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First Quarter Financial Results and Significant Savings for Insured Ministries

Updated: Apr 10, 2023

FOR IMMEDIATE RELEASE

April 5, 2023

Contact: Jeff Koch

615.369.2317


Nashville, TN – The United Methodist Insurance Program (UMIP) today announced results for the first quarter ending March 31, 2023. The program added over $2,000,000 in new premium covering more than 150 new customers. In many cases, ministries within the Connection saw significant savings (15% or more) over their expiring insurance programs, provided through UMIP’s exclusive partner Sovereign Insurance Group:

  • Church in Illinois. Facing a large renewal increase, this church - new to UMIP’s program - was able to lower their costs from $17,000 to $6,800.

  • Nonprofit with 50+ locations. Due to challenging market, the Insurance company increased premiums to over $120,000 with significant coverage restrictions. UMIP’s broker secured a solution with lower deductibles, replacement cost coverage, and a savings of over $55,000!

  • Conference Headquarters. Competed against multiple national brokers and prevailed, delivering the most comprehensive, cost-effective program.

  • Church in Texas. Needing to find new coverage amidst an open claim, the congregation sought solutions from multiple brokers. UMIP’s broker was able to place coverage for this challenging risk, after other brokers were unable to fulfill their needs.

“This extremely strong first quarter is a testament to what we hope to do – enable ministries to save money, so that valuable dollars stay in the ministry,” said Jeff Koch, UMIP President and CEO. “These savings are important, especially when the cost of property insurance for churches has become increasingly expensive. Market knowledge and access to so many carriers that cover churches and ministries have been the key to this success.”

Mr. Koch added, “UMIP has expanded the reach of our program covering additional parts of the Connection including schools, foundations, camps, and retreat centers. They are available to any part of the Connection, including disaffiliated congregations and any other entity with historic ties to Methodism.”

UMIP, through Sovereign, is fulfilling its Book of Discipline mandate to make insurance coverage available to Methodist ministries. Any ministry is welcome, especially those facing price increases, receiving poor service, or having a hard time finding coverage due to location; loss history; size; or the need for a quick turnaround on a quote.


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About United Methodist Insurance Program

UMI is a non-profit insurance company that fulfills its ministry by protecting the assets of the denomination through comprehensive property and liability insurance to ensure access to future generations of United Methodists. Visit www.uminsure.org for more information.

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