SHEBOYGAN — Acuity Insurance generated roughly $2.6 billion in annual revenue last year, marking record growth in the company's history.  

The Sheboygan-based insurer saw a 17% growth rate for 2023, supported by new business premiums for personal and commercial lines amounting to nearly $146 million and $340 million, respectively.  

Acuity President Melissa Winter said "having financial strength to serve a continually expanding customer base" has been the most important factor.

"In the highly regulated insurance industry, in recent years many other carriers have been curtailing their operations or pulling out of markets altogether in order to address their financial weakness," Winter said. "In contrast, Acuity's long-term focus on building and maintaining a firm financial foundation allowed us to capitalize on opportunity in a turbulent insurance market and take on business that other insurers could not."

Company revenue has grown each year for the past several years, with about $2.2 billion generated in 2022 and $1.9 billion generated in 2021. Its customer base grew by about 36,000 last year, according to Winter, in tandem with the issuance of more than 37,000 new policies.

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"Acuity's ongoing business expansion and financial stability enable us to fulfill our common purpose of caring for our family of employees, agents and customers while staring down risk," Acuity CEO Ben Salzmann said in a news release. "We are proud to be providing peace of mind to even more customers, serving more and more agents, and creating additional career opportunities for our people." 

Acuity plans to grow national reach, local workforce

Consistent expansion has allowed for additional hires to Acuity's roughly 1,600-employee workforce, too. It filled 108 positions last year, 47 of which were in Sheboygan.  

It could bring on 150 more employees in 2024, more than 80 of which would be locally hired, according to Winter. 

Acuity's success has emerged in other ways, too, like recently adding a presence in its 32nd state of Maryland and boosting its underwriting capacity.  

Winter said Acuity expects future growth this year and beyond.

"Acuity is going to stay focused on being who we are, on the sustainable business model that has driven our growth over time, and on the strategic approach that has helped us build the strength and stability that our customers and independent agency partners depend on," she said.

Contact Alex Garner at 224-374-2332 or agarner@gannett.com . Follow her on X (formerly Twitter) at @alexx_garner . 

This article originally appeared on Sheboygan Press: Sheboygan-based Acuity Insurance surpassed $2.5 billion in 2023 revenue