AM Best Withdraws Credit Ratings of Inland Mutual Insurance Company

September 15, 2021 3:16 PM EDT

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OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of Inland Mutual Insurance Company (IMIC) (Huntington, WV). The outlooks of these Credit Ratings (ratings) are stable. Concurrently, AM Best has withdrawn these ratings at the request of the company to no longer participate in AM Best’s interactive rating process.

The ratings reflect IMIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

IMIC’s balance sheet strength assessment of very strong is supported by risk-adjusted capitalization within the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as liquidity and underwriting leverage measures that compare favorably with AM Best’s personal property composite average. Positive growth in policyholders’ surplus over the past five years has been offset partially by limited financial flexibility and scale of operations.

IMIC’s adequate operating performance assessment is driven largely by key metrics of total operating earnings, which have remained close to those of the personal property industry composite over the longer term despite some deterioration in recent years, such as pre-tax return on revenue and operating ratio.

IMIC’s limited business profile assessment is driven largely by its geographic concentration in a few states within the Appalachian region of the United States, which exposes results to frequent and severe weather-related events, as well as potential judicial, economic, competitive and regulatory challenges.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Christopher Jackson
Financial Analyst
+1 908 439 2200, ext. 5721

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Brian O’Larte
+1 908 439 2200, ext. 5138

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644

Source: AM Best

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