A.M. Best Affirms New Mexico Mutual’s A- Rating
Mar. 27, 2014 –
New Mexico Mutual, the largest writer of workers’ compensation insurance in New Mexico, announced today that A.M. Best has reaffirmed its financial strength rating of A- (Excellent) to New Mexico Mutual and the previously rated companies under its umbrella: New Mexico Premier Insurance Company; New Mexico Assurance Company; New Mexico Mutual Casualty Company; New Mexico Employers Assurance Company; New Mexico Southwest Casualty Company; and New Mexico Foundation Insurance Company. In addition, A.M. Best also assigned A- (Excellent) ratings to new subsidiaries of New Mexico Mutual, New Mexico Safety Casualty Company and New Mexico Security Insurance Company. These two new companies received their certificates of authority in December 2013. The outlook assigned to all ratings is stable, and all companies are domiciled in Albuquerque, NM.
According to A.M. Best, the affirmation and new ratings reflect the “strong risk-adjusted capitalization, trend of profitable operating performance and its established market position. As a lead writer in the New Mexico workers’ compensation market, it is able to maintain a strong policyholder retention rate, favorable spread of risk through its agency representation and achieve a greater depth of data and information, enabling the group to respond more effectively and quickly to the changing dynamics of the market.”
New Mexico Mutual wrote workers’ compensation insurance for more than 31% of the voluntary market in New Mexico in 2013. New Mexico Mutual is also one of two servicing carriers for the Assigned Risk Pool in New Mexico.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the insurance industry. It is the largest and longest-established company devoted to issuing in-depth reports and financial strength ratings about insurance organizations.
About New Mexico Mutual: New Mexico Mutual is the largest writer of workers’ compensation insurance in New Mexico, providing quality, cost-effective workers’ compensation insurance to New Mexico businesses. Created in 1991, New Mexico Mutual provides workers’ compensation insurance for more than 7,000 New Mexico businesses. The company provides extensive safety services and claims management for its policyholders.