Best’s News & Research Service - June 28, 2023 09:33 AM (EDT)
AM Best Upgrades Credit Ratings of ELCO Mutual Life and Annuity
- June 28, 2023 09:33 AM (EDT)
Oldwick //BestWire// - AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of ELCO Mutual Life and Annuity (ELCO) (Lake Bluff, IL). The outlook of the Credit Ratings (ratings) is stable.
These ratings reflect ELCO’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings upgrade is driven by improvements in ELCO’s capitalization over the past several years through organic growth driven by consistent positive earnings along with an improving asset quality assessment within its balance sheet. While reinsurance dependence is considered elevated, AM Best expects this to decline in the future.
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.