Vermont Mutual’s AM Best Rating of Superior affirmed for the fourth year in a row
For the fourth consecutive year in a row, AM Best has awarded its highest rating to the Vermont Mutual Insurance Group along, with its two full reinsured subsidiaries, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company. The company’s Financial Strength Rating of A+ (Superior) were affirmed with the rating agency noting the insurer’s strong Balance Sheet and Capitalization. Other strong aspects of the company highlighted in the rating agency’s decision include the insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations, the appropriate size of Vermont Mutual’s Enterprise Risk Management capabilities, the company’s favorable Business Profile as well as its strong Operating Performance.|As a result of these factors, in addition to awarding it a FSR of Superior, the company’s outlook also was categorized as stable.
In commenting on his company’s achievement, Vermont Mutual’s President and CEO, Dan Bridge, stated “The A+ “Superior” rating represents a comprehensive evaluation of our company and reflects Vermont Mutual’s favorable underwriting and operating results. This year’s evaluation was particularly rewarding as A.M. Best’s rating methodology had changed, requiring additional analysis and presentation to most effectively communicate our strategy, results and financial strength.” Bridge continued “The recognition is further testament to the positive collaboration we enjoy with our Independent Agency Partners.”
Executive Vice President & COO, Mark McDonnell added “We could not be more proud of the dedication and efforts of both our employees and our Independent Agents for their contributions in making Vermont Mutual a financially stable and predictable company.”
Chubb Limited & its Combined Insurance also receive a reaffirmation of their Superior ratings
In addition to Vermont Mutual, Chubb’s Combined Insurance Company of America (headquartered in Chicago, IL) and Combined Life Insurance Company of New York (Latham, NY) also received a reaffirmation of their A+ (Superior) Financial Strength Rating (FSR) by the rating agency.
“Combined Insurance is pleased to receive this ‘Superior’ rating affirmation,” said Kevin Goulding, President of Combined Insurance. “As a Chubb Group company, we take great responsibility in meeting the needs of our customers and being there when they need us most.”
Combined Insurance provides individual supplemental accident, disability, health, and life insurance products.
Additionally, AM Best affirmed the FSR of A++ (Superior) of the North American property/casualty subsidiaries of Chubb Limited, which include the members of the Chubb Group of Insurance Companies (Chubb US Group); the members of Chubb Bermuda Insurance Ltd. (Chubb Bermuda) and Chubb Tempest Reinsurance Ltd. (Chubb Tempest Re) (both domiciled in Bermuda); and Chubb Atlantic Indemnity Ltd. (Bermuda).
