A.M. Best has upgraded the Long-Term Issuer Credit Rating to “bbb+” from “bbb” and affirmed the Financial Strength Rating of B++ (Good) of Hartland Mutual Insurance Co. (Hartland Mutual), based in Minot, North Dakota. The outlook of these credit ratings (ratings) remains stable.
The ratings reflect Hartland Mutual’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Aside from the harsh weather North Dakota faced in 2016, the company’s current trend in operating performance is positive, with a five-year average combined ratio that compares favorably with the personal property composite.
Due to the company’s steady surplus growth, decreasing leverage measures and generally favorable loss reserves, the company’s balance sheet also has improved over the past five years.
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The company’s focus on rate adequacy and property inspections has assisted Hartland Mutual in exceeding management’s projections, especially in the most current year.
While business is written throughout the state, the company’s concentration of property in a single state leaves results susceptible to frequent and severe weather-related events, as well as the regulatory and economic environment.
Source: A.M. Best