AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Church Mutual Insurance Company, S.I. The outlook assigned to these Credit Ratings (ratings) is negative.
These ratings apply to Church Mutual and its wholly owned subsidiaries including CM Regent Insurance Company, CM Vantage Specialty Insurance Company and CM Indemnity Insurance Company. The ratings of the group reflect its 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 (ERM).
In the past few years, many property and casualty insurers faced multiple challenges – increased claims and claim costs, a challenging judicial environment in some states (social inflation) and catastrophic events that produced a record number of claims. These challenges impacted Church Mutual as well. However, beginning in 2023, Church Mutual took strategic, proactive measures that have laid a foundation to support balance sheet strength, consistent profitability, stable earnings, a diversified risk portfolio and effective enterprise risk management practices. Significant progress has been made to date.
“We are pleased with the positive impact of these measures,” said Alan Ogilvie, Church Mutual’s president and CEO. “We are also pleased with our year-over-year surplus growth, strategic de-risking and impactful efforts supporting rate adequacy. We remain committed to our financial strength, which supports our customers and their communities.”
Source: AM Best
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