Some good news for the NH-based insurer just in time for the holidays
The Concord Group Insurance received some good news this week from the world’s oldest rating agency, A.M. Best. According to the New Hampshire-based insurer, the company has been upgraded to A+ (Superior).
“We are very pleased to have our Financial Strength Rating upgraded to A+ (Superior),” said Daniel L. McCabe, President & CEO of The Concord Group. “It validates all the effort and energy our employees have put into working with Auto-Owners and Independent Agents to offer the very best insurance products and services possible to our New England policyholders. Our strategic focus has been to evolve our culture into one of continual betterment and accountability, especially in these challenging times, with an increased concentration not just on policyholder satisfaction, but also on improved data analytics, product development, technology advancements, enhanced communications and an enriched employee experience. A.M. Best has recognized the success of that vision and our efforts with this ratings upgrade.”
According to A.M. Best’s analysis, the rating actions “…reflect Concord Group’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile, appropriate enterprise risk management (ERM) and strategic position within the Auto-Owners organization, which is a highly rated, super-regional insurer with more than $13 billion in policyholders’ surplus.”
Founded in 1928, The Concord Group Insurance Companies works exclusively through the more than 600 independent insurance agent partners it has throughout Massachusetts, Maine, New Hampshire, and Vermont to offer insureds an array of home, auto, business, and life insurance. In April 2017, the Concord Group announced that it had officially affiliated with the Auto-Owners Insurance Company.
In addition to the Concord Group, A.M. Best also announced that the FSR and Long-Term ICRs of the Auto-Owners Insurance Company and its wholly owned property and casualty subsidiaries each were reaffirmed with a ‘Stable Outlook.’. Auto Owners has an FSR of A++ (Superior) and a Long-Term ICRs of “aa+”.
