Both CUMIS Insurance Society’s and Producers Agriculture Insurance Co.’s financial strength ratings were affirmed at and upgraded to “A,” respectively, by credit ratings agency A.M. Best.
In assigning the “A” rating to CUMIS and elevating ProAg from “A-” to “A,” A.M. Best cited both companies’ strong level of risk-adjusted capitalization, according to CUNA Mutual Group.
The A rating carries an “Excellent” designation, according to A.M. Best.
The credit ratings agency cited CUMIS’ conservative balance sheet, overall operating profitability and well-established niche position in the credit union marketplace, CUNA Mutual noted, adding A.M. Best said “The ratings further reflected the financial flexibility and diversified operations of CMFG.”
CUMIS and ProAg are subsidiaries of CMFG Life Insurance Co.
In upgrading ProAg, the ratings agency recognized the support its reinsurance agreement with CUMIS provides, its business profile as one of the largest providers of crop insurance and its experienced management team, CUNA Mutual said.