AM Best Revises Outlooks to Positive for Upland Mutual Insurance, Inc.
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of
The Credit Ratings (ratings) reflect Upland’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The revised outlooks to positive from stable reflect Upland’s continued strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and continued improvement in Upland’s balance sheet metrics to a level that aligns with higher-rated balance sheets. Upland has continued to bolster surplus levels, while simultaneously maintaining low and underwriting leverage measures. Underwriting leverage measures continue to compare very favorably with the personal property composite averages. Upland has produced additions to surplus in nine of the past 10 years, with 2022 being the only exception due to unrealized losses and market volatility. Additions to surplus have occurred despite paying down
The limited business profile reflects the company’s geographic concentration within
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 Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best
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