AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of the members of Grinnell Mutual Group (Grinnell). The outlook of the FSR is stable. (See below for a listing of the companies.)

The Credit Ratings (ratings) reflect Grinnell’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The revised outlooks of the Long-Term ICRs to stable from negative were considered an improvement in Grinnell’s operating performance in 2024, and have continued into 2025. The deterioration in the group’s results between 2020, and 2023, prompted Grinnell to shift its strategic goal to return to profitability by focusing on underwriting discipline and rate adequacy. In 2024, the group demonstrated the effectiveness of the actions it undertook by reporting pre-tax operating income of $275.6 million, which was largely driven by underwriting gains, the highest in its 10-year history. Grinnell’s favorable results continued through the first six months of 2025, with it continuing to report strong underwriting and overall operating income. Grinnell continues to focus on strategic objectives intended to maintain its restored profitability and rate adequacy with not much concern being placed on policy counts.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with the outlooks of the Long-Term ICRs revised to stable from negative, while the outlook of the FSR is stable, for the following members of Grinnell Mutual Group:

• Grinnell Mutual Reinsurance Company, SI
• Grinnell Select Reinsurance Company
• Grinnell Compass, Inc.

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 Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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