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FOR IMMEDIATE RELEASE
OLDWICK - JULY 17, 2024 04:44 PM (EDT)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Cincinnati Equitable Insurance Company (Cincinnati Equitable) (Cincinnati, OH). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Cincinnati Equitable’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
The company will be used to distribute farm and country estate business within the state of Pennsylvania. It is expected to begin writing business in 2024 and will offer out-of-state premium distribution for Michigan Farm Bureau Group. A quota share agreement is in place to ensure that all insurance risk is transported out of this entity. The company’s risk and operational responsibilities will be handled by Michigan Farm Bureau Group and MMG Insurance Company.
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.