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A.M. Best Revises Outlooks to Stable for Associated Mutual Insurance Cooperative

A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Associated Mutual Insurance Cooperative (Associated Mutual) (Woodridge, NY).

The Credit Ratings (ratings) reflect Associated Mutual's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

The revised outlooks also reflect Associated Mutual's improved operating return measures such as total and pre-tax returns on revenue and equity, and underwriting and operating performance since 2015. These rating factors have been driven primarily by new management initiatives including diversification of the company's product lines, implementation of a comprehensive reinsurance program expected to reduce loss ratio volatility and targeted improvement of loss adjustment expenses. As a result of these initiatives, the company's risk-adjusted capitalization has improved since 2015. These favorable rating attributes are offset to some extent by the company's limited financial flexibility and scale of operations.