AM Best has updated its outlook for Grinnell Mutual Group, shifting it from negative to stable while maintaining strong ratings for the company. The ratings agency confirmed its Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” for Grinnell and its members. This change reflects confidence in Grinnell’s solid balance sheet and better business results.
The improvement comes after several years of declining performance from 2020 to 2023. During that tough period, Grinnell adjusted its strategy, emphasizing better underwriting discipline and ensuring rates were adequate to bring the company back to profitability. Those efforts paid off in 2024 when Grinnell reported a pre-tax operating income of $275.6 million, fueled mostly by strong underwriting gains—the highest seen in a decade.
This positive momentum has continued into 2025, with Grinnell showing strong earnings in the first half of the year. The company is keeping its focus on staying profitable and maintaining proper rates, without worrying too much about growing policy numbers. Overall, AM Best sees Grinnell as financially solid, with a balanced risk approach and a business outlook that looks stable for the near future.