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A.M. Best affirms Shelter Mutual Insurance, upgrades Shelter Reinsurance's ICR

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A.M. Best affirms Shelter Mutual Insurance, upgrades Shelter Reinsurance's ICR

A.M.Best has upgraded the issuer credit rating to "a+" from "a"and affirmed the A financial strength rating of Shelter Reinsurance Co.

The ratingagency also affirmed the A financial strength ratings and "a+" issuercredit ratings of the other members of the Shelter Insurance Companies: , andAmShield Insurance Co.

A.M.Best also affirmed the A financial strength rating and "a" issuer creditrating of Haulers Insurance Co. Inc.,and the A financial strength rating and "a+" issuer credit rating of , bothwholly owned subsidiaries of Shelter Mutual.

The outlookfor each rating is stable.

A.M.Best said the upgrade of Shelter Reinsurance's issuer credit rating is based onthe company's growing role and importance within the group, which therefore warrantsthe full rating enhancement. The rating is further supported by strong risk-adjustedcapitalization and historically favorable operating performance, which is partiallyoffset by a somewhat limited profile in the reinsurance market.

The group'srating affirmations are reflective of its strong risk-adjusted capitalization, moderateunderwriting leverage, conservative reserving philosophy and well-established regionalmarket presence. Also, Haulers' ratings acknowledge its solid stand-alone risk-adjustedcapitalization and the explicit support provided by its parent, Shelter Mutual,which is expected to improve the company's operating performance in the near term,the rating agency said.

The ratingsof Shelter Life reflect its role as a strategic subsidiary of Shelter Mutual, itsstrong risk-adjusted capitalization, consistently positive operating performance,excluding reserve adjustments and its focus on the highly creditworthy ordinarylife line of business distributed through captive agents.