AM Best has announced that Madison-based Rural Mutual Insurance Company has earned a Financial Strength Rating of A+ (Superior) for the fourth year in a row. Rural Mutual is one of seven single state insurers in the U.S. and the only single state insurer in Wisconsin to receive an A+ rating.
AM Best is a global rating agency with a unique focus on the insurance industry. Their rating is based on their opinion of a company’s ability to pay claims, debts and other financial obligations in a timely manner. Only a small percentage of U.S. Property & Casualty insurance companies overall are awarded an A+ (Superior) rating from the agency, and achieving the highest rating is especially rare for single state insurers.
Rural Mutual’s accomplishment resulted from the company’s consistently strong balance sheet and operating performance, demonstrated by 75 consecutive quarters of policyholder surplus growth.
Dan Merk, Rural Mutual Executive Vice President & CEO, credits the company’s success to its customer focused employees and agents, who have overcome challenges and obstacles due to the pandemic, while keeping their unwavering focus on protecting their policyholders.
“Receiving another A+ Rating is never something I take for granted. The continued hard work of our employees and agents make this continued success possible. I’m proud that our policyholders can be confident in our financial strength and ability to be a trusted leader in the insurance industry,” Merk said.
Rural Mutual has protected Wisconsin farmers, families and business owners since 1934. The company does business in only one state, so premiums paid here, stay here to keep Wisconsin strong.