A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of Alabama-based Alfa Insurance Group and its members. Concurrently, A.M. Best has affirmed the ICR and debt ratings of “a” of Alfa Corp.
Additionally, A.M. Best has affirmed the FSR of A+ (Superior) and the ICR of “aa-” of Alfa Life Insurance Corp. (Alfa Life). The outlook for all aforementioned ratings is stable. A.M. Best also has affirmed the debt rating of AMB-1 on the commercial paper program of Alfa Corp. All companies, except Alfa Alliance Insurance Co., are domiciled in Montgomery, AL. (See below for a detailed list of the companies and ratings.)
The ratings reflect Alfa’s unfavorable operating results over the last five years within its property lines of business, competitive market conditions and its ongoing, although significantly reduced, susceptibility to severe weather-related events due to its geographic concentration of risks in the Gulf region. In addition, the group grew surplus during this period and delivered improved capital adequacy in the most recent period.
The FSR of A+ (Superior) and ICRs of “aa-” have been affirmed for Alfa Insurance Group and its following members:
Alfa General Insurance Corp.
Alfa Insurance Corp.
Alfa Vision Insurance Corp.
Alfa Mutual Insurance Company
Alfa Mutual Fire Insurance Co.
Alfa Mutual General Insurance Co.
Alfa Specialty Insurance Corp.
Alfa Alliance Insurance Co.
The ICR of “a” has been affirmed for Alfa Corp.
Source: A.M. Best Co.
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