Ratings agency AM Best has affirmed the financial strength rating of A++ (superior) for Auto-Owners Insurance Group (AOIG) and its four wholly owned property-casualty subsidiaries. This is the 48th consecutive year that Auto-Owners Insurance has received AM Best’s highest rating.
“The ratings of AOIG reflect its balance sheet strength, which AM Best categorizes as the strongest, as well as its very strong operating performance, favorable business profile and appropriate ERM (enterprise risk management),” AM Best said. “…AOIG has exhibited generally improved operating performance in recent years.”
Auto-Owners Life Insurance Company, a subsidiary of AOIG, was rated A+ (superior) by AM Best, a rating it has earned yearly since 1976. Atlantic Casualty Insurance Company, an excess and surplus lines company acquired by Auto-Owners in 2016, had its rating of A (excellent) confirmed by the ratings agency. The Concord Group, with which Auto-Owners entered into an affiliation in 2017, had its outlook revised from stable to positive and its financial strength rating of A (excellent) affirmed.
“The ratings actions reflect Concord Group’s strategic position within the Auto-Owners organization, as well as the significant operating and financial benefits that Concord Group has realized as a result of its April 2017 affiliation with Auto-Owners,” AM Best said.
“We are very pleased to have all three financial strength ratings affirmed,” said Jeff Tagsold, chairman and CEO of Auto-Owners. “We are also proud AM Best recognizes the progress all three companies have made. This reinforces the dedication and hard work of a team committed to providing the best products and services in the business.”