AM Best, the global rating agency for the insurance industry, has again affirmed the rating of A+ (Superior), with a Stable Outlook, for Vermont Mutual and its two fully reinsured subsidiaries, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company. This is the 9th consecutive year the Property & Casualty insurer has received the distinction.
Dan Bridge, Vermont Mutual’s President and CEO, remarked “The AM Best A+ ‘Superior’ designation is an acknowledgment of Vermont Mutual’s consistently favorable operating results and demonstrates our ability to remain a financially strong organization, even in these challenging economic times. To be recognized 9 years in a row with an A+ rating by AM Best is a distinction we are proud to receive.”
Executive Vice President & COO, Mark McDonnell, added “The collaborative partnerships we share with our independent agents, combined with the dedication of the entire Vermont Mutual team, are direct contributors to both our performance and the affirmation of our A+ rating, with a Stable Outlook. We are thankful for the efforts of our independent agents, our employees and business partners in helping to keep Vermont Mutual a top rated P&C carrier and a financially secure insurer for our policyholders.”
AM Best’s Financial Strength Rating is an independent appraisal of an insurer’s financial strength and their ability to meet policy and contract obligations. The internationally recognized rating is the result of a comprehensive examination of a company’s finances and operations. AM Best acknowledged Vermont Mutual’s very strong Balance Sheet, their strong Operating Performance, favorable Business Profile and appropriate Enterprise Risk Management. AM Best also assigned a stable outlook for the organization, fully expecting that Vermont Mutual will maintain its superior balance sheet and operating performance.