A.M. Best Cites Strong Risk-Adjusted Capitalization and Favorable Business Profiles
MADISON, Wis. — Financial ratings agency A.M. Best on Wednesday affirmed the financial strength rating of CUMIS Insurance Society (CUMIS) at “A” (Excellent) and upgraded the financial strength rating of Producers Agriculture Insurance Company (ProAg) to “A” (Excellent). CUMIS (property and casualty insurance) and ProAg (crop insurance) are subsidiaries of CMFG Life Insurance Company. Both subsidiaries’ outlooks remain stable.
In assigning the “A” rating to CUMIS and elevating ProAg from “A-“ to “A,” A.M. Best cited both companies’ strong level of risk-adjusted capitalization. The “A” rating is the third highest rating of 16 categories of ratings A.M. Best issues.
A.M. Best cited CUMIS’ conservative balance sheet, overall operating profitability and well-established niche position in the credit union marketplace. “The ratings further reflected the financial flexibility and diversified operations of CMFG (Life Insurance Co.),” A.M. Best said.
“CUNA Mutual Group has worked hard to bring greater value to credit unions and their members through our products and services, while keeping premiums down,” said Jeff Post, President and CEO of CUNA Mutual Group. “We are pleased A.M. Best cited our diversification strategy in acknowledging our strong performance.”
In upgrading ProAg, the ratings agency recognized the support its reinsurance agreement with CUMIS provides, its business profile as one of the largest providers of crop insurance and its experienced management team.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For ratings information, go to www.ambest.com.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Crop insurance products are issued by Producers Agriculture Insurance Company. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.