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Congratulations on the conclusion of another successful and profitable underwriting year for TSIL. Not only was 2008 a success, but it was the 15 year anniversary of TSIL’s commencement. Over these 15 years our economy has experienced many changes and challenges none of which may be as significant as we face today. Despite these challenges, it is comforting to see the continued success of our captive and its resilience to the financial issues we are experiencing in our global economy today. Financially, through our most recent fiscal year ended December 31, 2008, we continue to show good results. We ended the year with 62 million dollars in annual premium, 117 active member/owners, over 2 billion dollars in covered temporary payroll and a member/owner retention rate of 98%. The strength of our company doesn’t just come in the form of dollars. One of our greatest strengths is Committee and Board participation of members that bring extensive business knowledge to the table. Another is the experience and professionalism of our service providers. We have some of the most reputable names in the insurance and financial world working for us. In addition to those strengths, we are proud of our ability to maintain a conservative risk profile which is the foundation of our success. Our future is very bright as TSIL continues to lead the alternative insurance market through innovation, providing world class risk control tools to our members and offering the highest value in workers’ compensation insurance. In 2009 and beyond, we will have additional challenges facing us. One challenge we have met head on is successfully implementing a long term approach to risk management. By doing so, we continue to set the standard by which others are measured in our industry. Sincerely, |
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