Country Financial - CC Services Inc.
08/13/2024 | Press release | Distributed by Public on 08/13/2024 09:14
COUNTRY Mutual Insurance Company® and COUNTRY Life Insurance Company® Maintain A+ Superior Rating from AM Best
August 13, 2024
As the US Property Casualty market struggles, COUNTRY maintains financial strength and delivers on promises to clients
AM Best, an independent insurance ratings agency, affirmed A+ (Superior) financial strength ratings for the COUNTRY Financial Property/Casualty group and COUNTRY Life Insurance Company. It also affirmed stable outlooks for both companies.
The A+ (Superior) rating generally indicates a superior ability to meet ongoing obligations designated by AM Best and are based on:
- Profitable operating earnings
- Strong risk-adjusted capitalization
- Favorable geographic and product line diversification
For more than 90-consecutive years, COUNTRY Financial Property/Casualty group and COUNTRY Life Insurance Company have been rated A or higher.
"COUNTRY has been in business for nearly 100 years, and we are making long-term decisions that position us to be there for clients for the next 100 years," said Rob McDade, Executive Vice President, Chief Financial Officer and Chief Strategy Officer at COUNTRY. "We are focused on bringing the best value to clients through relationships with COUNTRY Financial representatives, and by offering modern products to fit their needs and matching price to risk."
COUNTRY upheld its rating as the industry faced higher costs and rising losses. According to Best's Special Report, titled "US Property/Casualty Downgrades Outpace Upgrades in 2023," downgrades on U.S. property/casualty insurance companies rose to 55 in 2023 compared with 30 in the previous year.
"The last couple of years have been very challenging for the insurance industry, and for COUNTRY," said McDade. "We suffered the largest claims losses in our history in the spring of 2023, and like others, are facing higher litigation costs and increased regulation. But our prudent investment portfolio, focus on the client and strong risk management strategy have made the difference."
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