Fortress Insurance Company (“Fortress”) completed its 2022 fiscal year with significant growth in all lines of business.
President and CEO Shafeen Mawani of Fortress added “We are fortunate to have such engaged investors, shareholders and staff, as well as excellent partnerships with both our reinsurers and brokers which contributed greatly to our current success. This is a long-term play, and we have a responsibility to all to protect our mutual interests.”
- Premiums written of $17.7 million in 2022 represents a 231% growth over 2021. All lines of business increased. Commercial property remains steady and continues to be a focus of growth for Fortress in 2023.
- Fortress managed to achieve an underwriting income of $295,583 for the year and a loss ratio of 41.1%, an impressive result and testament to our lean cost structure and focused execution.
- Investment loss of $704,781, largely due to the rising interest rate environment which resulted in lower equity and bond mark-to-market values. Approximately 92% of Fortress’ portfolio is invested in short and medium-term fixed-income securities and cash. Because Fortress chose not to sell its holdings and permanently lock in the losses, we will benefit from the rising yield environment in the fixed-income market in 2023.
Chairman of Fortress Scott Tannas states “We’ve built in-house underwriting expertise while also piggybacking on the sound judgement of our domestic peers in this space. A key part of our 2023 strategy is to grow our portfolio in Alberta, Ontario, Manitoba and Saskatchewan. There are many growth opportunities in both niche and mainstream property and casualty. Our challenge in 2023 is really picking spots with the right partners. It’s a good problem to have.”
About Fortress Insurance Company
Founded in 2004, Fortress Insurance Company operates in the Canadian property and casualty insurance industry. Fortress provides commercial lines of insurance products exclusively to our broker partners. We are a trusted insurance provider; a majority of our risk is backed by a global reinsurance provider with a A+ AM Best and A+ S&P credit rating. Visit fortressinsurance.ca for further information.
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