10/19/2012
Rural Mutual Insurance Company (Rural Mutual) announces its selection as a “Ward’s 50® Top Performer.” This year’s distinction marks the fourth consecutive year the company, an affiliate of the Wisconsin Farm Bureau Federation, has earned the designation.
The recognition is bestowed by the Ward Group, which is “a leading provider of benchmarking and best practices research studies for insurance companies,” chooses its recipients only after a financial performance analysis of over 3,200 property-casualty companies based in the United States.
“For over 78 years we have only done business in Wisconsin, so our stability is truly a credit to the people of this great state,” says Peter Pelizza, CEO of Rural Mutual Insurance Company. “Premiums paid here, stay here so everyone benefits.”
The Ward Group considers multiple criteria for its award including trends in a company’s financial strength over the previous five years. In March 2012, Rural Mutual released its 2011 financials, which featured a strong showing in key industry indicators such as direct premium growth, combined ratios and new policies.
Pelizza notes that “2011 was a challenging year, not only for Rural Mutual, but for the industry as well. Record weather events, a soft insurance market coupled with challenges in the financial markets all made it difficult to post favorable results. The fact is we were all on a level playing field which means our recognition for this award was not due to luck, timing or geography. This recognition further reinforces Rural Mutual’s ability to live up to our promise to policyholders: to financially be there in the time of need.”
It was also announced that AM Best affirmed Rural Mutual’s rating of A (Excellent) with a stable outlook. This rating is assigned to companies that have an excellent ability to meet their ongoing insurance obligations.
