The Main Street America Group, which as a regional office in Syracuse, N.Y., reported a $43.6 million underwriting profit in 2008, the largest in its 85-year history.

The underwriting profit was 38% higher than its 2007 underwriting profit of $31.7 million.

The regional property-casualty carrier’s corporate combined ratio was 94.9, one of its best ever, and better than its 2007 combined ratio of 95.8, the company reported.

Several of its operating units also achieved strong combined ratios in 2008, including the Syracuse Region (93.4), which includes New York State and Pennsylvania, company officials said.

“We continued to focus on only writing business that is profitable as we maintained our underwriting and pricing discipline,” said Main Street America chairman, president and chief executive officer Tom Van Berkel.

At year-end 2008, Main Street America had $1.8 billion in assets, a surplus of $607 million and a premium-to-surplus ratio that improved to 1.33:1. Direct written premium was $805 million.

“We ended the year extremely well-capitalized with a strong balance sheet,” Van Berkel said.

With more than $800 million in direct premium written exclusively by 1,000-plus independent insurance agents, the company insures more than 500,000 policyholders.