AP NEWS

A.M. Best Upgrades Credit Ratings of Upland Mutual Insurance, Inc.

November 19, 2018

OLDWICK, N.J.--(BUSINESS WIRE)--Nov 19, 2018--A.M. Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb-” of Upland Mutual Insurance, Inc. (Junction City, KS). The outlooks of these Credit Ratings (ratings) have been revised to stable from positive.

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

The upgrade of Upland’s ratings reflects the improvement in its operating performance over the past five years. Upland has experienced favorable weather activity, and also undertook a number of initiatives including rate increases, higher deductibles and the restructuring of the company’s reinsurance program, which have resulted in improved underwriting profitability.

Upland’s strong balance sheet reflects the company’s overall risk-adjusted capitalization being at the strongest level, its conservative investment portfolio and limited scale of operations. Upland has generated capital consistently over the most recent five years from a mix of underwriting, investments and fee income. The adequate operating performance reflects the company’s underwriting results, which when coupled with steady net investment income and other income, have generated consistent pre-tax operating profits. Upland maintains a limited business profile as a writer of personal property in the single state of Kansas. ERM is appropriate for Upland’s risk profile as the company continues to identify, quantify and monitor its key risks. The company also performs catastrophe modeling and exposure accumulation analysis in order to manage its concentration risk.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181119005705/en/

CONTACT: A.M. Best

Bobby Skrabal

Financial Analyst

+1 908 439 2200, ext. 5792

bobby.skrabal@ambest.com

or

Janet Hernandez

Senior Financial Analyst

+1 908 439 2200, ext. 5767

janet.hernandez@ambest.com

or

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

or

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE

SOURCE: A.M. Best

Copyright Business Wire 2018.

PUB: 11/19/2018 01:35 PM/DISC: 11/19/2018 01:35 PM

http://www.businesswire.com/news/home/20181119005705/en

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