2025 marked a year of leadership transition for The Concord Group, reaffirming our commitment to a people-first culture, disciplined execution, and long-term stewardship and strategic advancement. Entering the year following a period of historic growth, and continuing to navigate industry headwinds, we managed momentum with clarity and intention. Through consistent operational focus and shared leadership, we achieved another year of strong performance and meaningful progress.

Against a backdrop of changing New England P&C market conditions, characterized by below-average catastrophe losses and more favorable industry performance, we continued to execute with discipline. Industry combined ratios improved during the year, reflecting corrective actions across the marketplace to address loss-cost inflation and broader economic pressures. Within this environment, our results were not incidental; they were the product of intentional underwriting, prudent pricing, and steady operational execution.

Through close collaboration with our independent agency partners and continued integration with our affiliate, Auto-Owners Insurance, The Concord Group delivered one of the strongest years in its history. Total written premium surpassed $375 million, while policyholder surplus exceeded $525 million, clear indicators of both growth and financial strength. Our portfolio diversification progressed, with Massachusetts becoming our largest state and Commercial Lines surpassing $100 million in written premium, representing 30 percent of total premium. This diversified growth reflects disciplined expansion aligned with risk and profitability objectives.

Operational excellence remained central to managing momentum. Strategic investments in technology, workflow optimization, and process refinement elevated efficiency across the organization, enabling our teams to perform at a high level while maintaining quality and consistency. Key advancements included the successful transition of Massachusetts Personal Lines into the Auto-Owners systems environment, along with the implementation of a new human resources platform, enhancing both our operational capabilities and the experience we deliver to customers and associates.

Our associates remain the foundation of our success. Throughout the year, our teams demonstrated accountability, collaboration, and adaptability while navigating a softening market and persistent rate pressures. We continued to invest in recruitment, training, leadership development, and succession planning, strengthening our talent pipeline and reinforcing a culture grounded in engagement, professional growth, and shared responsibility. That culture extended beyond our operations, as associates partnered with United Way and numerous community organizations across our region in a record year of charitable giving.

Financial stability and sustained profitability guide our direction and decision-making. Our prudent approach to risk management and capital strength supported AM Best’s affirmation of our “A+” (Superior) Financial Strength Rating for the sixth consecutive year. Equally important, we remain deeply and exclusively committed to the independent agent through meaningful engagement and reinforcement of the strong relationships on which our business is built.

Managing momentum is not about slowing progress; it is about advancing it with intention. As we look ahead to 2026, we do so with clarity and confidence, guided by shared leadership, clear purpose, and trusted relationships with our associates, agency partners, and Auto-Owners. We remain focused on building on the success of our portfolio and partnerships, strengthening the capabilities that support our people and operations, and elevating the service experience we provide to our agents and policyholders. We move forward together, united in our commitment to one another and to our long-term success.

Michael P. Nolin, Jr., President & Chief Executive Officer

Michael W. Percy, Senior Vice President & Chief Operating Officer