Merrill, Wis.-based Church Mutual Insurance Co. and its subsidiaries CM Vantage Specialty Insurance Co. and CM Regent Insurance Co. have earned a “positive” outlook for long-term issuer credit rating by A.M. Best.
A.M. Best upgraded the long-term issuer credit rating to “positive” from “stable,” and has affirmed the Church Mutual family of companies’ financial strength rating of “A” (excellent) and the long-term issuer credit rating of “a.”
Church Mutual also announced that the company has been recognized by the National Association of Mutual Insurance Companies, or NAMIC, for its entrepreneurialism and innovation with its Internet of Things (IoT) technology.
The A.M. Best revised credit rating outlook reflects Church Mutual’s strong risk-adjusted capitalization, according to A.M. Best. It further reflects the company’s consistent underwriting and operating results, customer-focused market strategy and well-developed enterprise risk management capabilities.
In announcing the rating upgrade, A.M. Best noted that it anticipates continued favorable operating results from Church Mutual and its subsidiaries based on their diversification and expanded product suite.
The commercial property and liability insurer received the Award in Innovation by the National Association of Mutual Insurance Companies, or NAMIC, for its Sensor Technology Program. This is the second award for innovation that Church Mutual has received this year for the sensor technology. In April, Church Mutual earned the Celent Model Insurer award.
NAMIC’s Award in Innovation was created in 2014 to recognize mutual insurers that exemplify the vision and entrepreneurialism it takes to stay relevant in changing times. Whether the ideas are big or small, each innovation is crucial to keeping the insurance industry strong and stable for the future.
Church Mutual’s Sensor Technology Program offers customers year-round protection using temperature and water sensors setup in vulnerable areas of a building or in areas where priceless and often irreplaceable items are stored. The sensors are monitored remotely 24/7, so no one has to be on the premises. Alerts are sent by text message, email or phone to one or several contacts if a temperature or water sensor relays a low temperature or presence of water reading.
The Sensor Technology Program was launched in late 2016. There are more than 2,500 houses of worship nationwide enrolled in the program.
NAMIC is a 120-year-old national organization of mutual insurance companies based in Indianapolis, Indiana.
Source: Church Mutual Insurance Co.
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