In a sign of the enduring strength of the 191-year old Mutual Insurance Company, Vermont Mutual announced that global rating agency, AM Best, has reaffirmed its A+ (Superior) rating, in addition to its two fully re-insured subsidiaries, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company.
In commenting on the announcement, Vermont Mutual’s President and CEO, Dan Bridge, stated “As an A+ rated insurer, Vermont Mutual finds itself in a select group of high performing companies in the insurance industry. To remain at this level requires a dedicated team of talented people, working together to be the very best. I am both proud and appreciative of the efforts of our employees, directors, agents and business partners that have resulted in this A.M. Best A+ rating and the improved financial stability for our policyholders.”
A.M. Best’s Financial Strength Rating is an independent appraisal of an insurer’s financial strength and their ability to meet policy and contract obligations. The internationally recognized rating is the result of a comprehensive examination of a company’s finances and operations. A.M. Best acknowledged Vermont Mutual’s very strong Balance Sheet, their strong Operating Performance, favorable Business Profile and appropriate Enterprise Risk Management in its assessment of the company’s operations and results.
Executive Vice President & COO, Mark McDonnell, added “We are grateful, not only for this recognition by A.M. Best, but also for the financial results that support the A+ rating and allow us to continue to invest in our organization and everyone who has a hand in our success. Our ability to focus on continuous improvement positions us well for a bright future.”
More about Vermont Mutual
Chartered in 1828, Vermont Mutual is one of the ten oldest mutual property/casualty insurers in the United States and provides coverage throughout New England and upstate New York. Through more than 400 independent agencies, the Group insures over 315,000 policyholders with a direct written premium of more than $500,000,000.
In addition to being rated “A+ Superior” by A.M. Best, it also has been a Ward’s Top 50 performing property/casualty insurer in the U.S. for the past eleven consecutive years. Vermont Mutual Insurance Group® is a trade name of Vermont Mutual Insurance Company, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company.
For those looking for more insight….
For those interested in learning more about Vermont Mutual, Agency Checklists profiled the company and its leadership team in this 2017 interview: Vermont Mutual: 190 Years Young And Counting.