The Chairman's Message
On February 9, 2017, I requested that the responsibilities as Board Chairman and CEO be conveyed to ELCO’s residing President, Ed Kulpins. Ed has been with the company for more years than he cares to admit. I agreed to continue as Chairman Emeritus, an honorarium that carries with it the right to pen this column for our 2016 Report.
The year 2016 was our best ever. Assets surpassed the $700 million level and policyholder surplus funds reached
$64 million. A solvency ratio of nearly 10% indicates excellent financial stability.
ELCO began operations in 1946 which is the same year as the start of the “baby boomers,” now our country’s fastest growing population segment. As such they require special recognition and attention to their needs. ELCO has been striving for decades to offer annuity and life insurance products that provide the very best possible ways of assisting in financial planning for all baby boomers. We prefer to call them our “senior citizens.”
In June the company celebrated its 70th birthday. A gala “open house” lasted the entire day and the weather cooperated with one of the nicest days of spring. A wonderful lunch was served. Over 100 policyholders, agents, families and friends of ELCO attended the festivities. Children were treated to games and the thrills of a fun house. In short, it was a huge success.