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A.M. Best affirms CUNA Mutuals A rating
MADISON, Wis. (2/4/08)--CUNA Mutual Group’s financial strength rating has been affirmed as “A” or excellent by ratings agency A.M. Best. The “A” rating was assigned to the principal companies of CUNA Mutual Group, including CUNA Mutual Insurance Society and CUMIS Insurance society--the company’s U.S. property and casualty subsidiary. The company’s outlook has been listed as stable, and the agency recognized CUNA Mutual’s “excellent risk-adjusted capitalization, overall operating profitability and conservative balance sheet.” CUNA Mutual’s underwriting results in 2007 and its support of credit unions were cited as strengths by A.M. Best. The agency noted expansion plans into new product areas, which also was noted. “Management continues to expect that enhanced product offerings and joint-venture opportunities will provide growth opportunities for future expansion, as evidenced by its 45% quote share participation in crop insurance produced by Producer’s Ag Insurance Group,” A.M. Best said. This year, CUNA Mutual will “develop new markets and new products that help CUNA Mutual grow--at the same time, we will provide more value to credit unions and their members,” said CUNA Mutual President/CEO Jeff Post. CUNA Mutual is a provider of financial services and products to credit unions and their members worldwide.
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