A.M. Best Upgrades Credit Ratings of Mt. Morris Mutual Insurance Company

OLDWICK, N.J.--()--A.M. Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” from “bbb-” of Mt. Morris Mutual Insurance Company (Mt. Morris) (Coloma, WI). The outlooks of these Credit Ratings (ratings) have been revised to stable from positive.

The rating upgrades reflect Mt. Morris’ strong level of risk-adjusted capitalization and solid and improving underwriting and operating performance, largely due to several initiatives management has undertaken to improve underwriting results, such as rate level adjustments, exposure mitigation efforts, refined underwriting techniques and agency management changes. Additionally, the company’s ratings are based on a prudent investment portfolio, solid liquidity measures that are enhanced with positive underwriting and operating cash flows and a comprehensive reinsurance program with strong partners.

Offsetting rating factors include Mt. Morris operating predominantly in Wisconsin, which creates geographic and regulatory risks. Furthermore, the company maintains elevated common stock leverage. Although investment performance has been favorable, it carries the risk that policyholders’ surplus is more exposed to fluctuations in equity value.

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.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Christopher Jackson
Financial Analyst
+1 908 439 2200, ext. 5721
christopher.jackson@ambest.com
or
Brian O’Larte
Associate Director
+1 908 439 2200, ext. 5138
brian.o'larte@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Contacts

A.M. Best
Christopher Jackson
Financial Analyst
+1 908 439 2200, ext. 5721
christopher.jackson@ambest.com
or
Brian O’Larte
Associate Director
+1 908 439 2200, ext. 5138
brian.o'larte@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com