AM Best Withdraws Credit Ratings of Wisconsin County Mutual Group Members

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” of Community Insurance Corporation and Wisconsin County Mutual Insurance Corporation (both domiciled in Madison, WI), collectively referred to as the Wisconsin County Mutual Group (WCMG). The outlook of these Credit Ratings (ratings) remains negative. Concurrently, AM Best has withdrawn the ratings of WCMG at the company’s request to no longer participate in AM Best’s interactive rating process.

The ratings reflect WCMG’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM)...

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Ken Notes: This could be a huge problem for local governments it the state. A recession could do real harm here and successful lawsuits have hurt the company...