A.M. Best Co. has assigned a “B++” financial strength rating to Louisiana Retailers Mutual Insurance Co. (LRMIC), a Baton Rouge, La.-based workers’ compensation insurance provider. The outlook is stable.
According to A.M. Best, LRMIC’s solid capitalization, operating performance, investment portfolio, and policyholder retention were considered to determine its rating.
However, these positive factors were offset by a 2001 decline in operating earnings attributed partly to the company operating solely in Louisiana, thus being more exposed to competition.
Still, LRMIC enjoys considerable loyalty from policyholders. Management expects business to continue to grow as many insurance carriers are exiting the Louisiana workers’ compensation market.
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