On March 12, when the pandemic broke out, UV Insurance quickly deployed its business continuity plan by activating its crisis unit and implementing numerous initiatives to maintain its operations. Our president and CEO and the senior management meet twice a day by conference call to monitor developments regarding the situation and make decisions, respecting government directives and the insurance industry recommendations.
To ensure the health and safety of our staff, more than 90% of our workforce has been deployed to teleworking. All essential departments, including the call centre and claims department, are fully functional. We are also optimizing our procedures already in place to encourage electronic processing of the vast majority of our operations.
As you can see in our most recent annual report, our balance sheet from December 31, 2019 shows assets that are still growing and are of excellent quality. Our mutualists’ assets have exceeded $250 millions, and maintaining our solvency ratio at over 200%, which is still one of the best in our industry. We are therefore in an excellent position to face the current economic situation.
Rest assured that we are doing everything we can to meet your expectations and we are open to your suggestions to improve our business processes together. Under the circumstances, our size and agility are major assets as we are able to make decisions quickly to meet your needs and ensure the continuity of our operations.
Thank you for your precious cooperation!