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Ohio Mutual's Financial Strength Earns

Tuesday, May 21, 2013

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BUCYRUS, OH – Insurance rating organization A.M. Best has once again affirmed Ohio Mutual’s financial strength, awarding the company a financial strength rating (FSR) of “A” (Excellent) for the 21st  consecutive year.  In addition, the company’s issuer credit rating (ICR) was reaffirmed as an “a” with a positive outlook for the third year in a row.

The ratings include the three companies included in the OMIG intercompany pool: Ohio-domiciled Ohio Mutual Insurance Company, its wholly owned subsidiary United Ohio Insurance Company, and Maine-domiciled Casco Indemnity Company.

In sharing its rating rationale, A.M. Best states: “Despite recent weather-related issues, the group continues to produce pre-tax operating gains and positive net income in each of the last five years.  Consequently, additions to surplus have been reported on a regular basis and surplus appreciation has been solid over previous five-year period.  These strengths are further supported by the group’s experienced management team, conservative investment philosophy, favorable loss reserve trends and strong internal controls.“

"As A.M. Best states in its analysis, Ohio Mutual has been battered by weather of late – as have most of our competitors,” said Ohio Mutual President & CEO Jim Kennedy, “but we have a strong core book of business which is conscientiously serviced by a dedicated independent agency force and a high-performing group of associates. As our business continues to expand and diversify, Ohio Mutual is well-positioned to continue its strong financial performance.”

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. More information is available at www.ambest.com.

Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, partners with nearly 400 independent agencies to distribute quality property and casualty insurance products throughout Ohio, Indiana, Maine, Vermont, New Hampshire, Connecticut, and Rhode Island.