As a mutual insurance company owned by our policyholders, we have no outside stockholders who financially benefit from our operations – SFM’s decisions are motivated only by our partners’ best interests.

Service guides every decision we make, with a clear focus on doing what’s right for the insured, keeping workers safe and being a reliable partner to the agents who represent us.

SFM brings stability to a market that can be unpredictable. It’s not part of our corporate strategy to chase short-term trends or overreact to shifts in the workers’ compensation market.

Instead, we can stay consistent in our appetite, remain competitive and write business thoughtfully – without being at the whim of shifting market conditions. For agents, that stability translates into confidence, continuity and fewer surprises when servicing accounts.

This approach benefits everyone involved:

• Agents get a carrier partner that values certainty, transparency and sustainable results
• Employers get dependable management of their coverage
• Injured workers get consistent support, focused on outcomes

As The Work Comp Experts, we bring deep industry knowledge across underwriting, claims and safety. That expertise helps employers manage risk, respond quickly to injuries and build safer workplaces. And it gives agents confidence they’re backed by a carrier that truly understands work comp.

Agents consistently tell us they value how easy SFM is to work with and how much they appreciate the level of service we provide. Agency survey results reinforce that message year after year. Our mutual insurance company structure keeps us aligned with the needs of agents and policyholders, and it allows us to respond with solutions that support successful outcomes.

We understand that when we take care of our clients, we all succeed together.

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Coming off a strong 2025, and with the competitive market and economic uncertainty we see today, SFM continues to lead with service and put the needs of our agency partners and policyholders first.

“One of the keys to our success has been our ongoing stability in the work comp market,” said Steve Sandilla, Sr. VP and Chief Business Officer. “While we can’t control the economic and market conditions that influence the work comp industry, we can lean on our industry-leading expertise and service to further us in writing new business, managing renewals and maintaining the trust of our stakeholders.”

Collaboration and service are two pillars that reinforce SFM’s stability in workers’ compensation. That stable base is reflected in the broad range of industries we serve (see chart below). Our book of business represents a robust spectrum of company types and remains consistent from year to year.

SFM also continues to focus on streamlining processes for agents, including the procedures for getting quotes, and providing ongoing enhancements to SFM Agency Manager portal (SAM). For more information about how we make work comp easier to manage for agents and policyholders, check out the recording of our webinar, The SFM Difference.

“We always strive to give agents access to the tools they need to strengthen their processes and better serve their clients,” said Mike Happe, Senior Vice President and Chief Marketing Officer. “For agents, SFM is more than a carrier – we’re a collaborator. With fast response times, superior medical outcomes, and cost controls that reduce e-mods over time, SFM delivers what agents need most: confidence, clarity and care for injured workers.”

Lastly, as a refresher, some highlights from 2025 include:

• 93% policyholder retention rate
• Total written premium of just over $253 million for the year
• New business premium of $28.4 million
• Added 6,071 new business policyholders
• Another year of an Excellent (A-) rating from AM Best
• Moving claims in-house in Indiana and Tennessee
• SFM Foundation awarded 19 new scholarships, bringing the total to $4.7 million
• Ongoing member of the Minnesota Keystone Program, which recognizes business that donate 2% of their pre-tax profits to charity

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You can now view the recording of our latest webinar – The SFM Difference.

Our experts discussed the features and services that make SFM a premier workers’ compensation partner.

Watch the hour-long video above to see why we are The Work Comp Experts:

• SFM’s philosophy on service to our partners
• Our focus on injury prevention and returning injured employees to work
• How our unique company structure and departmental expertise benefit our partners
• Our customer-centered approach to premium audits
• How our medical services team supports injured workers’ recovery
• Much more, including a Q&A session at the end of the hour

View more educational webinars from SFM.

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The National Council on Compensation Insurance (NCCI) has given SFM excellent marks for the quality of its data reporting, continuing a series of recognition from the organization. The NCCI is the nation’s most comprehensive source for workers’ compensation data, insights and solutions.

Recently released results from 2025 reflect SFM’s commitment to accurate reporting in several categories:

• Financial data
• Unit statistical data
• Policy data
• Medical data
• Indemnity data

“The accuracy of our data reporting makes SFM a better carrier and makes doing business easier for agents and policyholders. We put a great deal of effort into ensuring accuracy,” said Brian Bent, SFM Vice President and Director of Underwriting. “Quality data leads to a quality experience. And SFM’s grades from NCCI are important to us and our partners.”

It’s uncommon for SFM to receive notices about issues with data reporting, said Bent, who also serves on the NCCI Underwriting Committee. SFM has received exceptional grades from the NCCI consistently over the years.

Mike Happe, Senior Vice President and Chief Marketing Officer at SFM, said accurate data reporting also helps agents spend less time on policy tweaks or corrections, and makes it easier to track down experience modification factor numbers.

“Plus, having precise data also frees up agents to manage accounts and prospect for new business,” Happe said. “SFM is committed to quality customer service, and that extends to our data reporting.”

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Mark Lewis is SFM’s 2025 Richard J. Marshik Service Excellence Award winner.

He started as an underwriting trainee, later moving up to marketing underwriter and small business marketing rep before landing in his current role as team business leader.

He called the honor “truly a customer service award.”

“That’s the one thing I try to focus on, and it’s easy to do,” Lewis said. “All of our agencies, whether they’re large or super small, they’re all important to us. About 99% of our business comes from independent agents, so I show them respect and thank them for their business. Then when they have success, we do, as well.”

Being a monoline carrier in an aggressive market means SFM must make customer service the backbone of all its functions, he said. SFM differentiates itself through “a great model with great teams. That’s a big key to our success.”

Lewis also noted the support he has received from others during his time at SFM, including VP of Regional Business Ryan Jirak, VP of Regional Business Mark Arrington, VP of Small Business Dennis Logstrom and Sr. VP & Chief Business Officer Steve Sandilla.

“That’s what’s great at SFM. They’re not like, you’re on your own, figure it out. There are so many people who want you to be successful,” he said.

He added: “It’s an individual award, but success for me is success for others, as well,” he said. “No one at SFM works in a silo, so if one person has success, it’s always due to other folks along the way.”

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SFM Agency Manager (SAM) users can now receive an email notification when the action plan is updated on one of their policyholder’s claims.

To enroll, select “Manage alerts” on the SAM dashboard, and enable “Action plan update.”

The email notifications are sent overnight, and if multiple updates occur on the same day, they are consolidated into a single email.

An action plan is a brief statement, prepared by the claims adjuster, of the current status of a claim and expected activities and timeframe for the life of the claim.

SFM Agency Manager is our online portal for agents, offering access to policy details, new business applications, and more. Learn more about SAM.

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The next time users login to Provider Connection – SFM’s portal that allows medical professionals to access a wealth of information about workers’ compensation claims – they will see several enhancements.

It’s part of a broader redesign to enhance SFM’s portals, make them more user friendly and create a consistent look and feel across all platforms. Our approach is to start with the policyholder portals, then make upgrades to SFM Agency Manager (SAM). SFM’s public website, SFMIC.com, will also be improved and redesigned in the coming months.

The redesigned Provider Connection adds new features and reduces the need to email or fax medical information to SFM. In addition to an improved look and feel, the upgraded Provider Connection will allow users to:

• Upload documents such as prior authorizations, medical records or other items related to appeals and reconsiderations
• See reconsideration and appeal status
• More easily search for patient information
• Improve search functionality

Upgrades to other SFM portals – CompOnline, ePay and the certificate portal – will happen at a later date. We are also continuously improving SAM, and that work is ongoing.

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Despite continued pressure from other carriers and mixed claims results, SFM again had a successful year in 2025.

Being the leaders in workers’ compensation means striving to provide unparalleled service, working to keep employees safe and helping clients reduce their experience modification factor. We do that through our dedication to customer service – building and maintaining relationships with agencies and ensuring policyholders get everything they need from their work comp partner.

A few notable highlights from the past year include:

• Surpassing $1 billion in assets
• Upgrading our internal systems to better serve agents and policyholders
• Developing enhanced systems for agents to get quotes faster
• Improving claims handling in core and non-core states

Service excellence is the foundation that supports our success. That philosophy helps us retain policyholders, generate new business and build agency relationships now and in the future.

Additional highlights from 2025 include:

• SFM’s policyholder retention level of 93%, demonstrating our industry-leading customer loyalty
• Continued growth in our newer markets, particularly Indiana and Tennessee
• A banner year for new premium in Wisconsin
• Policyholder surplus growth larger than premium growth
• Projects to enhance our online portals – the SFM Agency Manager (SAM) and MyPayroll premium audit process – to make our systems more intuitive and user-friendly

Another item I’d like to share from last year was the promotion of Amanda Aponte to Executive Vice President.

She has been an integral part of SFM’s growth during her two decades with us. She has helped guide our investment strategy, bolster our enterprise risk management processes, and perform insightful business intelligence analysis.

Amanda, who started as an intern at SFM, is a sterling example of what can happen when we give people the space to fulfill their potential. Her financial acumen and vision have been critical to SFM’s success, and her leadership will help position us for the future.

As we move into the new year, we want our agent partners to know how much we appreciate their trust. Let’s continue to write more business and build on the momentum we’ve generated over the years. When you select SFM for your policyholders’ work comp coverage, we understand you are choosing to resist pressure from package insurance lines and recognize the value of our dedication and service.

SFM realizes that strong financial results are necessary for the success of our stakeholders. We also know our staunch commitment to focusing on our customers is the backbone of what we do and how we will continue to grow moving forward together.

Thank you for your continued support and partnership! We look forward to sharing success with you and your clients for many years to come.

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Building on its status as the No. 1 workers’ compensation carrier in Minnesota, SFM had another strong year in 2025, with gains in newer markets, as well.

“About half of SFM’s business is now from states outside of Minnesota,” said Shawn Miner, VP of Regional Business. “In addition to maintaining the lead we’ve held in Minnesota for over 20 years, it’s fantastic to see strong growth coming from our other core states.”

Also of note, in 2025 SFM moved claims handling in-house in Indiana and Tennessee, which is expected to provide better service for policyholders and bolster SFM’s reputation in these states. This change allowed SFM to increase its appetite and write business for accounts larger than $25,000 in Indiana and Tennessee.

“We’re excited to add employees in our newer states as our footprint continues to grow,” said Cody Allen, SFM Territory Manager. “With claims handling coming in-house and our standing in new core states expanding, we are looking forward to increasing our presence and, in turn, our market share.”

Wisconsin, specifically, had an excellent 2025, with a record for new business premium.

“Our passion for providing the best work comp service is resonating with agents and policyholders,” said Rick Spaulding, a Wisconsin Team Business Leader. “They invest in a relationship built on trust.”

Highlights from 2025 include:

• 93% policyholder retention rate
• Total written premium of just over $253 million for 2025
• New business premium of $28.4 million
• Added 6,071 new business policyholders
• Another year of an A- rating from AM Best
• SFM Foundation awarded 19 new scholarships, bringing the total to $4.7 million
• Ongoing member of Keystone Program, donating 2% of pre-tax profits to charity

SFM partners with thousands of independent agents and serves more than 50,000 policyholders. In addition, SFM’s portion of the Wisconsin Workers’ Compensation Assigned Risk Plan is increasing from 20% to 25% this year.

“We have seen steady growth, despite rising claims and medical costs, and our overall trajectory is strong,” Steve Sandilla, Senior VP and Chief Business Officer. “While we have long been a work comp leader in the Midwest, the success of this latest round of expansion is a sign that we will continue to capture more market share in the years to come.”

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We have worked to make SFM Agency Manager (SAM) as easy to use as possible, including streamlining the underwriting process.

SFM writes business in more than 400 class codes – key industries such as construction, healthcare, manufacturing, hospitality, social services and nearly any other “main street” business you can think of.

The following lists of our top 20 new business class codes by policy count and premium will give you an idea of where we’re seeing the most success.

Top 20 class codes by policy count

This shows SFM’s top new business class codes by policy count over the past three years.

1. 5645 – Carpentry – Resident Dwelling
2. 8835 – Home, Public & Traveling Healthcare
3. 8810 – Clerical Office Employees NOC
4. 8868 – Colleges Or Schools 
5. 9015 – Bldg or Prop M – Ops By Owner
6. 8842 – Group Homes – All Employees
7. 9082 – Restaurant NOC
8. 5474 – Painting Or Paper Hanging NOC
9. 8017 – Store Risks Retail NOC
10. 8832 – Physicians 
11. 0006 – Farms No Inservants
12. 9084 – Bar, Discotheque, Lounge, Nightclub
13. 0037 – Farm NOC
14. 8742 – Salespersons Or Messeng-Outsid
15. 8380 – Automobile Service Or Repair
16. 9063 – YMCA, YWCA, YMHA Or YWHA
17. 9014 – Buildings Operation By Contractors
18. 8869 – Child Day Care Center – Professionals
19. 8824 – Group Homes – All Employees
20. 5190 – Electrical Wiring-Within Buildings

Top 20 class codes by premium

This shows our top new business class codes by premium size over the past three years.

1. 8868 – Colleges Or Schools
2. 8824 – Retirement Living Centers Healthcare
3. 8842 – Group Homes – All Employees
4. 8835 – Home, Public & Traveling Healthcare
5. 5645 – Carpentry – Resident Dwelling
6. 8833 – Hospitals Professional Employes
7. 8832 – Physicians 
8. 7382 – Bus Co: All Other Employees & Drivers
9. 8829 – Nursing Or Convalescent Home
10. 0006 – Farms No Inservants
11. 9082 – Restaurant NOC
12. 8864 – Social Service Organization
13. 7219 – Trucking NOC
14. 5221 – Concrete or Cement Work-Floors
15. 8380 – Automobile Service Or Repair
16. 9012 – Building or Property Mgmt-C&S
17. 0037 – Farm NOC
18. 3632 – Machine Shops NOC
19. 8017 – Store Risks Retail NOC
20. 9015 – Bldg or Prop M – Ops By Owner

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