AP NEWS
ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
Related topics
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

AM Best Upgrades Issuer Credit Rating for Mt. Morris Mutual Insurance Company

July 15, 2021 GMT

OLDWICK, N.J.--(BUSINESS WIRE)--Jul 15, 2021--

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating of B+ (Good) of Mt. Morris Mutual Insurance Company (Mt. Morris) (Coloma, WI). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Mt. Morris’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The upgrade of the Long-Term ICR reflects the company’s strengthened balance sheet, inferred by key metrics of financial strength over the past five years with those over the longer term. Improved operating performance has powered robust policyholders’ surplus growth over the past five years, which in turn pushes important quantitative metrics such as underwriting and reserve leverages in a favorable direction. AM Best attributes these trends to company management’s efforts to implement quality underwriting initiatives in order to broadly improve operating performance, the result of which has been a favorable influence on overall balance sheet strength. Mt. Morris has maintained the strongest level of risk-adjusted capitalization over the past five years, as measured by Best’s Capital Adequacy Ratio (BCAR), which further corroborates the tangible impact of the company’s improved operating performance on its balance sheet strength.

ADVERTISEMENT

The limited business profile assessment is driven largely by Mt. Morris’ geographic concentration in Wisconsin, which exposes results to frequent and severe weather-related events, as well as potential judicial, economic or regulatory challenges. The appropriate ERM assessment is driven by a developed risk management framework, and risk management capabilities that remain appropriately commensurate with the complexity of the business.

ADVERTISEMENT

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210715005941/en/

CONTACT: Christopher Jackson

Financial Analyst

+1 908 439 2200, ext. 5721

christopher.jackson@ambest.comBrian O’Larte

Director

+1 908 439 2200, ext. 5138

brian.o’larte@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comJim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: AM Best

Copyright Business Wire 2021.

PUB: 07/15/2021 02:16 PM/DISC: 07/15/2021 02:16 PM

http://www.businesswire.com/news/home/20210715005941/en