CUNA Mutual Group's Insurance Companies Receive Excellent Rating
MADISON, Wis. - Recognizing its operating returns, liquidity and "conservative" balance sheet, A.M. Best recently reaffirmed its "A" rating of CUNA Mutual Group's primary insurance companies. The ratings agency applied the "Excellent" rating to CUNA Mutual Insurance Society, CUNA Mutual Life Insurance Co., (CMLIC), MEMBERS Life Insurance Co., and CUMIS Insurance Society, the group's principal property and casualty insurer. A.M. Best's ratings are recognized as the benchmark for assessing insurers' financial strength. Its "A" rating is the third highest of 15 available. Mike Kitchen, CUNA Mutual president and CEO said "it's very gratifying to know we have been able to increase our financial strength during this extremely difficult economic period," adding "we will be relentless in our efforts to maintain this positive trend while continuing to provide high-quality products and services to credit unions and their members." In September, Fitch Ratings, the worldwide ratings and research company, reaffirmed its "AA" rating of the primary companies of the CUNA Mutual Group. The "AA" rating is the fourth highest of the 24 ratings the company assigns. Fitch, which has a ratings presence in 75 countries, also reaffirmed the long-term issuer rating of CMLIC at "A." CUNA Mutual Group reported $2.3 billion in total revenue in 2002 and has more than $11 billion in assets.