Merchants Insurance Group announced that all three of its companies, Merchants Mutual Insurance Company, Merchants Preferred Insurance Company and Merchants National Insurance Company, have once again been given an “A-” (excellent) rating from AM Best. This year, AM Best also revised Merchants’ outlook from “stable” to “positive.”
AM Best noted the group’s very strong balance sheet, prudent investment portfolio, conservative reserving practices, and higher five-year average total return on equity than the commercial casualty composite. Merchants continued its trend of reporting positive operating results in 2022, including the continuance of underwriting profits and increasing surplus. The revised outlook from “stable” to “positive” indicate that AM Best expects Merchants will “continue to exhibit organic surplus growth generation over the intermediate term,” AM Best’s Business Wire press release states.
“I would like to congratulate all the Merchants employees, independent agents, and the Board of Directors for this outstanding accomplishment,” said Charles Makey, Merchants Insurance Group President. “The AM Best rating of A- (Excellent) and the upgrade to a positive outlook of our companies’ financial ratings is a testament to the operational strength and financial stability of our organization.”
AM Best is a full service credit-rating organization for the insurance industry, rating organizations annually. The ratings are independent opinions, based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
Mr. Makey called the A- rating and revised outlook from AM Best “an honor that should not be taken for granted,” stating that “The daily effort of each and every team member is what makes this possible!”
About AM Best
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
About Merchants Insurance Group
Merchants Insurance Group offers personal and commercial insurance through a network of more than 1,000 independent insurance agents throughout the Northeast and North Central United States. With corporate headquarters and regional operations located in Buffalo, N.Y., Merchants also operates offices in Hauppauge, N.Y.; Mount Laurel, N.J.; and Bedford, N.H.
Source: Merchants Group
