OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” from “a” of Granite Re, Inc (Granite) (Oklahoma City, OK). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR remains stable. In addition, A.M. Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of "aa-" of Federated Mutual Insurance Company and its subsidiaries, Federated Service Insurance Company and Federated Reserve Insurance Company. The outlook of these ratings is stable. These companies are collectively referred to as Federated Mutual Group (Federated). All companies are domiciled in Owatonna, MN unless otherwise specified.
The ratings reflect Federated’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
The rating actions for Granite reflect the execution of an inter-company pooling agreement under which the company will assume 2.0% participation in a pool led by its parent, Federated Mutual Insurance Company.
Federated provides a range of commercial and personal property/casualty coverages throughout the United States. Federated acquired Granite in 2017 to enhance its market position for serving commercial contractors and diversify product offerings.
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