SOURCE: Hastings Mutual Insurance Company
HASTINGS, MI--(Marketwire - Jan 3, 2013) - Hastings Mutual Insurance Company, a regional Property Casualty insurance carrier serving six states in the Midwest, was again awarded an A+ (Superior) financial strength rating from A.M. Best Company in 2012. This top rating is based on an independent evaluation by A.M. Best. The continued financial strength and performance of Hastings Mutual is highlighted in the affirmed rating.
"We are pleased that Hastings Mutual was again recognized by A.M. Best for superior capitalization and five-year operating results," said Joe Babiak, president and CEO of Hastings Mutual. "This rating allows our policyholders to rest assured, knowing Hastings Mutual will be there to fulfill the promises we make."
The rating affirmation reflects the company's superior capitalization with moderate underwriting leverage, a conservative investment risk profile, and favorable loss reserve development, as well as the five-year operating performance driven by solid investment income. These positive rating factors are derived from the company's long-standing agency relationships and the company's adherence to sound operating fundamentals.
Although Hastings Mutual's A+ (Superior) rating was affirmed, A.M. Best revised the outlook from stable to negative. The negative outlook is based on the company's geographic concentration and corresponding exposure to severe weather-related losses. In spite of less than favorable underwriting results and operating earnings due to storm losses, Hastings Mutual maintains a strong risk-adjusted capital position.
"Going forward, we have the challenge and the great opportunity to deliver more consistent profitability to Hastings Mutual's results in order to maintain our long tradition of excellent financial strength," said Babiak. "I have the utmost confidence that, together with our dedicated employees and outstanding independent agency partners, we will achieve this goal."
A.M. Best is among the most respected rating organizations. Now a global, full-service agency, A.M. Best has served the insurance industry for more than 113 years. Best's Financial Strength Rating is assigned exclusively to insurance companies based on financial strength and the ability to meet insurance policy contractual obligations.
About Hastings Mutual Insurance Company
Hastings Mutual Insurance Company is an award-winning, A. M. Best: A+ rated regional Property Casualty insurance company. Hastings Mutual operates in the six Midwestern states of Michigan, Illinois, Indiana, Iowa, Ohio, and Wisconsin. The company, based in Hastings, Michigan, was founded in 1885. Hastings Mutual writes commercial, farm, and personal lines business through a network of independent insurance agents. For more information about Hastings Mutual visit the company website at www.hastingsmutual.com or find them on Facebook and Twitter.
About A.M. Best Company
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.