History

The current Seneca management team was appointed in 1989 and is led by Douglas M. Libby, President and CEO, Marc T. Wolin, Chief Financial Officer, Chris I. Stormo, Director of Operations, Keith McCarthy, Vice President Underwriting (Standard Lines), and Ellen O'Connor, Vice President Underwriting (Custom Property and Inland Marine).  In 1989 Seneca was rated NA-5 by A.M. Best and reported approximately $11 million of statutory surplus.  The combined ratio for that year was approximately 120% and the Company’s combined ratio during the 1980’s had exceeded 120% in each year.

Seneca received a B++ rating in 1992 and an A- rating in 1994.  In 1993 an investor group consisting of J.P. Morgan Capital, Century Shares Capital and Third Avenue Value Fund acquired 1/3 of the Company.  In 1996 the Trident Partnership acquired 2/3 interest in the Company.  These investors remained in the Company until 2000 when Seneca was sold to Crum & Forster, a Fairfax Company.  However, the Company and C&F target different business.  (Seneca’s average premium size is approximately $5,000 while C&F’s is over $100,000 and each company uses different distribution channels).

During the period from May 1989 through December 31, 2007 the Company’s average annual increase in statutory surplus was 16.2% (inclusive of dividends paid to the parent company) and has increased from $11 million to $101.6 million.  For the past 10 years the Company’s accident year combined ration has been substantially below industry average, with an average accident year combined ratio of 87.8%, over the past 10 years.

The Company’s reserves are reviewed and certified by Mercer Oliver Wyman (formerly know as William Mercer & Co.), which has performed this activity on behalf of the Company for the last 13 years.  The Company’s reserves have consistently developed redundantly over this period.