DES MOINES, Iowa (Nov. 3, 2023)—EMC Insurance Companies announced today that rating agency AM Best has affirmed the "Excellent" category Financial Strength Ratings for EMC Insurance Companies and EMC National Life Company:
EMC Insurance Companies (EMC) and its five property/casualty subsidiaries*
- Financial Strength Rating (FSR) of A (Excellent).
- In its review, AM Best recognized EMC's balance sheet strength, as "very strong," as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
- Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from "a+" (Excellent).
- In its Long-Term ICR review, AM Best noted EMC continues to maintain a competitive position in the commercial lines space but has experienced pressure from underwriting losses and variability in the investment portfolio in recent years.
- Outlook remains stable.
EMC National Life Company (EMCNL)
- Financial Strength Rating (FSR) of A- (Excellent)
- Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent)
- Outlook remains stable.
- AM Best deemed EMCNL's balance sheet very strong, its business profile neutral and its enterprise risk management appropriate. It also noted EMCNL is highly integrated into EMC, which provides diversification and cross-selling opportunities for agents and customers.
“We’re pleased that EMC’s ‘Excellent” Financial Strength Ratings have been reaffirmed by AM Best,” said Scott Jean, EMC’s President and CEO. “By focusing on delivering exceptional experiences, pursuing profitable growth, fine-tuning our organizational effectiveness, and celebrating a culture of inspiration, EMC is well-positioned for the future.”
*EMC Insurance Companies refers to Employers Mutual Casualty Company (EMCC) and its five property/casualty (P/C) subsidiaries:
- Dakota Fire Insurance Company
- EMC Property & Casualty Company
- EMCASCO Insurance Company
- Illinois EMCASCO Insurance Company
- Union Insurance Company of Providence
About EMC Insurance Companies
EMC Insurance has approximately 2,200 employees and is among the top 60 property and casualty insurance organizations in the country based on net written premium. Employers Mutual Casualty Company (EMCC) was organized in 1911 to write workers’ compensation protection in Iowa. Today, operating under the trade name EMC Insurance, EMC Insurance affiliated companies provide commercial property/casualty lines, bonds and life insurance products and services throughout the United States. EMCC is licensed in all 50 states and the District of Columbia. For more information, visit emcinsurance.com.
About AM Best
AM Best, the world’s oldest insurance rating and information source, uses the following definitions
for their ratings:
- Issuer Credit Rating (ICR): an independent opinion on an entity’s ability to meet its ongoing financial obligations that can be issued on either a long‐ or short‐term basis.
- Financial Strength Rating (FSR): an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations.
For more information, visit ambest.com.
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