A.M. Best Co. announced it has upgraded the financial strength rating (FSR) to “A-” (Excellent) from “B++” (Good) and assigned an issuer credit rating (ICR) of “a-” to Wisconsin Mutual Insurance Company of Madison, Wis.
The outlook for the FSR has been revised to stable from positive, and the outlook assigned to the ICR is stable.
The rating upgrade reflects Wisconsin Mutual’s strong risk-adjusted capitalization, positive trend of operating income and established market presence in Wisconsin. Offsetting these positive rating factors is the company’s concentration of personal lines business in Wisconsin, which exposes it to regulatory and judicial actions, as well as frequent and severe weather-related events.
Wisconsin Mutual’s strong risk-adjusted capital position is attributed to the reduction in its underwriting leverage, favorable loss reserve development trend and conservative investment portfolio. Wisconsin Mutual reported several years of favorable operating results that produced a five-year average operating return that was better than the industry composite.
Source: A.M. Best, www.ambest.com.
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