Press Release - OCTOBER 29, 2019

AM Best Revises Issuer Credit Outlook to Positive for Upland Mutual Insurance, Inc.


CONTACTS:
 Janet Hernandez
Senior Financial Analyst
+1 908 439 2200, ext. 5767
janet.hernandez@ambest.com

Richard Attanasio
Senior Director
+1 908 439 2200, ext. 5432
richard.attanasio@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - OCTOBER 29, 2019
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” of Upland Mutual Insurance, Inc. (Upland) (Junction City, KS). The outlook of the FSR remains stable.

These Credit Ratings (ratings) reflect Upland’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The positive outlook reflects the improvement in balance sheet strength over the past five years resulting from consistent capital generation through a mix of underwriting, investments and fee income. In addition, Upland maintains a conservative investment portfolio, liquidity measures that are enhanced by positive underwriting and operating cash flows, and improved underwriting leverage.

The adequate operating performance assessment reflects Upland’s underwriting results, which are supplemented by steady net investment income and other income, which have generated consistent operating profits. The company maintains a limited business profile as a writer of personal property in Kansas. ERM is appropriate for the company’s risk profile and is in line with management’s capabilities.

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.

AM Best is a global rating agency and information provider with an exclusive focus on the insurance industry.


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AMB# Company Name
000940 Upland Mutual Insurance, Inc.