JUNE 15, 2022 03:18 PM (EDT)
AM Best Upgrades Credit Ratings of Members of Celina Insurance Group
|Maurice Thomas |
Senior Financial Analyst
+1 908 439 2200, ext. 5794
+1 908 439 2200, ext. 5125
Manager, Public Relations
+1 908 439 2200, ext. 5159
Managing Director, Strategy & Communications
+1 908 439 2200, ext. 5204
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 15, 2022 03:18 PM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of The Celina Mutual Insurance Company, Miami Mutual Insurance Company, The National Mutual Insurance Company, and its affiliate, West Virginia Farmers Mutual Insurance Association (Clarksburg, WV), which are members of the Celina Insurance Group (Celina). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. All companies are domiciled in Celina, OH unless otherwise specified.
The ratings reflect Celina’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating upgrades reflect a revision in the business profile assessment, which has benefited from management’s ongoing efforts that have focused on product and geographic diversification, pricing sophistication, and data analytics to better manage risk exposure, over the past several years. Collectively, these strategies have enhanced the group’s ability to respond to competitive market challenges, economic volatility and changes in the regulatory environment within its operating territories.
Celina’s balance sheet strength continues to be supported by its strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and historically favorable loss reserve development. The group’s operating performance is driven by better-than-average loss experience supported by ongoing profitability initiatives and expansion of the farm and commercial products. These actions have favorably impacted operating results and the group’s ability to generate organic surplus growth through core operations.
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 Performance Assessments, 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.