OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of The Celina Mutual Insurance Company, Miami Mutual Insurance Company, The National Mutual Insurance Company, and its affiliate, West Virginia Farmers Mutual Insurance Association (Clarksburg, WV), which are members of the Celina Insurance Group (Celina). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. All companies are domiciled in Celina, OH unless otherwise specified.
The ratings reflect Celina’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating upgrades reflect a revision in the business profile assessment, which has benefited from management’s ongoing efforts that have focused on product and geographic diversification, pricing sophistication, and data analytics to better manage risk exposure, over the past several years. Collectively, these strategies have enhanced the group’s ability to respond to competitive market challenges, economic volatility and changes in the regulatory environment within its operating territories.
Celina’s balance sheet strength continues to be supported by its strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and historically favorable loss reserve development. The group’s operating performance is driven by better-than-average loss experience supported by ongoing profitability initiatives and expansion of the farm and commercial products. These actions have favorably impacted operating results and the group’s ability to generate organic surplus growth through core operations.
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