To our fellow policyholders:
2017 was a challenging year for the Exchange:
- In March, a total loss fire in Texas cost $313,000
- In August, Hurricane Harvey hit our biggest state, Texas. It cost the Exchange $108,000.
- In September, Hurricane Irma hit our 2nd biggest state, Florida. It cost the Exchange $278,000.
- Unfavorable development on pollution claims from 30 years ago cost the Exchange $282,000.
The Exchange’s premium and investment income covered the bulk of 2017’s claim activity, but
the Exchange had a 2017 net loss of $99,000 which caused Exchange surplus to decline slightly,
from $5.8 million to $5.7 million. Not a good year, but, considering that 2017 was the worst
hurricane year in over a decade, a slight decline in surplus isn’t bad.
As we enter 2018, we continue to enjoy the endorsement of the Drycleaning and Laundry Institute
and two of DLI’s largest affiliates: Southwest Drycleaners Association and South Eastern Fabricare
Association. We also maintain a good relationship with The Coin Laundry Association under
which CLA refers many of their members to the Exchange.
Here’s to a better year in 2018. Thank you for joining the Exchange. We’re determined to provide
professional protection for your business.
