CUNA Mutual Group said Tuesday that A.M. Best has given CMFG Life Insurance Co. an “A” (Excellent) rating for its financial strength.
The ratings firm gave the same rating to CUMIS Insurance Society, CUMIS Specialty Insurance Co, Producers Agriculture Insurance Co. and Producers Lloyd Insurance Co.
Meanwhile, MEMBERS Life Insurance Co. was upgraded to “A” (Excellent) from B++ (Good) and all the ratings outlooks are considered stable, CUNA Mutual said.
The ratings were based on the company’s continued spot as the leading provider of life and health insurance to members and employees of credit unions and its capital position, net operating gains and strategic initiatives to diversity into ancillary lines of business, the Madison, Wis., company said.
Also cited was CMFG Life’s “supportive level of risk-adjusted capitalization, conservative balance sheet, overall operating profitability and well-established niche position in the credit union and multi-peril crop insurance segments,” the company said.