Midwest Family Insurance Group Posts a 93.7 Combined Ratio and AM Best Revises Outlook to Positive
|Midwest Family Insurance Group comprised of Midwest Family Mutual and its wholly owned subsidiary Midwest Family Advantage has announced its financial results for the fiscal year ending on December 31st, 2019. Following are some of the highlights:
- The Combined Ratio for Midwest Family was 93.7.
- The Group ended with direct written premium of $194.8M up 13.3% from $171.9M in 2018.
- Total Company Assets as of December 31st, 2019 amount to $327.3M up from $292.4M at the end of 2018.
- Policyholders Surplus as of December 31st, 2019 stands at $110.4M compared to $97.6M at the end of 2018. That's a year over year increase of 13.1%.
In other news, AM Best has revised the outlooks to 'positive' from 'stable' and affirmed the Financial Strength Rating of A- (Excellent) for Midwest Family Mutual Insurance Company (MFM) and its wholly owned subsidiary, Midwest Family Advantage Insurance Company. The outlook revision from stable to positive reflects improvement in the group's underwriting performance in recent years driven by strategic initiatives to diversify and expand its footprint in non-Midwestern states and commercial lines. These actions have led to consistent underwriting performance that outperforms the composite as measured by the group's five and 10-year average combined ratios. AM Best's expectation is for sustained improvement in operating performance metrics with low to moderate volatility while maintaining very strong balance sheet strength.
If you'd like to learn more about this revision, refer to AM Best's press release below:
Thanks so much for your business!
Aaron W. Boyd, MBA, CPCU, CIC