For 38th consecutive year, A.M. Best reaffirms top A++ rating for Knights of Columbus
No North American insurer more highly rated
NEW HAVEN, Conn., July 11, 2013 /PRNewswire/ -- For the 38th consecutive year, the Knights of Columbus has earned A.M. Best's highest financial strength rating, A++ (Superior).
Established in 1882 as a fraternal benefit society, the Knights of Columbus has worked since its inception to help members protect their families' financial futures. What began as a "pass-the-hat" benefit program has grown into one of the nation's premier insurers. The K of C now offers a diverse portfolio of permanent and term life insurance, disability income insurance, annuities, and long-term care programs to members and their immediate families.
In addition to the Knights of Columbus' strong market presence in Catholic communities in the United States and Canada, A.M. Best, a global leader in the rating and analysis of insurance companies, also cited the organization's large network of local councils and "consistently positive statutory ratings, excellent persistency and a solid level of risk-adjusted capitalizations" as positive ratings factors.
The report also observed that the Knights of Columbus' continued growth in membership reflects its wide geographic coverage, expanding network of local councils, and variety of fraternal benefits.
"Earning A.M. Best's top rating again this year underscores the strength of our sustainable business model, despite the slow recovery and continued economic uncertainty," said Knights of Columbus Supreme Knight and CEO Carl Anderson. "We have continued to outpace the industry, reflecting a growing flight to quality."
He added: "A.M. Best's top rating for almost four decades is a testament to our commitment to our mission of protecting Catholic families, our excellent sales force made up exclusively of members of the Knights of Columbus, and the fact that we view our members as part of our family."
In just over a decade, under Anderson's leadership, the Knights of Columbus insurance in force has doubled to more than $90 billion, with more than $19.8 billion in assets under management.
One of the most active charitable groups in the United States, Knights of Columbus members last year set records by providing more than 70 million hours of charitable service and over $167 million in donations to charitable causes. Cumulative figures show that during the past decade the organization has donated $1.44 billion to charity and provided more than 664 million hours of volunteer service in support of charitable initiatives.
SOURCE Knights of Columbus