2024 Annual Report
Supporting the jewelry industry, protecting our customers, and giving back in our communities.


As we conclude another year at Jewelers Mutual Group, we reflect on 112 years of dedication to the jewelry industry, our customers, and our community. This milestone is more than a celebration of longevity; it is a testament to our people and their unwavering commitment to driving progress and innovation across the industry.
We take pride in being the preferred insurer for over one million customers who trust our expertise to protect their jewelry. Beyond insurance, we serve as a pillar of strength, helping designers, retailers, manufacturers and collectors make their dreams a reality. All while safeguarding what matters most through times of uncertainty—providing real-time guidance and solutions to mitigate loss in an increasingly complex security landscape.
This year, we continued to explore new ways to elevate our industry and help it thrive by transforming our business in new ways, diversifying through JM Insurance Agency Partners, Inc., our general agency, to meet the needs of customers on a broader scale. Our drive to push boundaries and embrace innovation defines us as an industry leader and a trusted solutions provider. As we continue to meet customers where they are, we remain focused on advancing beyond traditional insurance to support the future of the jewelry industry.
Below are a few highlights from the past year I am incredibly proud of. I welcome you also to review our financial statement, which further illustrates the year’s success. As we continue to adapt and evolve for the future, we express gratitude to our agents, customers, and industry for their trust and partnership.
It is an honor to be part of this journey, and I look forward to building on our legacy of commitment to our customers, community, and industry for generations to come.

President & Chief Executive Officer
Jewelers Mutual Group

Our People and Achievements
We continue to uphold the belief that our greatest asset is our people. Our dedicated and talented team members have been the driving force behind our achievements, demonstrating resilience, creativity and a shared commitment to our customers and the dynamic industries we serve.
As our company continues to evolve, we remain dedicated to investing in our employees’ growth and development, recognizing that their passion and expertise are instrumental in meeting the changing needs of our customers.
This year, our focus on fostering a positive work environment and investing in our workforce has been recognized through numerous awards and certifications. We are proud to be certified as a Great Place to Work™ for the second consecutive year, underscoring our dedication to employee satisfaction.
To further support our expansion and innovation, we opened a new office in Raleigh, North Carolina. Located in the dynamic Midtown area, this space provides an exceptional environment with top-tier amenities, helping our team thrive as we continue advancing technology-driven solutions for the industry.
Learn how we succeed through our people and see what career opportunities are currently available.

Awards and Recognition
Our company's outstanding performance has garnered recognition from renowned entities in the industry.
We believe that continuous innovation is essential to our progress. Being named to Deloitte’s Wisconsin 75™ for the sixth straight year is an honor and a reflection of our dedication to meeting the evolving needs of our customers while driving sustainable growth across our business. This achievement strengthens our resolve to innovate and expand our offerings in ways that empower the jewelry industry, our agents, and our customers, while enhancing their overall experiences.
We also earned recognition from Inc.’s Power Partner Awards for the second consecutive year, recognizing our role in providing business-supporting solutions to jewelry professionals. A testament to our commitment to driving technological advancements, our LUX Digital Vault® app was recognized for innovative work in insurance connectivity, earning a gold award from the Insurance Marketing & Communications Association (IMCA).
Additionally, we were honored to be named an Insurance Luminary by PropertyCasualty360, celebrating leadership in technology innovation and risk management by a prestigious industry program.
These accolades serve as a testament to our dedication to excellence, exceeding expectations through improving customer experience and bolstering our commitment to protecting and elevating the love of jewelry.

Customer-Centric Excellence
This year, we remained steadfast in our commitment to meeting the evolving needs of the jewelry industry while exceeding customer expectations. We sustained world-class satisfaction, maintaining Net Promoter scores above the insurance industry average for over a decade, driven by exceptional claims service and customer-focused solutions. We also proudly expanded our customer reach, serving over 1 million customers across the U.S. and Canada and earning nearly 12,000 five-star Trustpilot reviews, solidifying continued trust in our brand.

Growth and Expansion
This past year, we have succeeded in expanding our ability to serve the unique needs of our customers through growth in additional markets and geographies, in partnership with our general agency.
We are proud to have made a number of acquisitions throughout the U.S. in 2024, including a long-time trusted insurance provider for the pawn industry, Union Life & Casualty Insurance Agency. Joining forces with our general agency, this acquisition helps expand our expertise and strengthen both the pawn market and the insurance industry, helping meet customers’ needs for best-in-class pawnbroker coverage.
Additionally, our personal lines alliance with Trusted Choice allowed insurance agents to provide expanded options and value to their clients with comprehensive, reliable jewelry insurance from a recognized and reputable industry leader. Leveraging the network’s "recommended" endorsement reinforces Jewelers Mutual’s position as a trusted expert within the personal insurance sector.

Progression Toward Protecting Jewelry Everywhere It’s Sold
Throughout this year, we are proud to have pushed the boundaries of what is possible, expanding the availability of our products and services to meet the needs of new customer bases. Broadening the offering of JM® Care Plan to more customers across more jewelry store locations, we’ve elevated our ability to protect the love of jewelry for customers nationwide.
Our dedicated focus on customer experience drives us to refine our processes, improve operational efficiencies and deliver exceptional value to our customers, utilizing innovative technology and partnerships within the industry. This year, our collaboration with Diamonds Direct offered customers access to jewelry insurance directly through Luxsurance® powered by Jewelers Mutual across 30+ locations and the eCommerce channel, transforming how insurance is integrated into the jewelry shopping experience by providing specialized concierge service and support.

Innovation and Technology
Expanding our product offerings with jewelers of all sizes demonstrates our commitment to our customers and the industries we serve. Building on the success of this year, we will continue to develop and launch innovative solutions, leveraging cutting-edge technology, predictive analytics and forecasting to assist jewelry businesses as they continue to modernize and better align themselves with changing consumer expectations.

Commitment to Financial Strength
Jewelers Mutual Insurance Company, SI (a stock insurer), earned an A+ Superior financial rating from AM Best for the 38th year in a row, as of November 2024, and was named to the Ward’s 50 list for the 14th year, further demonstrating operational excellence, financial strength, stability and performance.
We’re proud to have been named one of the 2024 Fastest Growing Companies of Northeast Wisconsin, a testament to our ongoing commitment to making investments in technology and partnerships to ensure a continual focus on preparing for the future needs of our customers, thereby strengthening our market position.

Commitment to Industry Growth and Community Engagement
We have a long-standing tradition of supporting the jewelry industry and the communities where our employees live and work, including Wisconsin’s Fox Valley, as well as Dallas, Miami, and Raleigh. From scholarships that help promote the jewelry trade to future generations to giving back through volunteer opportunities and gift matching, we take great pride in being responsible corporate citizens.
This year, we are proud to support the Black in Jewelry Coalition as they started their first jewelry-focused education program, “The Future Jewelers Academy,” at the Brooklyn STEAM Center to prepare students for jewelry and gemology careers. Our commitment to education extends to our support for The Independence Hub Roadshow promoting neurodivergent careers in insurance, as well as the Women’s Jewelry Association Foundation and Gemological Institute of America’s scholarships, empowering individuals pursuing careers in the jewelry industry.
Additionally, we continue to make a positive impact in our communities, fostering a culture of philanthropy and social responsibility. In total, we provided financial support to more than 40 community organizations, and our employees contributed over 1,000 hours of volunteer time in 2024.

Risk Mitigation and Keeping the Industry Safe
Over the past year, the jewelry industry has experienced an unprecedented surge in targeted retail crime, devastating businesses and communities throughout North America. Under the leadership of our newly evolved Asset Protection Team, we continue to provide innovative risk prevention and educational programs tailored to the unique needs of jewelry businesses.
Our three-pillar risk mitigation strategy—built on intelligence, solutions, and engagement—represents a proactive and holistic approach that goes beyond physical security to encompass all facets of a jeweler’s value chain: inventory, property, staff well-being, brand reputation, and customer trust. This approach enables the Asset Protection Team to anticipate risks using threat intelligence and risk modeling, offering real-time alerts and recommendations to customers for mitigating loss and enhancing operational resilience.
View our full Asset Protection portfolio of products and services available.
As of December 31 (in thousands) | 2024 | 2023 |
---|---|---|
Assets | ||
Cash and invested assets | 811,604 | 702,067 |
Premium receivable | 49,957 | 48,043 |
Other assets | 27,702 | 19,304 |
Total Assets | 889,263 | 769,414 |
Liabilities & Surplus | ||
Loss & LAE reserves | 56,255 | 53,888 |
Unearned premium | 206,026 | 192,811 |
Other liabilities | 93,662 | 70,132 |
Policyholder surplus | 533,320 | 452,583 |
Total Liabilities & Surplus | 889,263 | 769,414 |