A.M. Best Gives CUNA Mutual Businesses 'Excellent' Financial Ratings
CUMIS (property and casualty insurance) and ProAg (crop insurance) are subsidiaries of CMFG Life Insurance Company. Both subsidiaries' outlooks remain stable.
In assigning the "A" rating to CUMIS and elevating ProAg from "A-" to "A," A.M. Best cited both companies' strong level of risk-adjusted capitalization. The "A" rating is the third highest rating of 16 categories of ratings A.M. Best issues.
A.M. Best cited CUMIS' conservative balance sheet, overall operating profitability and well-established niche position in the credit union marketplace. "The ratings further reflected the financial flexibility and diversified operations of CMFG (Life Insurance Co.)," A.M. Best said.
"CUNA Mutual Group has worked hard to bring greater value to credit unions and their members through our products and services, while keeping premiums down," said Jeff Post, CUNA Mutual president/CEO. "We are pleased A.M. Best cited our diversification strategy in acknowledging our strong performance."
In upgrading ProAg, the ratings agency recognized the support its reinsurance agreement with CUMIS provides, its business profile as one of the largest providers of crop insurance and its experienced management team.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.