saw written premium in Wisconsin jump from $35 million to $51 million, showing strong growth in both the voluntary market and our assigned risk plan business.”

While building on its strong presence in the original five core states, SFM has also been making great strides in the more recently-added Kansas, Indiana and Tennessee.

Continued growth, new opportunities in Kansas

SFM began writing small business accounts in Kansas in the fall of 2020. Since that time, premium growth and loss performance in the state have been outstanding. In fact, between the years 2021 and 2022, SFM’s Kansas rank leapt by 16 positions according to the market share report.

“One thing that’s really helped us establish a presence in Kansas has been our relationship with Marysville Mutual and its agents,” said VP of Regional Business Shawn Miner. “Right out of the gate, this multi-line carrier embraced SFM as its work comp partner, and it’s been critical to our success.”

Recently, agents in Kansas have asked us to expand beyond small business and write their larger accounts as well. SFM chose to invite Kansas accounts over $25,000 in 2023, backing that decision with a commitment to add in-state staff to better serve these larger policyholders.

“We’ve been thrilled with our growth in Kansas,” Miner said. “To help with our growth, we’ve begun hiring underwriting and claim staff in the state to help provide an even higher level of service for our Kansas insureds.”

Positive early indications in Indiana

In the first 18 months since SFM made Indiana its seventh core state, progress has been remarkable. Policy count and premium are growing at a steady rate (with SFM’s Indiana rank jumping a whopping 21 places from the prior year in the SNL report).

“Our business in Indiana is really hitting its stride,” said Mark Lewis, Small Business Marketing Representative. “Indiana has proven to be a great state to do business in and we’re excited to see our growth continue there in the coming years.”

Tennessee market off to a strong start

SFM officially entered its newest core state of Tennessee in January of 2023. An instrumental step in the success of this new endeavor has been a partnership with Farmer’s Mutual of Tennessee (FMT Insurance), a multi-line carrier that immediately recognized SFM’s ability to serve its agents’ work comp needs.

“We’re pleased to get off the ground so quickly with these new relationships,” said Business Development Specialist Cody Allen. “Thanks to the support and efforts of our strategic partner (FMT Insurance), as well as referrals from existing agencies in our other states, we’ve quickly built up a solid agency force and new business is already exceeding expectations.”

SFM is actively working to recruit new agency partners, welcoming additional referrals throughout its expanding territory. If you know any agents who would be interested in learning more about working with SFM, don’t hesitate to refer them to Cody Allen. He can be reached at 952-838-4207.

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