AM Best Revises Outlooks to Positive for Wayne Mutual Insurance Company
The Credit Ratings (ratings) of Wayne Mutual reflect its balance sheet strength, which
The positive outlooks reflect the company’s improving balance sheet strength as demonstrated by consistent surplus growth that is driven by strong underwriting income and augmented by a steady stream of net investment and other income. As a result, surplus growth has been reported for five consecutive years with this trend continuing in 2018. The company’s balance sheet is very strong with sound liquidity measures, favorable underwriting leverage ratios and historically redundant reserve development. Partially offsetting these positive balance sheet factors is the company’s moderately elevated common stock leverage, which exposes policyholder surplus to stock market volatility. A continuation of these favorable balance sheet trends and characteristics could result in positive rating action in future rating cycles.
The company’s operating performance is strong as reflected by five-year average pre-tax and total returns on revenue and equity that compare favorably with the composite. In addition, the company’s five-year average combined and operating ratios outperform the composite. As a single state writer in
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Source: AM Best
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