Best’s News & Research Service - July 14, 2021 10:08 AM (EDT)
AM Best Revises Issuer Credit Rating Outlook to Positive for CAMICO Mutual Insurance Company
- July 14, 2021 10:08 AM (EDT)
Oldwick //BestWire// - AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of CAMICO Mutual Insurance Company (CAMICO) (San Mateo, CA). The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect CAMICO’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The revised positive outlook of the Long-Term ICR is based on the company’s improved operating performance, which continues to benefit from pricing improvements and underwriting initiatives. A continuation of these improvements will likely result in an improved Long-Term ICR in the near to medium term.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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.