A.M. Best Revises Outlook to Stable for Upland Mutual Insurance, Inc.
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OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has revised the outlook to stable from positive and affirmed the issuer credit rating (ICR) of "bbb" of Upland Mutual Insurance, Inc. (Upland) (Junction City, KS). Additionally, A.M. Best has affirmed the financial strength rating (FSR) of B++ (Good) of Upland. The outlook for the FSR is stable.
The positive outlook previously assigned to Upland's ICR was revised to stable following the decline in surplus from underwriting and investment losses. Underwriting losses resulted from increased frequency of wind and hail storms and the impact of the EF-3 tornado in Chapman, KS. Investment losses resulted from the unprecedented decline in the capital markets, which impacted Upland's fixed income and equity investments.
The ratings of Upland reflect its adequate level of risk-adjusted capitalization, driven by moderate underwriting leverage and conservative reserving practices. The ratings also recognize the company's long-standing market presence in Kansas and favorable overall liquidity measures.
These rating factors are partially offset by Upland's elevated ceded reinsurance leverage measure, limited financial flexibility and current business profile, as a single-state, property writer, expose it to increased competitive market conditions and regulatory and judicial changes.
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
Source: A.M. Best Co.
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