AM Best Affirms Credit Ratings of Knights of Columbus
OLDWICK, N.J.--(BUSINESS WIRE)--Jan 16, 2019--AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” of Knights of Columbus (the Order) (New Haven, CT). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect the Order’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
The Order has a strong fraternal presence within the Catholic community throughout the United States and Canada. Its risk-adjusted capital position remains the strongest, as measured by Best’s Capital Adequacy Ratio (BCAR), along with a high quality of capital as its balance sheet is not supported by surplus notes, captive reinsurers, or other forms of debt. In addition, its product risk and liability profile is viewed favorably as the Order’s reserves are largely whole life, which AM Best views as a high credit worthy product. Its ratings also reflect its long history of positive operating performance with low volatility and internal distribution agency force, which has been productive.
Offsetting these rating factors has been the low top-line growth, lower post dividend returns when compared with peers and strong competition in the ordinary life market.
This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view .
Copyright © 2019 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/20190116005792/en/
CONTACT: Erik Miller
+1 908 439 2200, ext. 5187
Senior Financial Analyst
+1 908 439 2200, ext. 5715
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 01/16/2019 03:54 PM/DISC: 01/16/2019 03:54 PM