DECEMBER 15, 2020 10:24 AM (EST)
AM Best Upgrades Credit Ratings of Royal Neighbors of America
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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 15, 2020 10:24 AM (EST)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Royal Neighbors of America (RNA) (Rock Island, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect RNA’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating upgrades reflect RNA’s improved operating performance trends, including premium growth and overall profitable earnings in the past three years. The operating earnings have improved as a result of reduced business strain from the company’s life insurance products. AM Best expects RNA to continue to see a trend of positive earnings in the near term. The rating actions also reflect RNA’s long-standing presence as a fraternal society serving women and their family members, as well as its strong risk-adjusted capitalization. With more than 125 years of history, RNA has supported its members with life and annuity insurance programs and fraternal benefits in 42 states through its strong capital and surplus position.
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.