Church Mutual Insurance Company has received an affirmation of its strong financial ratings from AM Best, a leading credit rating agency. The company holds a Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of “a” (Excellent). However, the outlook for these ratings is currently negative.
These ratings apply not only to Church Mutual but also to its subsidiaries, which include CM Regent Insurance Company, CM Vantage Specialty Insurance Company, and CM Indemnity Insurance Company. AM Best highlights the group’s very strong balance sheet and adequate operating performance. They also note a neutral business profile and effective enterprise risk management practices.
In recent years, many property and casualty insurers, including Church Mutual, have faced significant challenges. These include rising claims costs, a tough legal environment in some regions, and a surge in catastrophic events leading to a high volume of claims. In response, Church Mutual has taken proactive steps starting in 2023 to strengthen its financial position. These measures aim to ensure consistent profitability, stable earnings, and a diversified risk portfolio.
Alan Ogilvie, the president and CEO of Church Mutual, expressed satisfaction with the positive outcomes from these initiatives. He pointed to year-over-year surplus growth and efforts to maintain adequate rates as key achievements. Ogilvie emphasized the company’s commitment to financial strength, which he believes supports their customers and the communities they serve.
Overall, while Church Mutual has experienced difficulties in the past, the company’s recent strategies appear to be laying a solid foundation for future stability and growth.