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  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
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  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Revises Outlooks to Negative for Loudoun Mutual Insurance Company

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Loudoun Mutual Insurance Company (Loudoun) (Waterford, VA).

The Credit Ratings (ratings) reflect Loudoun’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.

The revised outlooks to negative from stable are based on the deterioration in Loudoun’s underwriting and operating performance in recent years and corresponding decline in overall risk-adjusted capitalization. Adverse operating results are driven primarily by the homeowner and dwelling fire lines of business from rising loss costs due to inflationary trends. Additionally, the homeowners and commercial multi-peril lines of business were impacted by increased fire and weather-related losses, which were exacerbated by inflationary loss cost trends. Consequently, Loudoun’s five-year pre-tax operating results are negative.

Furthermore, Loudoun has reported underwriting and pre-tax operating losses in three of the past five years; however, net losses have only been reported in two of those years due to substantial realized gains on its equity portfolio over the period. Loudoun’s five-year average loss and loss adjustment expense ratio has compared favorably with its composite average, which has been more than offset by an elevated five-year average underwriting expense ratio, which is reflective of higher commission rates typical of Virginia personal property writers.

Loudoun has implemented significant rate increases for homeowners and all other property lines of business in recent years, with additional rate adjustments implemented in January 2025, in conjunction with underwriting, pricing and claims strategic initiatives to reduce exposures in concentrated locals. However, it is uncertain at this time if Loudoun will execute these plans successfully to return it to underwriting profitability over the near term.

Loudoun’s balance sheet strength assessment of very strong is driven by its strongest level, albeit declining, risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Overall risk-adjusted capitalization has been declining due to volatile operating results, increasing underwriting leverage, higher reinsurance costs and increased net catastrophe retentions.

While recent challenges are considered more of an operating performance issue at this time, continuation over the intermediate term could begin to challenge the balance sheet assessment.

AM Best will monitor Loudoun’s ability to execute its underwriting, pricing and weather mitigation strategies to return to sustained operating profitability prospectively. Furthermore, Loudoun will be expected to maintain its very strong overall balance sheet strength, as it navigates through its risk mitigation strategies as they pertain to catastrophe risk and the company’s relative concentrations.

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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