AM Best has announced that Madison-based Rural Mutual Insurance Company has earned a Financial Strength Rating of A+ (Superior) for the third year in a row. Rural Mutual is one of five 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. 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. This is due to isolated weather-related events, regulatory orders issued due to COVID-19 or other economic concerns that can’t be offset by better conditions in other regions.
Rural Mutual’s accomplishment resulted from the company’s consistently strong balance sheet and operating performance, demonstrated by 71 consecutive quarters of policyholder surplus growth. This was enhanced by introducing new coverages including a limited water endorsement and milk spoilage due to interruption of electrical service.
Dan Merk, Rural Mutual Executive Vice President & CEO, credits the company’s success to its quality employees and agents who are committed to offering protection and value to the communities they serve throughout Wisconsin.
“This A+ Rating is a result of hard work and dedication by everyone to provide excellent products and services for our customers day in and day out. The rating also reaffirms our company’s unwavering commitment to stay ahead of the competition and adapt to our customer’s changing needs and demands,” Merk said.
Rural Mutual has protected Wisconsin homes, farms and businesses since 1934. The company does business in only one state, so premiums paid here, stay here to keep Wisconsin strong.