AM Best Revises Outlooks to Positive for Members of Midwest Insurance Group
2024年5月24日 - 3:22AM
ビジネスワイヤ(英語)
AM Best has revised the outlooks to positive from stable
and affirmed the Financial Strength Rating of A- (Excellent) and
the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-”
(Excellent) of Midwest Insurance Company (Springfield, IL), West
River Insurance Company (Sioux Falls, SD) and Brickyard Insurance
Company (Fort Wayne, IN), collectively known as Midwest Insurance
Group (Midwest).
The Credit Ratings (ratings) reflect Midwest’s balance sheet
strength, which AM Best assesses as very strong, as well as its
adequate operating performance, limited business profile and
appropriate enterprise risk management (ERM).
The positive outlook of the Long-Term ICRs reflects Midwest’s
consistent trend in operating gains, low net leverage and continued
favorable reserve development. Midwest’s operating performance
compares very favorably with the workers’ compensation composite on
a five-year and 10-year basis, with strong underwriting performance
and steady investment income contributing to strong growth in
surplus and strongest risk-adjusted capitalization ratios.
Additionally, return on revenue metrics and return on equity have
outpaced the composite over the past five years.
Midwest has a limited business profile as a monoline workers’
compensation insurer operating in approximately 20 states
contracting with small- to medium-sized agency partners. The ERM
framework and capabilities are evaluated as appropriate for the
company’s risk profile.
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.
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Scott Foley Senior Financial Analyst +1 908 882
1774 scott.foley@ambest.com
Rosemarie Mirabella Director +1 908 882
2125 rosemarie.mirabella@ambest.com
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Relations +1 908 882 2310
christopher.sharkey@ambest.com
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908 882 2318 al.slavin@ambest.com