Article content provided by Federated Insurance.
A.M. Best Company, the most widely recognized provider of insurance industry ratings and financial data, confirmed its A+ (Superior) rating for Federated Mutual Group and for Federated Life® in April 2024. The companies within Federated Mutual Group include Federated Mutual Insurance Company, Federated Service Insurance Company, Federated Reserve Insurance Company, and Granite Re, Inc. Federated Mutual Group has maintained this rating for the last 26 years. Federated Life has maintained this rating for the last 44 years.
A.M. Best also assigned Federated Specialty Insurance Company an A (Excellent) rating in April 2024. Federated Specialty is a specialty insurer focusing on U.S. excess and surplus lines accounts. These ratings reflect Federated Specialty’s strategic importance to its parent company, along with its common ownership and management, and the implicit and explicit support provided to Federated Specialty by Federated Mutual®. Federated Specialty Insurance Company has maintained this rating since its inception.
In addition, A.M. Best also revised the outlook from stable to positive for Federated’s Long-Term Issuer Credit Ratings (Long-Term ICR) ꟷ an independent opinion of an entity’s ability to meet its ongoing financial obligations. This revision is driven by Federated’s positive operating performance, showing consistent improvements in its insurance underwriting and overall profitability since 2021. In the last few years, Federated has managed to increase its premiums while keeping pace with inflationary pressures.
“We have benefited from high retention, pricing our products accurately, keeping our business risks low, having a favorable loss reserve, and managing expenses well,” said Federated Insurance Chairman Jeff Fetters. “All these factors have helped us perform as well as, or even better than, other highly rated companies. This positions us well for the future.”
A.M. Best Company assesses the creditworthiness of and/or reports on over 16,000 insurance companies worldwide. Their credit ratings are independent, indicative and interactive, and summarize their opinion on an insurance company’s ability to pay claims, debts, and other financial obligations in a timely manner.
Learn more about Federated Insurance.
Visit the SMACNA association page for more on the products and services Federated Insurance offers, and to locate your local marketing representative and association account executive.
This article is for general information and risk prevention only and should not be considered legal or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all risk of loss. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. Qualified counsel should be sought with questions specific to your circumstances. ©2023 Federated Mutual Insurance Company.
