COLUMBUS, Ohio — Grange Insurance Company continues to be a financially strong and innovative company, according to A.M. Best, a global credit rating agency that specializes in the insurance industry.
A.M. Best reaffirmed Grange’s financial strength rating (FSR) of “A” (Excellent) and upgraded its outlook to positive from stable for all its property and casualty companies and affiliates. The FSR is the most crucial component of A.M. Best’s rating because it indicates a carrier’s ability to pay its policyholders’ future claims.
In addition, Grange’s Issuer Credit Rating (ICR) remains an “a+” (Excellent), and the outlook was also upgraded to positive from stable. 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 across the United States.
“We continue to build on our foundation of financial strength, even during uncertain times,” said Grange President and CEO John Ammendola. “Our “A” rating and upgraded positive outlook proves we can deliver on our promise of providing peace of mind and protection to individuals, families and businesses. We believe these ratings reflect the success of our company well into the future.”
In their review, A.M. Best’s rating referenced Grange’s strong balance sheet and sustained improvement in underwriting and operating performance, including underwriting metrics that outperformed its peer group in recent years. Combined with growing investment income, this improvement has resulted in continued organic growth in surplus.
A.M. Best also provided their assessment of Grange’s innovation capabilities. It rated it as “Prominent” for the second consecutive year. In previous analysis across their rating universe, a “Prominent” assessment placed a company in the top 10% versus companies reviewed.
“Grange is honored to receive these positive ratings. Innovation is crucial to our ability to adapt to the rapidly changing insurance landscape,” said Ammendola. “We enable innovation to thrive across every aspect of our business to support the success of our agency partners and meet customers evolving needs. Innovation enhances our competitive advantage and fuels the future of Grange.”
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.