A.M. Best Affirms Ratings of Auto-Owners Insurance Group and Auto-Owners Life Insurance.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A++ (Superior) of Auto-Owners Insurance Auto-Owners Insurance is a Fortune 500 company founded in 1916. It is headquartered in Lansing, Michigan and has over 65 full service and claims branches nationwide. Although the name suggests only auto insurance is provided, it actually provides many lines of insurance including Group (Auto-Owners). Additionally, A.M. Best has affirmed the financial strength rating of A+ (Superior) of Auto-Owners Life Insurance Company (Auto-Owners Life) (both of Lansing, MI). The rating outlook for all the ratings is stable. The rating of Auto-Owners Insurance Group reflects its outstanding capitalization, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. earnings trend and conservative operating philosophy. The group achieved strong operating results as a result of its well-established independent agency relationships, competitive expense structure, diversified product offerings and adherence to strict underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. fundamentals. The rating also acknowledges Auto-Owners' strong market presence as one of the 20 largest property/casualty insurance organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with more than $4.2 billion in net written premium as of year-end 2004. The affirmation of Auto-Owners Life's rating is based on its continuing integral role as the life, health, and annuity marketing arm of higher-rated Auto-Owners, sustained net premiums growth, favorable statutory operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before and superior level of risk-adjusted capitalization. The rating of Auto-Owners Insurance Group applies to the following five property/casualty members and is based on their consolidated financial results. --Auto-Owners Insurance Company --Home-Owners Insurance Company --Owners Insurance Company --Property-Owners Insurance Company --Southern-Owners Insurance Company For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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