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Midwest Family Mutual maintains A- (Excellent) Financial Strength Rating icon

Midwest Family Mutual (MFM) had its A- (Excellent) Financial Strength Rating affirmed by AM Best along with a “Stable” Outlook. MFM also maintains its Financial Size Category VII as surplus grew 9% in a year in which written premium revenue grew 8% to $129.6M.

A resounding theme in the rationale for MFM’s Financial Strength Rating is the consistency of our operating results coupled with a continued geographic spread of business. With an estimated combined ratio of 96.2% in 2015, the company has achieved another year of underwriting profit on top of what has been a conservative and consistent investment return. Throughout 2015, MFM has continued to expand its foothold in the new states of Arizona, Utah, Colorado, Wyoming, Kansas, Missouri, Montana, Nevada, and Indiana. By the second quarter of 2016, the company plans to start writing in New Mexico, Ohio, and Idaho. This expansion is a concerted effort to mitigate the risk of storm related losses in the Midwest. However, as we expand outward, we have been able to attain modest growth in our core upper Midwest region.

Another perceived reason for the company’s strength is the strong relationships we have established with our Independent Agents. As MFM expands its footprint outwards, we are able to organically grow without over-saturating our Agency representation. This assures strong franchise value for those Agents that do represent us and avoids the cannibalization of business that comes with frequent AOR/BOR transactions. Couple this Agency value with our strong claims service, and it’s no wonder that many of our Independent Agents consider us a “must have” regional carrier. In fact, it’s this reputation that has allowed us to expand our presence to 64 new Agencies in 2015.

We’re pleased with the affirmation of our Excellent Financial Strength and we look to continue our trend of positive operating results as we expand our geographic territory and strengthen our Agency relationships in 2016!

Aaron W. Boyd, MBA, CPCU
Executive VP & COO

Posted on Saturday, February 06 @ 13:29:34 -06:00
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