CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 30, 2018 01:24 PM (EDT)
A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Red River Valley Mutual Insurance Company (Red River Mutual) (Manitoba, Canada). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Red River Mutual’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The company is a prominent property insurer in Manitoba with a 140-year history and solid reputation in its market. Red River Mutual continues to diversify geographically with a particular focus on the commercial property line of business. Key members of management have proactively implemented new cost savings and efficiency initiatives in the past few years that have resulted in more favorable operating performance.
Positive rating movement could occur if the company experiences favorable, sustained underwriting performance in excess of peers. Negative rating pressures could occur if the company experiences a material deterioration of surplus that affects its ability to meet policyholder obligations.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.