Demotech Affirms Financial Stability Rating® Assigned to Forward Mutual Insurance Company

Columbus, Ohio, January 30, 2023: The Financial Stability Rating® (FSR) of A’ (A Prime), Unsurpassed, assigned to Forward Mutual Insurance Company has been affirmed by Demotech, Inc. This level of FSR is assigned to insurers who possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE) and realistic pricing.

FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.

About Forward Mutual Insurance Company

Forward Mutual Insurance Company (FMIC) began on November 6, 1875, when 31 property owners in the Town of Ixonia met in Ixonia Center to form the Town of Ixonia Mutual Fire Insurance Company. This was in response to the inability of rural Wisconsin property owners to find affordable fire insurance. FMIC had been governed as a Chapter 612 town mutual by the State of Wisconsin and limited to providing home and farm insurance to property owners in 16 counties in southeastern Wisconsin. On January 1, 2020 FMIC will convert to a Wisconsin state-wide domestic mutual insurance company governed by Chapter 611. FMIC is headquartered in Ixonia, Wisconsin. FMIC maintains a high surplus to premium ratio through conservative investment policies and careful underwriting. The guiding vision is to remain strong, progressive and true to the company’s original tradition of “neighbor helping neighbor.” Visit for more information.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers.  Since 1985, Demotech has served the insurance industry by assigning accurate, reliable, and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters.  Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size.  Demotech was the first to review and rate independent regional and specialty insurers. Demotech’s consistently increasing list of accreditations and acceptances has resulted in rating and reviewing more than 450 insurers operating in the US.  As of 7/11/2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies.  Visit for additional information.

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