COLUMBUS, Ohio – (April 22, 2020) Grange Insurance Company continues to be a financially strong, stable and innovative company, according to A.M. Best, a global credit rating agency that specializes in the insurance industry.
Amid the unprecedented COVID-19 pandemic, A.M. Best reaffirmed Grange’s financial strength rating (FSR) of “A” (Excellent) with a stable outlook for all of its P&C companies. The FSR is the most important component of A.M. Best’s rating which indicates a company’s ability to pay its policyholders’ claims.
In addition, Grange’s Issuer Credit Rating (ICR) remains an “a+” (Excellent) with a stable outlook. This rating indicates that Grange has an excellent ability to meet ongoing senior financial obligations and places Grange among a top tier of insurance companies nationally.
“We are very pleased that A.M. Best recognized our continued stability and financial strength during this time of crisis,” said President and CEO John Ammendola. “Earning an ‘A’ (Excellent) rating in the midst of a pandemic certainly demonstrates our commitment to providing peace of mind and protection during life’s unexpected events for our agent partners and policyholders.”
In its review, A.M. Best noted Grange’s strong balance sheet and dedicated enterprise risk management as contributing factors to the company’s stable outlook. In a newly added rating component for all companies, A.M. Best provided their first assessment of a company’s innovation capabilities. In preliminary testing across their rating universe, Grange prominently scored in the top 10% versus the companies reviewed.
“We are very proud of the score we received. Innovation is at the forefront of all that we do,” said Ammendola. “As the insurance industry continues its rapid transformation, we know that embracing change is the key to longevity. At Grange, we are committed to building a flexible, scalable and innovative company that will not merely survive, but thrive.”
Grange has a long-standing “A” financial strength rating from A.M. Best, and financial strength is a critical consideration when it comes to purchasing insurance.
About Grange Insurance
Grange Insurance Company, with $3 billion in assets and more than $1.3 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life and business insurance protection. Life insurance offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. Learn more about Grange Insurance.