A list of interesting news items that we thought our readers would be interested in knowing about …
A.M. Best Affirms “A” Rating as well as Credit Ratings of Safety Insurance Group, Inc. and Its Subsidiaries
A.M. Best affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Safety Insurance Group, Inc. In addition, the rating agency also affirmed the Boston-based insurer’s Financial Strength Rating of “A” (Excellent) as well as the Long-Term ICRs of “a+”. The affirmation of ratings applies to all of the of the Safety Insurance Group, which includes The Safety Insurance Company, Safety Indemnity Insurance Company and the Safety Property and Casualty Insurance Company, more commonly and collectively known as Safety. The outlook for these Credit Ratings is stable.
For those interested in hearing the reasoning behind the ratings affirmation, here is what A.M. Best said:
The ratings of Safety are based on its solid risk-adjusted capitalization, strong operating performance, favorable loss reserve development trends and disciplined underwriting. These positive rating factors are derived from management’s ability to successfully manage the challenges in Massachusetts, where it writes the majority of its business. Furthermore, Safety’s publicly traded parent, Safety Insurance Group, Inc., affords some financial flexibility.
Partially offsetting these positive rating factors are Safety’s concentration of business in Massachusetts that exposes it to regulatory and legislative actions, in addition to the property catastrophe risk that has increased over several years. Although current year-end results are favorable, the impact of this geographic concentration risk was evident in the group’s 2015 results, which were impacted negatively by the highest recorded snowfall totals in Massachusetts history, in the group’s personal and commercial property lines of business. In an effort to reduce gross exposure to property loss, Safety closely manages its catastrophe risks through stringent underwriting guidelines, rate actions, a formal enterprise risk management program and a comprehensive reinsurance program.
While the ratings are stable, positive rating actions could occur if there were sustained long-term improvement in operating performance and continuation of strong overall capitalization. Negative rating actions could occur if there were deterioration of underwriting and operating performance, occurrence of a sudden large or catastrophic loss event that materially hinders risk-adjusted capitalization or any material deviation from the company’s submitted financial projections.
MassMutual refreshes its image and debuts a new logo
MassMutual has a new look. Debuting on the exact date of the insurer’s 166-year old anniversary, the company has debuted a new logo and website. Leaving behind the blue chip, the new logo features a bold, dynamic color and symbolic dots celebrating “Interdependence”.
“Since 1851, MassMutual has been guided by our founding principle—we are people coming together to look out for one another,” said Gareth Ross, MassMutual Chief Digital and Customer Experience Officer. “We know people are inherently reliant on one another, whether that’s at home, in the workplace or in the community. Our new positioning celebrates these relationships, underscoring that when we depend on each other, we are not only more secure—but life is also happier and more fulfilling.”
He added that, based on company research and customer insights—combined with the fact that a substantial number of individuals and families across the U.S. are in need of financial guidance—MassMutual wanted to reinforce the company’s vision and identity in a new, fresh and relatable way. The new brand recognizes that while the world celebrates independence, true happiness comes from our reliance on one another. It also seeks to inspire people to see themselves as part of something bigger and to Live Mutual.
<em><strong>A screenshot of the rebranded MassMutual website<strong><em>
“Much has changed in the past decade—we live our lives differently, connecting on social media and depending on each other at all stages of life,” said Jennifer Halloran, MassMutual head of Brand and Advertising. “As we took a close look at the key attributes that distinguish us from our competitors, we saw this as not only an opportunity to communicate who we are, but to also help more Americans with holistic financial solutions at a time they need the help the most.”
Arbella celebrates a decade as a Walk For Hunger donor with $85k donation
Over 500 members of “Team Arbella” turned out this year to celebrate the insurer’s 10th anniversary as a major sponsor of Project Bread’s Walk for Hunger. The walk which took place on May 7th saw a record-breaking 554 registered Team Arbella walkers who participated in the 49th annual event which see walkers traverse a 20-mile route across Boston, Brookline, Newton, Watertown, and Cambridge. This year Team Arbella raised approximately $35,000 for the cause. That amount combined with a $50,000 donation from the Arbella Insurance Foundation, brought the grand total to $85,000.
<strong><em>A photo of Team Arbella during the event Source Arbella<em><strong>
This year, however, we are so proud to recognize the extraordinary effort they have made to celebrate their 10th anniversary with Project Bread,” said Jenn Reale, captain of Team Arbella. “For months, our employees have rallied their friends, families and neighbors behind the cause, and together they achieved new participation and donation records for the Walk. Their passion behind this cause is inspiring, and it will have such an incredible impact in fighting hunger within our local communities.”
“We are so grateful for the support of the Arbella Insurance Foundation and Team Arbella,” said Ellen Parker, executive director of Project Bread. “We rely on our corporate partners to help us provide local families in need with health, nutritious food, and to see so many Arbella employees come out year after year with their families and friends is just incredible. Thanks to partners like Arbella, we’re able to make a real difference in reducing food insecurity across New England.”
34,000 views and counting
To kick off the most recent Big “I” Legislative Conference, the team over at Agency Nation (Agency Nation is powered by TrustedChoice.com) put together this video to get independent agents everywhere inspired.
Entitled “The One Thing Insurance Disruptors Don’t Have, We Do” the video has already been seen over 34,000 times on Facebook since its posting on May 4th. So for those who weren’t at the Big I Conference, or don’t read Agency Nation’s blog (which you should), we wanted to keep you in the loop…
A.M. Best affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Safety Insurance Group, Inc. In addition, the rating agency also affirmed the Boston-based insurer’s Financial Strength Rating of “A” (Excellent) as well as the Long-Term ICRs of “a+”. The affirmation of ratings applies to all of the of the Safety Insurance Group, which includes The Safety Insurance Company, Safety Indemnity Insurance Company and the Safety Property and Casualty Insurance Company, more commonly and collectively known as Safety. The outlook for these Credit Ratings is stable.
