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AM Best Withdraws Credit Ratings of Inland Mutual Insurance Company.

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ENPNewswire-September 16, 2021--AM Best Withdraws Credit Ratings of Inland Mutual Insurance Company

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 15092021 - AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb+' (Good) of Inland Mutual Insurance Company (IMIC) (Huntington, WV).

The outlooks of these Credit Ratings (ratings) are stable. Concurrently, AM Best has withdrawn these ratings at the request of the company to no longer participate in AM Best's interactive rating process.

The ratings reflect IMIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

IMIC's balance sheet strength assessment of very strong is supported by risk-adjusted capitalization within the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), as well as liquidity and underwriting leverage measures that compare favorably with AM Best's personal property composite average. Positive growth in policyholders' surplus over the past five years has been offset partially by limited financial flexibility and scale of operations.

IMIC's adequate operating performance assessment is driven largely by key metrics of total operating earnings, which have remained close to those of the personal property industry composite over the longer term despite some deterioration in recent years, such as pre-tax return on revenue and operating ratio.

IMIC's limited business profile assessment is driven largely by its geographic concentration in a few states within the...

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