Demotech Affirms the Financial Stability Rating® Assigned to First Mutual Insurance Company
Columbus, Ohio, December 17, 2021: The Financial Stability Rating® (FSR) of A’ (A Prime), Unsurpassed, assigned to First 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 First Mutual Insurance Company
First Mutual Insurance Company (FMIC) is a North Carolina domiciled limited assessable mutual insurance company licensed in North Carolina, South Carolina, and Tennessee. FMIC writes Homeowners, Farmowners, Dwelling Fire with support, Fire and Allied Lines, Inland Marine policies, and special coverage policies insuring Hog and Poultry houses including loss of income, equipment breakdown, liability, and limited pollution liability coverage. The Company includes Identity Recovery coverage at no cost on all Homeowner and Farmowner policies and includes Equipment Breakdown coverage on all Farmowner policies and Home Systems Protection coverage on all Homeowner policies. Replacement cost coverage is provided on contents at 50% of the dwelling coverage amount on Homeowner and Farmowner policies. The Company utilizes Tier rating to generate preferred pricing and offers a variety of deductibles. Premium credits are available for multiple policies. FMIC has been protecting homes and farms since 1961 and is proud of its prompt claims service.
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. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. 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 400 insurers operating in the US. Visit www.demotech.com for additional information.
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