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  • A.M. Best Affirms Ratings of CUNA Mutual Financial Group, Inc.’s Life Subsidiaries

    December 17, 2013 by Business Wire

    OLDWICK, N.J.–(BUSINESS WIRE)–

    A.M. Best Co. has affirmed the financial strength ratings (FSR)  of A (Excellent) and issuer credit ratings (ICR) of “a” of CMFG  Life Insurance Company (CMFG Life) and MEMBERS Life  Insurance Company (MLIC), a life/annuity subsidiary, as well as the  following property/casualty subsidiaries: CUMIS Insurance Society,  Inc., its wholly owned subsidiary, CUMIS Specialty Insurance  Company, Inc., Producers Agriculture Insurance Company and  its 100% reinsured affiliate, Producers Lloyds Insurance Company (both  of Amarillo, TX) (collectively, all four companies are referred to as  CUMIS). A.M. Best also has affirmed the debt rating of “bbb+” on the $85  million, 8.50% 20-year surplus note issued by CMFG Life. The outlook for  all ratings is stable. The ultimate parent for all companies is CUNA  Mutual Holding Company. All companies are headquartered in Madison,  WI, unless otherwise specified.

    The rating affirmations reflect CMFG Life’s continued position as the  leading provider of life/health insurance products to members and  employees of credit unions, its more than adequate risk-adjusted  capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR),  consistently strong operating results and its strategic initiatives to  grow ancillary lines of business, providing product and revenue  diversification outside the credit union marketplace.

    Mitigating some of these strengths are CMFG Life’s volatility in  statutory earnings performance in some of its business lines, its  declining premium trends over the last few years, partly due to  strategically exiting non- core lines of business and remaining, albeit  reduced, exposure to structured securities and realized losses from  investments.

    CMFG Life’s ratings are extended to MLIC due to the strategic  integration stemming from a reinsurance agreement. Under the coinsurance  arrangement, MLIC ceded 95% of its previously in-force run-off business  and is ceding 100% of the new modified guaranteed annuity product,  introduced in August 2013, to CMFG Life.

    The ratings for CUMIS recognize its favorable level of risk-adjusted  capitalization, conservative balance sheet, overall operating  profitability and well-established niche position in the credit union  and multi-peril crop insurance segments. Partially offsetting these  positive rating factors are the variability in CUMIS’ underwriting and  investment results over the last five years, which resulted in  fluctuating operating returns as well as pressure caused from general  macroeconomic trends.

    A.M. Best believes CMFG Life and its entities are well positioned at  their current rating levels. Factors that could lead to negative rating  actions include a weakened competitive market position in the  organization’s niche credit union market, unfavorable operating  performance or deterioration of the investment portfolio, which leads to  a decline in absolute and risk-adjusted capital within each operating  entity.

    The methodology used in determining these ratings is Best’s Credit  Rating Methodology, which provides a comprehensive explanation of A.M.  Best’s rating process and contains the different rating criteria  employed in the rating process. Best’s Credit Rating Methodology can be  found at www.ambest.com/ratings/methodology.

    A.M. Best Company is the world’s oldest and most authoritative  insurance rating and information source. For more information, visit www.ambest.com.

    Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS  RESERVED.

     

    • Security Upgrades & Downgrades
    • Finance
    • Insurance Company
                        Contact:               
    A.M. Best Co. Keith Behrmann, 908-439-2200, ext. 5733 Financial AnalystL/H keith.behrmann@ambest.com or Adrienne Tortoriello, 908-439-2200, ext. 5088 Senior Financial AnalystP/C adrienne.tortoriello@ambest.com or Rachelle Morrow, 908-439-2200, ext. 5378 Senior Manager, Public Relations rachelle.morrow@ambest.com or Jim Peavy, 908-439-2200, ext. 5644 Assistant Vice President, Public Relations james.peavy@ambest.com

    Originally Posted at YAHOO! Finance on December 12, 2013 by Business Wire.

    Categories: Industry Articles
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