AM Best Affirms Credit Ratings of United Fire Group, Inc. and Its Property/Casualty Subsidiaries
The ratings reflect
The stable outlooks reflect AM Best’s expectation of stabilization in
The ratings also consider the group’s well-established position within core markets that provide a diversified range of product offerings in commercial lines. The group also benefits from its solid regional franchise, local market knowledge, and long-standing agency relationships. Despite these strengths, the group remains exposed to potential catastrophe and weather-related losses and will need to manage rate and underwriting risk carefully to improve operating performance. The Long-Term ICR of UFG recognizes the capital strength of its operating subsidiaries. Financial leverage and interest coverage at the holding company is supportive of the current ratings.
The FSR of A- (Excellent) has been affirmed and the Long-Term ICRs of “a-” (Excellent) affirmed with stable outlooks for
-
Lafayette Insurance Company -
Addison Insurance Company -
United Fire & Indemnity Company - United Fire Lloyds
-
Mercer Insurance Company -
Financial Pacific Insurance Company -
Mercer Insurance Company of New Jersey, Inc. -
Franklin Insurance Company -
UFG Specialty Insurance Company
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings . For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in
the insurance industry. Headquartered in
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815072519/en/
Senior Financial Analyst
+1 908 882 2109
gordon.mclean@ambest.com
Director
+1 908 882 2125
rosemarie.mirabella@ambest.com
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source: AM Best