Merchants Insurance Group announced that all three of its companies, Merchants Mutual Insurance Company, Merchants Preferred Insurance Company and Merchants National Insurance Company, have once again been given an A- (excellent) rating with a positive outlook from AM Best.
AM Best noted the group’s strong balance sheet, prudent investment portfolio, conservative reserving practices, and five-year average total return on equity in line with the commercial casualty composite. Merchants continued its trend of reporting positive operating results in 2023 and increasing surplus, supporting AM Best’s positive outlook of the Company for the second consecutive year.
“I would like to congratulate all the Merchants employees, independent agents, and the Board of Directors for this outstanding accomplishment,” said Charles E. Makey, III, Merchants Insurance Group President and Chief Executive Officer. “The reaffirmed AM Best rating of A- (Excellent) with a positive outlook of our companies’ financial ratings is a testament to the operational strength and financial stability of our organization.”
AM Best is a full-service credit-rating organization for the insurance industry, rating organizations annually. The ratings are independent opinions, based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
Mr. Makey called the A- rating and positive outlook from AM Best “an honor that should not be taken for granted,” stating that “the daily effort of each and every team member is what makes this possible!”
About AM Best
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
