We are excited to announced that AM Best has upgraded our Financial Strength Rating to A+ (Superior) from an A (Excellent), making Rural Mutual one of only five single state insurers in the U.S. to receive an A+ rating.
The A+ rating is an upgrade rarely awarded to single state insurers, which typically face significant challenges including frequent severe weather-related events and judicial, regulatory, and economic concerns that can’t be offset by better conditions in other regions. The company’s climb over the past 13 years from a B++ rating to an A+ rating is the quickest rise by any property & casualty insurance company that was not the result of an acquisition or reinsurance arrangement with a highly rated parent company, according to Aon/Benfield.
Rural Mutual CEO Peter Pelizza noted that the A.M. Best upgrade resulted from the company’s consistently strong balance sheet and operating performance, demonstrated by 63 consecutive quarters of policy holder surplus growth. This was fueled by new and improved products and innovative initiatives. For example, the Farm Dividend Program can pay up to 5% back on farm policy annual earned premium and is a way for the company to give back to its policyholders. Pelizza credited the company’s success to its quality employees and agents who are “committed to doing the right thing” as they serve communities throughout Wisconsin.
“This achievement is ultimately due to the dedication of our entire team who demonstrate each day what it means to provide the best in value and service to our customers,” Pelizza said.
What does this mean for our policy holders?
This A.M Best affirmation and our continued recognition with the Ward’s 50 selection, reinforces our promise to protect and help our policyholders rebuild following times of unintended financial loss. With our best in class, competitive products and financial strength, policy holders can be confident in our ability to be a trusted leader in the insurance industry.
We are proud to provide protection exclusively to Wisconsin families, businesses, and farms. Premiums paid here, stay here to keep Wisconsin Strong!