A.M. Best reported it has revised the outlook to stable from negative and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-“ofUpland Mutual Insurance Inc. (Upland) in Junction City, Kan.
The revised outlook reflects Upland’s adequate risk-adjusted capitalization and improved operating performance during the past two and a half years. Upland’s performance is primarily driven by strategies implemented as a result of the company’s operating results. These strategies include rate increases, re-underwriting initiatives, higher deductibles, agency terminations and exposure mitigations. A.M. Best anticipates that the impact of these proactive measures will be evident going forward. Furthermore, Upland maintains favorable overall liquidity measures, a conservative investment portfolio and reserving practices.
Partially offsetting these positive rating factors is Upland’s narrow geographic footprint in the state of Kansas, which will continue to be exposed to tornado, wind and hail storm losses and competitive market conditions. However, the company maintains a comprehensive reinsurance program that is expected to mitigate some of the losses stemming from these events.
Source: A.M. Best
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