JANUARY 18, 2023 09:07 AM (EST)
AM Best Upgrades Credit Ratings of Marysville Mutual Insurance Company
|Janet Hernandez |
+1 908 439 2200, ext. 5767
+1 908 439 2200, ext. 5432
Manager, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 18, 2023 09:07 AM (EST)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Marysville Mutual Insurance Company (Marysville) (Marysville, KS). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Marysville’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
The rating upgrades reflect a strengthening of Marysville’s balance sheet fundamentals in recent years, supported by consistently strong operating performance, which has driven policyholder growth. Surplus appreciation has led to consistent improvement in leverage and liquidity measures, and risk-adjusted capitalization, which is expected to help the company weather the current financial market volatility. Marysville’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has remained stable at the strongest level. However, as a single-state property insurer with geographic concentration in Kansas, Marysville’s limited scale of operations drive its limited business profile assessment. ERM is appropriate due to consistent measurement and monitoring of the company’s risks and reinsurance protection to mitigate its exposure to natural catastrophes.
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.