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AM Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of Church Mutual Insurance Group’s Members

By: via Business Wire

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Church Mutual Insurance Company, S.I. and its wholly owned subsidiaries, CM Regent Insurance Company and CM Vantage Specialty Insurance Company. Concurrently, AM Best has removed from under review with negative implications and affirmed the Long-Term Issue Credit Rating of bbb+ (Good) of the $40 million, 9.5% surplus notes due 2044 issued by Church Mutual Insurance Company, S.I. All companies are domiciled in Merrill, WI, and collectively referred to as Church Mutual Insurance Group (Church Mutual). The outlook assigned to these Credit Ratings (ratings) is negative.

The ratings reflect Church Mutual’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The negative outlooks reflect AM Best’s concerns regarding the group’s overall balance sheet strength assessment at the upper end of the very strong level considering significantly unfavorable loss reserve development that emerged over the past two years, as well as the accumulation of net weather losses, particularly in 2023. Following material capital erosion in 2023, the group was placed under review with negative implications. At the time, management had communicated near-term capital management plans to correct recent erosion, which included a capital raise via a surplus note, corporate restructuring to more effectively deploy capital, considerable derisking of problematic segments and the implementation of reinsurance structures for capital relief. Church Mutual successfully implemented these strategies leading to capital levels rebounding in 2024 along with risk-adjusted capitalization, which is considered strongest, albeit by a small margin, as measured by Best’s Capital Adequacy Ratio (BCAR). While improvement has been observed and management’s actions appear to be gaining traction, further improvement is expected in the near term, particularly regarding significant moderation of unfavorable loss reserve development trends and continued improvement in risk-adjusted capitalization. Should this not materialize, there is potential for negative rating action.

While loss reserve development, impacted by social inflation and higher defense costs, also materially impacted operating performance in 2023, the group recorded an over 20-point improvement in the year-over-year combined ratio when compared with 2024 results and in effect rebounded back to an adequate operating performance level. Notably, 2023 also was marked by greater retained weather losses than in prior years. The improvement reflects robust portfolio derisking that culled risks that had disproportionately high weather exposure leading to a material impact on accumulated exposures, reinsurance pricing and performance. Furthermore, the group has been aggressive in pushing rate adequacy to reflect current loss cost trends. Volatility will continue to be monitored as it relates to operating results. The neutral business profile reflects the group’s position as a market leader in providing insurance services for religious institutions and adjacent segments. The group’s ERM program, which is considered appropriate, incorporates stress testing and a risk-aware culture supported by active board involvement.

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.

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 www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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