Madison,
14
May
2020
|
09:41 PM
America/Chicago

A.M. Best affirms American Family's 'A' financial strength rating

‘A’ (Excellent) financial strength rating affirmed for 18th year, innovation score assessed for first time

Summary

A.M. Best affirmed American Family Insurance’s ‘A’ (Excellent) financial strength rating, and for the first time assessed an innovation score. 

A.M. Best affirmed American Family Insurance’s ‘A’ (Excellent) financial strength rating, the third highest of their 15 ratings, for the 18th year in a row. It also affirmed the company’s issuer credit rating of ‘a+’ for the third year in a row.

For the first time, the company was assessed an innovation score, resulting in an innovation rating of “Significant” (the third of five ratings). The innovation rating acknowledges the company’s commitment to a culture that promotes innovative ideas and solutions to improve processes, workflows and overall business results.

The financial strength rating includes American Family, The General, Homesite, and Main Street America. CONNECT, powered by American Family Insurance, which American Family acquired as Ameriprise Auto & Home in October 2019, maintains a separate rating of ‘A’ (Excellent) and is expected to be added to the rating group later in 2020.

The ‘A’ rating reflects A.M. Best’s opinion of an insurer’s ability to meet its ongoing insurance policy and contract obligations. The following ratings were affirmed by A.M. Best:

  • American Family Insurance Group: A (Excellent) financial strength rating with a stable outlook.
  • American Family Life Insurance Company: A (Excellent) financial strength rating with a stable outlook.

A.M. Best also affirmed the ‘a+’ issuer credit rating of American Family Insurance Group and American Family Life Insurance Company (the fifth highest of 21 ratings). A.M Best’s issuer credit rating reflects their opinion of an insurer’s ability to meet its ongoing financial obligations.

Use this link to access the A.M. Best news release about American Family Insurance Group. 

In March, American Family received financial strength ratings from two new agencies: Moody’s and Standard & Poor’s (S&P). Both rating agencies affirmed the company’s financial strength, with Moody’s giving the company an ‘A1’ rating and S&P giving it an ‘A’ rating. The Moody’s ranking is fifth highest out of 21 available ratings and the S&P is sixth highest out of 21 ratings.

In July 2019, Fitch Ratings affirmed American Family’s A+ rating (the fifth highest of 21 ratings) with a stable outlook, which indicates high credit quality and overall financial strength.

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About the American Family Insurance Group
Based in Madison, Wisconsin, American Family Insurance has been serving customers since 1927. We inspire, protect and restore dreams through our insurance products, exceptional service from our agency owners and employees, community investment and creative partnerships to address societal challenges. We act on our belief in diversity and inclusion by constantly evolving to meet customer needs and preferences. American Family Insurance group is the nation’s 13th-largest property/casualty insurance group, ranking No. 306 on the Fortune 500 list. The group sells American Family-brand products, primarily through exclusive agency owners in 19 states. The American Family Insurance group also includes CONNECT, powered by American Family Insurance (formerly Ameriprise Auto & Home), The GeneralHomesite and Main Street America. Across these companies the group has more than 13,500 employees nationwide.