Latest Grinnell Mutual Reinsurance News
Feb 5, 2019
February 5, 2019 AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Grinnell Mutual Reinsurance Co. and its subsidiary, Grinnell Select Insurance Co., in Grinnell, Iowa. The companies are collectively referred to as Grinnell Mutual Group (Grinnell). The outlook of the Long-Term ICR for the group has been revised to stable from positive while the outlook for the FSR remains stable. The ratings reflect Grinnell’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The upgrade of the Long-Term ICR reflects Grinnell’s consistent and stable operating performance over the past five years. The group’s five-year average combined and operating ratios compare favorably to the personal lines composite. Grinnell has taken steps to improve its underwriting profitability for its direct and assumed books of business and actively continues to monitor pricing. Grinnell’s balance sheet strength level reflects the group’s strongest level of overall risk-adjusted capitalization, conservative investment portfolio, favorable liquidity and prudent reserving practices. The group has generated surplus in each of the past five years, resulting in reduced net and gross underwriting leverage measures. Grinnell’s adequate operating performance reflects the group’s improved underwriting profitability, which when coupled with steady net investment income has resulted in positive pre-tax operating income and net income in each of the past five years. Grinnell’s business profile is neutral, supported by its mix of personal lines, commercial lines, assumed reinsurance business and its solid foothold in the farm property reinsurance market. However, Grinnell’s geographic concentration in the Midwest creates susceptibility to frequent and severe weather-related events. Grinnell’s ERM is appropriate for its size and scope as a regional (re)insurance organization. The group maintains a strong governance process and formalized risk management program, which is used to identify, prioritize, and manage material risks to the group’s business objectives. Source: AM Best
Grinnell Mutual Reinsurance Partners & Customers
3 Partners and customers
Grinnell Mutual Reinsurance has 3 strategic partners and customers. Grinnell Mutual Reinsurance recently partnered with FindBob on March 3, 2019.