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Firm affirms CUNA Mutuals strength elevates outlook
MADISON, Wis. (4/25/11)--Financial ratings agency A.M. Best has affirmed CUNA Mutual Group’s “A” (Excellent) financial strength rating and returned the company’s outlook to stable. The “A” rating applies to the principal companies of CUNA Mutual Group--CUNA Mutual Insurance Society, a life and health insurer, and CUMIS Insurance Society, Inc., a property and casualty subsidiary. The rating is the third highest rating of the 16 categories of ratings A.M. Best issues. “During these difficult economic times, CUNA Mutual has worked hard to keep premiums down, deliver greater value to credit unions and their members through our products and services, and still grow our company's financial strength,” said Jeff Post, president/CEO of CUNA Mutual. He said that “A.M. Best acknowledges our strong performance in affirming our rating and upgrading our outlook to stable.” The rating and improved outlook reflects CUNA Mutual’s solid capitalization and consistently positive operating gains, said A.M. Best, citing CUNA Mutual’s improvement in the overall quality of its balance sheet. A.M. Best also affirmed the “A-“ (Excellent) financial strength ratings of Producers Agriculture Insurance Company and Producers Lloyds Insurance Company (ProAg) with a stable outlook. A.M. Best cited ProAg’s historical operating profitability and strong agency relations in affirming these ratings. The financial strength rating of MEMBERS Life, a dormant downstream life company that is not core to CUNA Mutual’s operations, was affirmed at B++ (Good) with a stable outlook.
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