OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of CAMICO Mutual Insurance Company (CAMICO) (San Mateo, CA). The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect CAMICO’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The revised positive outlook of the Long-Term ICR is based on the company’s improved operating performance, which continues to benefit from pricing improvements and underwriting initiatives. A continuation of these improvements will likely result in an improved Long-Term ICR in the near to medium term.
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