AM Best upgrades Kansas Mutual’s FSR rating to A
AM Best has upgraded Kansas Mutual Insurance Company’s financial strength rating to A from A- and the long-term issuer credit rating (ICR) to a from a-.
AM Best cited the company’s strong balance sheet and operating performance, as well as management’s focus on underwriting discipline, risk adjustments and deductibles.
The ratings agency said the carrier benefited from favorable weather-related loss experience in Kansas.
“As a result, the company’s combined and operating ratios significantly outperform the personal property composite,” AM Best said.
“Underwriting success has driven profitability for the company, which also has led to a double-digit increase in policyholder surplus in each of the past five years.”
The agency revised its credit ratings outlook to "stable" from "positive".
AM Best said it expects the company’s operating performance to “remain favorable over the near term and continue to boost its balance sheet strength.”
The agency also recently upgraded Selective’s FSR rating to A+ from A and its ICR rating to aa- from a+.