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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 30, 2021 09:59 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-” (Excellent) of Mutual of Enumclaw Insurance Company and Enumclaw Property & Casualty Insurance Company, which comprise Enumclaw Insurance Group (Enumclaw). The companies are headquartered in Enumclaw, Washington.
These Credit Ratings (ratings) reflect Enumclaw’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The revision in the outlooks to positive from stable reflects Enumclaw’s strategic profitability initiatives and enhanced exposure management, which have resulted in a stabilization in underwriting performance in recent years. Corrective underwriting actions were implemented to mitigate weather-related losses, including wildfire and winter weather. Enumclaw’s very strong balance sheet strength assessment is supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), its high quality investment portfolio, and a comprehensive reinsurance program, with this assessment somewhat offset by adverse reserve development in recent years. The neutral business profile assessment reflects its long-standing knowledge and expertise within the Pacific Northwest and its broad product offerings in both personal and commercial lines. AM Best views Enumclaw’s ERM as appropriate for the risk profile of the organization
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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.