OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Grange Insurance Company and its pooled subsidiaries and reinsured affiliates. All companies are domiciled in Columbus, OH and collectively are called Grange. (See below for a detailed listing of the companies.)
These Credit Rating (ratings) reflect Grange’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The outlook revisions to positive are based on AM Best’s expectation of sustained improvement in Grange’s underwriting and operating performance, despite modest volatility from weather-related events, while maintaining the strongest level risk adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR). Grange’s strategic profitability initiatives have resulted in underwriting performance metrics that outperformed its peer group in recent years and, combined with growing investment income, has resulted in continued organic surplus growth. Grange provides personal and commercial lines products throughout the Midwest and Southeast and has an established position as one of the largest auto writers in Ohio. The ERM program includes a formal risk reporting process, established tolerance levels and risk limits, and stress testing for significant risks.
The FSR of A (Excellent) and the Long-Term ICRs of “a+ ” have been affirmed with the outlooks revised to positive from stable, for the following members of the Grange Insurance Pool:
- Grange Insurance Company
- Grange Indemnity Insurance Company
- Grange Insurance Company of Michigan
- Grange Property & Casualty Insurance Company
- Integrity Insurance Company
- Integrity Property & Casualty Insurance Company
- Integrity Select Insurance Company
- Trustgard Insurance Company
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.
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