NEW HARTFORD — Utica Mutual Insurance Company and its intercompany pool participants and reinsured affiliates, collectively referred to as Utica National Insurance Group, have earned an AM Best Financial Strength Rating (FSR) upgrade to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-”.
The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
“This important acknowledgement of our financial strength has been many years in the making and reflects our stable outlook and reliability as a leading regional insurance carrier,” said Rich Creedon, Utica Mutual chairman and CEO. “This acknowledgment from AM Best is a welcome validation of our employees’ hard work, their commitment to our customers and agents, and being at our best when our customers need us most.”
1. The ratings reflect Utica’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
2. The rating upgrades reflect Utica’s improved underwriting and operating results in recent years. These results were driven primarily by favorable loss experience and improved risk selection in its leading lines of business, commercial liability and workers’ compensation, as well as the ultimate management of asbestos & environmental exposure.
3. Utica’s ratings also recognize the group’s solid risk-adjusted capitalization, strong risk management culture, and local market presence and expertise in target markets. Further, the ratings consider management’s continuing efforts to achieve rate adequacy and operational efficiencies, and to maintain stability in reserve development.
The FSR has been upgraded to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a” from “a-” with the outlooks revised to stable from positive for the following affiliates of Utica Mutual Insurance Company: Founders Insurance Company; Graphic Arts Mutual Insurance Company; Republic-Franklin Insurance Company; Utica Lloyd’s of Texas; Utica National Assurance Company; Utica National Insurance Company of Ohio; Utica National Insurance Company of Texas; and Utica Specialty Risk Insurance Company.