For more information:
Jim Buchheim 608/232-6327 jim.buchheim@cunamutual.com
Rick Uhlmann 608/231-8940 rick.uhlmann@cunamutual.com
Jan. 31, 2008
A.M. Best Affirms CUNA Mutual Group Financial Strength Rating
MADISON, Wis. – CUNA Mutual Group’s financial strength rating has been affirmed as “A” (Excellent) by ratings agency A.M. Best. In listing the company’s outlook as “Stable,” A.M. Best recognized CUNA Mutual’s “excellent risk-adjusted capitalization, overall operating profitability and conservative balance sheet.”
A.M. Best assigned the “A” rating to the principal companies of CUNA Mutual Group, including CUNA Mutual Insurance Society and CUMIS Insurance Society, Inc., the company’s primary U.S. property and casualty subsidiary.
CUNA Mutual’s excellent underwriting results in 2007 and its strong position in supporting credit union interests were cited as strengths by the ratings agency. The company, which just completed the second year of a three-year transformation, also plans expansion into new product areas, which also was noted in the most recent rating.
“Management continues to expect that enhanced product offerings and joint-venture opportunities will provide growth opportunities for future expansion as evidenced by its 45-percent quota share participation in crop insurance produced by Producer’s Ag Insurance Group,” A.M. Best said.
"In 2007, we built on our financial strength and improved our ability to serve and support the credit union market," said Jeff Post, CUNA Mutual president and CEO. "2008 will be a year where we develop new markets and new products that help CUNA Mutual grow -- at the same time we provide more value to credit unions and their members."
A.M. Best is a worldwide provider of insurance company ratings and information.
CUNA Mutual Group is the leading provider of financial services and products to credit unions and their members worldwide. More information on the company is available at www.cunamutual.com.
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