AM Best Revises Outlooks to Positive for Members of IFG Companies

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) for the members of IFG Companies (IFG) (Burlington, NC). (See below for a detailed listing of the members and Credit Ratings [ratings]).

These ratings reflect IFG’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 (ERM).

The revision of the outlooks to positive from stable is driven by IFG’s operating performance, which has shown sustained improvement in underwriting and operating profitability since 2021. Over the past few years, the group has seen healthy growth in premiums, while keeping pace with inflationary pressures and rising total insured values. IFG also has been the beneficiary of high persistency, adherence to price adequacy, minimal volatility, favorable loss reserve development and disciplined expense management. The culmination of all of these factors have contributed to IFG’s ability to perform at levels more in line with its higher-assessed peers over the past couple of years. Going forward, AM Best will continue to monitor the group’s favorable trend in profitability and whether or not these results prove to be sustainable over the intermediate term.

IFG’s balance sheet assessment is well-supported by its risk-adjusted capitalization, which is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Additionally, the group maintains favorable levels of liquidity, moderate underwriting leverage and a low dependence on reinsurance that further solidifies its balance sheet strength. The group’s ERM is assessed as appropriate given the organization’s strong risk management capabilities, which supports the group’s overall risk profile.

The FSR of A (Excellent) and the Long-Term ICRs of ‘a+” (Excellent) have been affirmed with the outlooks revised to positive from stable for the following members of IFG:

  • First Financial Insurance Company
  • Alamance Insurance Company
  • Burlington Insurance Company
  • Guilford Insurance Company

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

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