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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 03, 2018 10:59 AM (EDT)
A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Goodville Mutual Casualty Company (Goodville) (New Holland, PA) and German Mutual Insurance Company(OH) (German) (Napolean, OH), both members of the Goodville Mutual Pool (The Pool). The outlook of these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings of German, as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The ratings reflect the pool’s balance sheet strength, which A.M. Best categorizes as strongest, as well as the company’s strong operating performance, neutral business profile and appropriate enterprise risk management.
The pool’s rating is supported by strong and consistent operating profitability that has bolstered balance sheet strength. The favorable operating performance is supported by the pool’s strong underwriting discipline, long-standing market presence, solid agency relationships and conservative risk management efforts. As a result, the pool’s five-year average operating results compare favorably with composite averages. In more recent years, the pool has begun to further diversify geographically through organic growth initiatives.
Partially offsetting these positive rating factors is the pool’s premium geographic concentration focused primarily in personal lines writings in Pennsylvania and Ohio, which exposes the pool to both regulatory and event-driven risk.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.