CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 11, 2020 08:24 AM (EST)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Kansas Mutual Insurance Company (KMIC) (Topeka, KS).
The ratings reflect KMIC’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The revision in the Long-Term ICR outlook reflects the improvements in company’s operating performance in recent years due to favorable weather-related loss experience in its home state of Kansas, coupled by management’s focus on underwriting discipline, rate adjustments and deductibles. As a result, the company’s combined and operating ratios outperform the personal property composite. AM Best expects the company’s operating performance to remain favorable over the near-term and continue to bolster balance sheet strength. The company’s business profile is limited due to the product offerings as a single-state property insurer with geographic concentration in catastrophe-prone areas. KMIC also benefits from an appropriate ERM program that supports its risk profile and a comprehensive reinsurance program.
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 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 credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.