JUNE 20, 2017 03:07 PM (EDT)
A.M. Best Revises Issuer Credit Rating Outlook to Positive for Members of Church Mutual Insurance Group
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 20, 2017 03:07 PM (EDT)
The revised Long-Term ICR outlook reflects Church’s strong risk-adjusted capitalization, management’s extensive knowledge of its specialty niche market and strong brand recognition within the religious community. The outlook further reflects the group’s consistent underwriting and operating results in recent years, derived from its customer-focused market strategy and developed enterprise risk management capabilities that have strengthened the capital position. In addition, Church has expanded its business profile as reflected by the successful launch of CM Vantage and acquisition/integration of CM Regent.
These positive rating factors are partially offset by the group’s exposure to weather-related events, above average common stock leverage and inherent challenges associated with operating in its specialty niche market of insuring religious and religious-affiliated organizations. Prospectively, A.M. Best anticipates continued favorable operating results based on management’s strategic initiatives that will continue to diversify its business risk profile and expand its product suite.
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