Church Mutual Insurance Company surpassed the $500 million mark in policyholders’ surplus recently, moving up a financial strength classification as measured by insurance industry rating expert A.M. Best Company.
Already rated A (Excellent) or better in financial strength by A.M. Best for 63 consecutive years, Church Mutual is ranked No. 21 in the nation in terms of commercial multi-peril premiums written.
“For Church Mutual to have reached and now surpassed the half billion dollar threshold in policyholders’ surplus is truly a landmark achievement,” said Insurance Information Institute President Dr. Robert Hartwig. “It is a testimony to their 117 years of dedication to customers and employees.”
Hartwig added that the company joins an elite group of insurance companies.
“In the United States today, fewer than 150 property and casualty insurance groups currently in operation hold this extraordinary distinction – out of a total of nearly 1,300.”
Church Mutual’s surplus has grown exponentially since the company passed the $100 million mark in 1997. From that point, after 100 years in existence, it only took another 17 years to reach the $500 million level.
“This is a major milestone that is reflective of the positive efforts over time of past and present employees and leaders, as well as the commitment of our customers,” Church Mutual CEO Mike Ravn said.
Church Mutual, which insures more than twice as many religious organizations as its nearest competitor, is rated A (Excellent) by industry analyst A.M. Best.