Farming News - Farm Insurers challenging but profitable year
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Farm Insurers challenging but profitable year
Despite the tough economic climate and the region being affected by adverse weather conditions, the company’s Financial Statement for 2009 shows that premiums written increased by 2.4 per cent to £15,156,161 (2008: £14,799,297) with a technical surplus of £303,918.
Cornish Mutual chairman Gerald Blewett will address the AGM being held at Haynes International Motor Museum in Sparkford, near Yeovil, Somerset at 2.30pm.
Ahead of the event, Mr Blewett, said: “This has proved to be a really challenging year, with a large exposure to the freak weather event of hailstones at Ottery St Mary, Devon then widespread sub zero temperatures in December and January, followed by heavy snow in February. These three events could have cost £1.5 million but as claims were settled out we were not hit as hard as we feared – by the end of the financial year we managed to produce a technical surplus of £303,918.”
He added, “We continually strive to give our Members value for money coupled with very personal service at all times and these aspirations are the foundation of our strategy which we reviewed and developed this year.”
Investment income for Cornish Mutual came to £1,217,889 and the increase in the company’s equity portfolio by £1,627,984 gave a final profit before tax of £2,480,034.
Over 21,700 Members throughout Cornwall, Devon, Somerset and Dorset have been written to in advance, inviting them to the meeting. All Members are entitled to attend and vote – either in person or by proxy. The AGM will be followed by an Extraordinary General Meeting..
A Members Forum is being organised before the AGM at 10am. Alan Goddard, Cornish Mutual’s Managing Director, said: “Our Forums are an opportunity for our Members to tell us what they think about their company. As a mutual organisation, we are owned by our Members, rather than shareholders and therefore we value their feedback and involvement in everything we do.”
During the event, Richard Baker who heads up the rural services team at solicitors Stephens Scown will give a presentation entitled ‘Protecting the family farm’. He will be followed by Mike Butler from Old Mill accountants and financial advisers. Mr Butler will be giving a talk called ‘How many farmers does it take to fill a £165bn tax hole? -an introduction to weathering the 2010 Budget storms’
At the AGM, three existing board members (Jerry Davison, Alan Goddard and Michael Grigg) are all standing for re-election. Jerry Davison was appointed in May 2007 as non-executive director – a chartered accountant, he currently runs his own consultancy in Exeter and is president of the South West Society of Chartered Accountants.
Alan Goddard has been with Cornish Mutual for the last eight years, having joined the company as deputy general manager in December 2001. He was appointed managing director in August 2004 when he became a member of the board.
Michael Grigg’s family have been involved in farming in Cornwall for many generations and Michael has been a member of the Cornish Mutual board since July 1992. He is an experienced beef, sheep and arable producer and runs a mixed farm with more than 800 acres in Cornwall.
Founded by a group of Westcountry farmers in 1903, Cornish Mutual is the only general insurer based in the South West. Even today, the company is still owned by its Members, and remains at the heart of rural communities throughout Cornwall, Devon, Somerset and Dorset. Although staying true to its origins in agriculture (around two thirds of Cornwall ’s farmers are Members), Cornish Mutual now provides farmers insurancehttp://www.cornishmutual.co.uk household, commercial, events and personal accident insurance to Members of all descriptions, living or working throughout the South West countryside. For more information visit:
Despite the tough economic climate and the region being affected by adverse weather conditions, the company’s Financial Statement for 2009 shows that premiums written increased by 2.4 per cent to £15,156,161 (2008: £14,799,297) with a technical surplus of £303,918.
Cornish Mutual chairman Gerald Blewett will address the AGM being held at Haynes International Motor Museum in Sparkford, near Yeovil, Somerset at 2.30pm.
Ahead of the event, Mr Blewett, said: “This has proved to be a really challenging year, with a large exposure to the freak weather event of hailstones at Ottery St Mary, Devon then widespread sub zero temperatures in December and January, followed by heavy snow in February. These three events could have cost £1.5 million but as claims were settled out we were not hit as hard as we feared – by the end of the financial year we managed to produce a technical surplus of £303,918.”
He added, “We continually strive to give our Members value for money coupled with very personal service at all times and these aspirations are the foundation of our strategy which we reviewed and developed this year.”
Investment income for Cornish Mutual came to £1,217,889 and the increase in the company’s equity portfolio by £1,627,984 gave a final profit before tax of £2,480,034.
Over 21,700 Members throughout Cornwall, Devon, Somerset and Dorset have been written to in advance, inviting them to the meeting. All Members are entitled to attend and vote – either in person or by proxy. The AGM will be followed by an Extraordinary General Meeting..
A Members Forum is being organised before the AGM at 10am. Alan Goddard, Cornish Mutual’s Managing Director, said: “Our Forums are an opportunity for our Members to tell us what they think about their company. As a mutual organisation, we are owned by our Members, rather than shareholders and therefore we value their feedback and involvement in everything we do.”
During the event, Richard Baker who heads up the rural services team at solicitors Stephens Scown will give a presentation entitled ‘Protecting the family farm’. He will be followed by Mike Butler from Old Mill accountants and financial advisers. Mr Butler will be giving a talk called ‘How many farmers does it take to fill a £165bn tax hole? -an introduction to weathering the 2010 Budget storms’
At the AGM, three existing board members (Jerry Davison, Alan Goddard and Michael Grigg) are all standing for re-election. Jerry Davison was appointed in May 2007 as non-executive director – a chartered accountant, he currently runs his own consultancy in Exeter and is president of the South West Society of Chartered Accountants.
Alan Goddard has been with Cornish Mutual for the last eight years, having joined the company as deputy general manager in December 2001. He was appointed managing director in August 2004 when he became a member of the board.
Michael Grigg’s family have been involved in farming in Cornwall for many generations and Michael has been a member of the Cornish Mutual board since July 1992. He is an experienced beef, sheep and arable producer and runs a mixed farm with more than 800 acres in Cornwall.
Founded by a group of Westcountry farmers in 1903, Cornish Mutual is the only general insurer based in the South West. Even today, the company is still owned by its Members, and remains at the heart of rural communities throughout Cornwall, Devon, Somerset and Dorset. Although staying true to its origins in agriculture (around two thirds of Cornwall ’s farmers are Members), Cornish Mutual now provides farmers insurancehttp://www.cornishmutual.co.uk household, commercial, events and personal accident insurance to Members of all descriptions, living or working throughout the South West countryside. For more information visit:
Despite the tough economic climate and the region being affected by adverse weather conditions, the company’s Financial Statement for 2009 shows that premiums written increased by 2.4 per cent to £15,156,161 (2008: £14,799,297) with a technical surplus of £303,918.
Cornish Mutual chairman Gerald Blewett will address the AGM being held at Haynes International Motor Museum in Sparkford, near Yeovil, Somerset at 2.30pm.
Ahead of the event, Mr Blewett, said: “This has proved to be a really challenging year, with a large exposure to the freak weather event of hailstones at Ottery St Mary, Devon then widespread sub zero temperatures in December and January, followed by heavy snow in February. These three events could have cost £1.5 million but as claims were settled out we were not hit as hard as we feared – by the end of the financial year we managed to produce a technical surplus of £303,918.”
He added, “We continually strive to give our Members value for money coupled with very personal service at all times and these aspirations are the foundation of our strategy which we reviewed and developed this year.”
Investment income for Cornish Mutual came to £1,217,889 and the increase in the company’s equity portfolio by £1,627,984 gave a final profit before tax of £2,480,034.
Over 21,700 Members throughout Cornwall, Devon, Somerset and Dorset have been written to in advance, inviting them to the meeting. All Members are entitled to attend and vote – either in person or by proxy. The AGM will be followed by an Extraordinary General Meeting..
A Members Forum is being organised before the AGM at 10am. Alan Goddard, Cornish Mutual’s Managing Director, said: “Our Forums are an opportunity for our Members to tell us what they think about their company. As a mutual organisation, we are owned by our Members, rather than shareholders and therefore we value their feedback and involvement in everything we do.”
During the event, Richard Baker who heads up the rural services team at solicitors Stephens Scown will give a presentation entitled ‘Protecting the family farm’. He will be followed by Mike Butler from Old Mill accountants and financial advisers. Mr Butler will be giving a talk called ‘How many farmers does it take to fill a £165bn tax hole? -an introduction to weathering the 2010 Budget storms’
At the AGM, three existing board members (Jerry Davison, Alan Goddard and Michael Grigg) are all standing for re-election. Jerry Davison was appointed in May 2007 as non-executive director – a chartered accountant, he currently runs his own consultancy in Exeter and is president of the South West Society of Chartered Accountants.
Alan Goddard has been with Cornish Mutual for the last eight years, having joined the company as deputy general manager in December 2001. He was appointed managing director in August 2004 when he became a member of the board.
Michael Grigg’s family have been involved in farming in Cornwall for many generations and Michael has been a member of the Cornish Mutual board since July 1992. He is an experienced beef, sheep and arable producer and runs a mixed farm with more than 800 acres in Cornwall.
Founded by a group of Westcountry farmers in 1903, Cornish Mutual is the only general insurer based in the South West. Even today, the company is still owned by its Members, and remains at the heart of rural communities throughout Cornwall, Devon, Somerset and Dorset. Although staying true to its origins in agriculture (around two thirds of Cornwall ’s farmers are Members), Cornish Mutual now provides farmers insurance household, commercial, events and personal accident insurance to Members of all descriptions, living or working throughout the South West countryside. For more information visit: http://www.cornishmutual.co.uk