A.M. Best Upgrades Issuer Credit Ratings of Employers Mutual Casualty Company and Certain Subsidiaries
The ratings of EMC Insurance Companies reflect its balance sheet strength, which
The Long-Term ICR upgrades are based on the group’s sustained improvement in its overall operations, strong capital formation and its robust level of risk-adjusted capitalization, which also considers the group’s consistently favorable loss reserve development. The group has taken action in recent years to improve pricing and risk selection, claims management and reserving methodology. It has developed and implemented predictive modeling tools and sophisticated monitoring systems as part of its overall risk management program, which have resulted in an improved ability to differentiate and monitor risk concentrations and to quantify and track the quality of business over time. These tools are leveraged by the group’s extensive network of brand offices and supported by long-standing agency relationships. These enhancements also were designed to enable management to more effectively manage the group’s business through market cycles.
The ratings of EMC Re reflect its balance sheet strength, which
The ratings of EMCNL reflects its balance sheet strength, which
The ratings of EMCI recognize the capital strength of its P/C subsidiaries, the benefits derived from the intercompany pooling agreement with EMCC and the absence of any financial leverage with no existing debt outstanding.
The Long-Term ICRs have been upgraded to “a+” from “a” and the FSR of A (Excellent) has been affirmed, each with a stable outlook for EMCC and its following P/C subsidiaries. These companies are all part of an intercompany pooling agreement, whereby all premiums, losses and expenses are shared proportionally based on their stated pooling participation:
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Dakota Fire Insurance Company -
EMC Property & Casualty Company -
EMCASCO Insurance Company - Illinois
EMCASCO Insurance Company -
Union Insurance Company of Providence
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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Jieqiu Fan, +1 908-439-2200, ext. 5372
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Source:
A.M. Best Affirms Credit Ratings of American Federated Insurance Company
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