NEW HARTFORD — The 104-year climb to its recent milestone of $1 billion in direct written premiums almost was an afterthought to Utica National Insurance Group President and CEO Richard Creedon.
After all, more than 1,000 employees working in one unified direction will make such a milestone appear easy.
“I think it’s one of the accomplishments that no one person or one group could do for you,” Creedon said. “It really was such a team effort.”
Utica National is a nationally recognized insurer. Licensed in all 50 states, it has the second-largest error and omissions business in the United States and sells its products through more than 2,200 independent insurance agents, according to the company’s website.
The company is headquartered in New Hartford, though it operates seven regional offices.
“We think we’re a leader in the Mohawk Valley, one of the leading employers, and all of the success we have had is because of our people,” Creedon said. “We tend to hire people for our values and people who really want to promote our purpose.”
Direct written premiums are payments made for insurance products from the primary insurer to the insured. These do not take into account reinsurances — or transferred risk portfolios — to other parties.
Utica National typically insures schools, churches, volunteer fire departments, manufacturing businesses and auto service and repair businesses.
“Things you would find in any town,” Creedon said. “That’s the stuff that we do and we really do well.”
Moving forward, the company plans to build itself through a focus on fluidity. Creedon said nearly half of their transactions “flow through without human interaction,” a number they’d like to get up to 80 percent.
They also plan on continuing to cater to businesses and industries that propelled them to $1 billion.
“We think we’ve got a lot of headroom in the places that we’re in right now,” Creedon said. “Just through organic growth, through our existing markets, by improving our product offering and improving our technology, we think we can get the next billion right in the footprint we already have established.”
Contact reporter Joseph Labernik at 315-792-4995 or follow him on Twitter (@OD_Labernik).