The company was officially upgraded by the rating agency on February 15th
Canton-based Boston Mutual Life Insurance Company received some uplifting news from A.M. Best this month. On February 15, 2017 the rating agency announced that it had upgraded the carrier’s financial strength rating (FSR) for both Boston Mutual and its subsidiary, the Life Insurance Company of Boston & New York. A.M. Best elevated the company’s current rating to an “A” (Excellent) from its previous rating of “A-” (Excellent). Both of the companies’ issuer credit ratings (ICR) were also promoted to an “a” from “a-“.
“I’m pleased that A.M. Best has recognized the progress we have made with our strategic initiatives,” said Paul A. Quaranto, Jr., Chairman, Chief Executive Officer and President at Boston Mutual Life Insurance Company. “The rating upgrade to ‘A’ validates our strategic direction, and I’m proud of the hard work of our producers and employees in our goal of supporting the families we serve.”
The reasons behind the upgrade
According to Boston Mutual, A.M. Best attributed the ratings upgrade to “the cumulative effort and financial performance of Boston Mutual over a period of time. Efforts to enhance Boston Mutual’s business profile over the past few years have included rebranding the organization, reorganizing its operational units and increasing management personnel, which have led to improvements in sales and profitability and are viewed positively by A.M. Best.”
Based in Massachusetts for over 125 years…
Boston Mutual was founded in Boston in 1891 and in 2016 celebrated its 125th anniversary. Initially, the mutual insurer offered individual life insurance, adding employer group offerings in 1956 and worksite products in 1978. In 1988 the company organized its subsidiary, Life Insurance Company of Boston & New York, to offer comparable products in New York. Now headquartered in Canton, Boston Mutual has become a recognized leader in providing flexible insurance products to working Americans and their families in the private and public sectors of the USA.
The 125-year-old company currently insurers more than 732,000 individuals with over $18 billion in life insurance.