Financial Statement and Summary
2020 was filled with challenges. From COVID-19 and social unrest to wildfires and economic uncertainty, CIS members had many issues to overcome. We also faced these issues. Yet, overall, we had a solid financial year.
Our consolidated net position (assets minus liabilities) for the year came in at $214 million, which is $40 million more than a year ago. By the end of 2020, we strengthened reserves for all programs.
We're a public entity with no shareholders. Our earnings are set aside for you and all CIS members benefit. Because you're a member of CIS, your entity owns a part of our capital.
Your investment in the Trusts’ capital helps keep your rates stable and ensures strong coverage no matter what calamities occur.
Our Board sets rates for both health benefits and property/casualty programs. The purpose of CIS’ capital is to provide rate stability for you and all of CIS’ members, year after year.
The Board also works to protect the Trusts’ capital positions to ensure we continue to provide strong. Capital helps minimize the impact of catastrophic claims and the volatile markets for our reinsurance coverage services.
2020 was a tough year, but for CIS it was a good one financially. We continued to build our capital to meet members' expectation of stability and strength.
As we look ahead to rebuild, respond and prepare for an uncertain economic future, CIS’ financial strength stands with you — because that’s what families do.
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