London, 16 April 2010
The UK and Irelands leading mutual insurer, CUNA Mutual Group, today announces that despite the challenging economic climate, the Group has maintained an ‘Excellent’ annual financial strength rating. This A rating has been affirmed by the worldwide leading financial strength ratings agency A.M. Best.
CUNA Mutual Group is the UK’s number one provider of financial services to Credit Unions, Building Societies and other mutual organisations. Existing partners include: Furness, Vernon, Scottish and Progressive Building Societies. With over 20 million members worldwide and asets greater than $13 billion the group has established itself as a leading provider of insurance products for the mutual and co-operative] sectors. The Group is one of the largest providers of Group Life insurance, worldwide.
Paul Walsh, CEO of CUNA Mutual Group Europe says, “During 2009, CUNA Mutual Group’s capital position improved with every key measure. We are proud of our strong performance over the last year and the A.M.Best recent rating acknowledges our impressive results and leading position in the marketplace.”
“CUNA Mutual Group has remained at the top of its game throughout a challenging economic climate and we are confident that we can continue to maintain the exceptional growth rates achieved over the past year and provide our business partners with the highest standard of protection and claims support possible next year, the year after and for many years to come. Our partners and their customers are now enjoying the benefits of having most life claims settled and paid in only 48 hours, a service enhancement unique in the insurance sector.”
As an insurance company, CUNA Mutual Group relies upon different measures to assess and monitor their capital adequacy, such as risk-based capital (RBC). RBC is the amount of required capital that an insurance company must maintain based on the inherent risks in the insurer’s operations. To help demonstrate CUNA Mutual Group’s strong performance last year, their RBC ratio at the end of 2009 was 330% - more than three times the required capital level and a 10% improvement compared to a year-end 2008.
NOTES TO EDITORS
CUNA Mutual Group will continue to use A.M.Best as their sole financial ratings agency. As of 2009, they decided to retain only one agency and A.M. Best seemed the best fit possible – it is dedicated to the insurance industry and is considered the industry standard, currently used by over 10,000 insurance companies worldwide.
FOR FURTHER INFORMATION OR INTERVIEW OPPORTUNITIES, PLEASE CONTACT RAIN UK – LIZZIE BOYLAN WARD OR GREG DAWSON ON 00 44 (0)20 7222 4345 OR EMAIL This e-mail address is being protected from spambots. You need JavaScript enabled to view it