LANSING, Mich., Sept. 13, 2019 /PRNewswire/ -- AM Best Company has affirmed the financial strength rating of A++ (Superior) of Lansing-based Auto-Owners Insurance Group and its four wholly owned property/casualty subsidiaries. This is the 48th year in a row that Auto-Owners Insurance has received the highest rating available from the nationally recognized rating agency.
According to AM Best, "The ratings of AOIG reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its very strong operating performance, favorable business profile and appropriate ERM (enterprise risk management). … AOIG has exhibited generally improved operating performance in recent years."
Additionally, Auto-Owners Life Insurance Company, a wholly owned subsidiary, was rated A+ (Superior) by AM Best, an honor it has earned every year since 1976. And, Atlantic Casualty Insurance Company, an excess and surplus lines company acquired by Auto-Owners in 2016, had its financial strength rating of A (Excellent) affirmed.
According to AM Best, Atlantic Casualty has benefited from the support it has received from Auto-Owners, especially in the areas of actuarial services, product development, reinsurance, claims, marketing and IT. "The ratings also reflect Atlantic Casualty's improved operating performance in recent years," AM Best noted in its press release.
Meanwhile, the Concord Group, which Auto-Owners entered into an affiliation with in 2017, had its outlook revised to positive from stable, and had its financial strength rating of A (Excellent) affirmed. "The rating actions reflect Concord Group's strategic position within the Auto-Owners organization, as well as the significant operating and financial benefits that Concord Group has realized as a result of its April 2017 affiliation with Auto-Owners," AM Best said.
"We are very pleased to have all three financial strength ratings affirmed," said Jeff Tagsold, chairman and CEO, Auto-Owners. "We are also proud AM Best recognizes the progress all three companies have made. This reinforces the dedication and hard work of a team committed to providing the best products and services in the business."
Auto-Owners' property and casualty companies are one of only nine groups in the U.S. to receive the highest rating possible, A++ (Superior), by AM Best.
Besides the AM Best high ratings, Auto-Owners Insurance has also been ranked on the Fortune 500 list for 17 consecutive years.
Auto-Owners Insurance is the 14th largest property/casualty insurance group in the nation, based on written premium. The Auto-Owners Insurance Group consists of six wholly owned subsidiaries:
- Home-Owners Insurance Company
- Owners Insurance Company
- Property-Owners Insurance Company
- Southern-Owners Insurance Company
- Auto-Owners Life Insurance Company
- Atlantic Casualty Insurance Company
The Concord Group includes the following members:
- Concord General Mutual Insurance Company
- Green Mountain Insurance Company, Inc.
- State Mutual Insurance Company
- Sunapee Mutual Fire Insurance Company
- Vermont Accident Insurance Company, Inc.
Auto-Owners Insurance employs more than 5,300 people and offers insurance products exclusively through more than 6,300 independent insurance agencies in 26 states.
SOURCE Auto-Owners Insurance