JUNE 04, 2020 10:32 AM (EDT)
AM Best Affirms Credit Ratings of Sentry Insurance a Mutual Company and Its Subs; Assigns Ratings to Dairyland National Ins Co
|Samiksha Gupta |
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Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 04, 2020 10:32 AM (EDT)
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Sentry Insurance a Mutual Company (SIAMCO) and its wholly owned subsidiaries. The outlook of these Credit Ratings (ratings) remains stable. All property/casualty (P/C) subsidiaries are collectively referred as Sentry Insurance Group (Sentry). Concurrently, AM Best has assigned an FSR of A+ (Superior) and a Long-Term ICR of “aa-” to Dairyland National Insurance Company (DNIC), a newly created subsidiary of SIAMCO. The outlook assigned to these ratings is stable. AM Best also has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” of Sentry Life Insurance Company and Sentry Life Insurance Company of New York, collectively known as Sentry Life. The outlook of these ratings remains stable. All P/C subsidiaries are members of the intercompany reinsurance pool. Sentry is headquartered in Stevens Point, WI. (See below for a list of the P/C companies.)
The ratings of the group’s P/C members reflect their consolidated balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Sentry’s rating affirmations reflect its strong risk-adjusted capital position and a fairly conservative investment portfolio, along with its continued consistent operating results. Sentry provides a range of commercial and personal P/C coverages throughout the United States.
The ratings assigned to DNIC reflect the strategic position it holds within the organization and the execution of an inter-company quota share agreement. DNIC also benefits from the synergies it derives from a centralized management structure, which operates as one overall entity. DNIC will provide Sentry with additional growth opportunities for providing personal lines coverages.
The ratings of Sentry Life reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect the rating enhancement it receives from its affiliation with Sentry.
Sentry Life continues to serve and cross-sell to SIAMCO’s P/C-based customers, contributes an increasing portion of Sentry’s overall premium and earnings, and continues to strengthen its market position in the group annuity marketplace.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” have been affirmed for the following members of the Sentry Insurance Group:
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.