AM Best Withdraws Credit Ratings of Hartland Mutual Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Hartland Mutual Insurance Company (Hartland) (Minot, ND). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Hartland’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The rating affirmations reflect the reversal of a trend in deterioration of surplus through early 2026. Hartland’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), remains at the strongest level, which is supportive of the company’s strong balance sheet assessment. The two years of surplus decline in 2024 and 2025 were a result of increased catastrophe retention levels and elevated reinsurance costs. Retentions were increased to a level where Hartland retained all catastrophe losses and did not cede any catastrophe losses. These elevated retention levels pressured not only the balance sheet but also the operating performance, which deteriorated in the past two years due to the increased retained losses and loss payments. Hartland is taking rate and looking to adjust its reinsurance retentions to maintain the health of the company’s balance sheet and operating performance. Through the first half of 2026, Hartland reported policyholder surplus growth of 12.4% and a combined ratio of 89.7%.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.