The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed, with stable outlooks for EMCC and its following P/C subsidiaries. The ratings of EMCNL also reflect its strategic importance to its parent, EMCC, its diversified product profile of life, annuity and workplace products, strong risk-adjusted capitalization with explicit capital support from the parent, and positive but declining earnings in recent years. The ratings of EMCNL reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and appropriate ERM. Streamlining of product offerings also should lead to consistency in operating results.
Operating results have been challenging in recent years, particularly in 2020 due to numerous significant catastrophe events, but the balance sheet strength has remained at the strongest level, as assessed by AM Best. The group maintains a competitive position in the commercial lines space. The ratings of EMC Insurance Companies reflects the group’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. EMC Re is instituting mechanisms, including rate increases, to address and improve underwriting profitability. The negative outlooks represent AM Best’s concerns with recent underwriting performance, particularly in the face of numerous significant catastrophe events in recent years. The ratings also consider the support the company receives from EMCC. The ratings of EMC Re reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). (See below for a detailed listing of the companies.) All of the EMC entities are domiciled in Des Moines, IA, except for Dakota Fire Insurance Company, which is domiciled in Bismarck, ND. The outlook of these Credit Ratings (ratings) is stable. Furthermore, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of EMC National Life Company (EMCNL). OLDWICK, N.J.-( BUSINESS WIRE)- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of EMC Reinsurance Company (EMC Re).Ĭoncurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of Employers Mutual Casualty Company (EMCC) and its five property/casualty (P/C) subsidiaries (collectively referred to as EMC Insurance Companies), which operate under an intercompany pooling agreement led by EMCC.
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