KBRA (Kroll Bond Rating Agency) has upgraded the insurance financial strength rating (IFSR) of Mutual
Assurance Society of Virginia to A+ (from a previously high ranking of A).
The upgrade is the result of the following actions taken in recent years at the Society:
Strengthening the employee base and implementing succession planning.
Creating additional Board Committees to strengthen risk oversight.
Making significant progress in enhancing and documenting the Enterprise Risk Management framework.
And most recently, significantly strengthening an already robust catastrophe reinsurance program.
"We have worked diligently and thoughtfully to improve our operations over several years," says Mutual Assurance President Jeffrey S. Wrobel, Sr. "KBRA's upgrade is a testament to our entire team's hard work and dedication. Our A+ rating reaffirms our commitment to excellence and recognizes our financial stability, operational improvements, member-centric approach, and innovative solutions," he adds.
What sets KBRA's A+ rating apart from other rating organizations is the agency's willingness to consider mutual insurance's unique business model and our "management's strategy and commitment to mutuality, with a focus on customer retention and achieving a break-even level of net income."
Other positive areas in KBRA's review included Mutual's ability to withstand extreme tail events, strict underwriting guidelines and appropriate pricing, very strong liquidity and high-quality bond portfolio, high customer retention, and minimal catastrophe exposure to surplus.
KBRA is a global full-service rating agency whose mission is to set a standard of excellence and integrity. Established in 2010, KBRA is dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings through in-depth research across a variety of sectors.