Financial Stability to Instill Confidence in Our Partners
The Long-Term Security of a Well-Managed Insurance Company
Raffles’ focus on highly-selective membership growth, proactive loss control, and aggressive claims management have resulted in impressive financial outcomes for our members and the company as a whole. With this strong financial foundation, Raffles is able to focus on further enhancing the experience and benefits to individual members.
Financially, Raffles continued to show good results with premium for twelve months exceeding $290,000,000.
Results Driven by Safety
Partners are delivered dividends based on both their own loss performance and the loss performance of the collective group that year. All Raffles partners have a vested interest in developing, maintaining and improving safe operational practices.
Rather than being subject to cyclical commercial premium costs with artificially low and high premiums, Raffles partners are able to fund a substantial portion of expected losses and claims while relying on the resources of the larger group and excess reinsurers for catastrophic exposures. This means greater flexibility in coverage with stronger control over premium costs from year to year.
Proven Quality and Success
Raffles was recently awarded an A, IX rating from A.M. Best, the leading rating agency of alternative risk transfer entities. By upholding the highest standards of compliance, reporting, and operating ethics, Raffles continues to earn the trust and confidence of our 373 members across the United States.
Raffles’ financial outlook illustrates the company’s success in loss control and claims management, with a continued focus on reducing premiums.
Gross Earned Premium
Earned premium has continued to rise, largely due to our members’ efforts in recruiting new, quality partners.
Raffles’ continued reduction in loss ratio is a testament to our robust loss management efforts, specifically through our partners proactively implementing safe business practices.
Investment income from each owner’s distinct loss fund and potential profits may be paid as dividends that will accrue directly to that owner’s bottom line.
By continuing to recruit financially strong, safety-minded partners to the captive, Raffles is able to increase the benefits and stability of the company for the collective group.
Captive partnership allows participating companies the opportunity to earn investment dollars back on premium costs–an advantage rarely available within the conventional insurance market. Dividends paid on a formula basis that take individual loss experience into account, not on a per share basis.
Raffles has helped us develop a culture of safety from the President down to the janitor, saving us millions in losses and who knows how many lives.- CEO, Partner For 32 Years
It’s really been great to change the culture of our company. We tell everyone, the first thing when they come in for a job interview or when they’re hired, safety is job #1. I live it and breathe it, and it’s because of Raffles.- Chairman/CEO, Partner For 23 Years
It’s entrepreneurial in spirit, it’s innovative in practice, and proven results over 30 years. It’s transformed our company, made us better than we ever thought possible.- Owner, Partner For 18 Years
Unfortunately I saw one of my employees get hurt, it broke my heart and I told myself I never ever want to see that again. And with this group, I’ve been able to take safety to the next level, with all of the resources that Raffles has, that will never happen again in my organization.- President/CEO, Partner For 3 Years
You really do have control of your destiny. One of the most important variable costs in any company is your workman’s compensation, property casualty, all very highly controllable.- Chairman/CEO, Partner For 23 Years