,
| CHANGE
By Matt Skryja
WALNUT CREEK, Calif., May 20, 2013 – AAA Northern California, Nevada & Utah Insurance Exchange, a major provider of AAA-branded insurance, announced that worldwide insurance rating agency A.M. Best has renewed its A+ rating. The company has maintained a rating of A or higher for more than 80 years.
"This rating reflects our capital strength and makes particular note of our new products and our new policy administration system, which enhances our operating efficiencies and positions us well for continued growth," said Paula Downey, CEO and President of AAA Northern California, Nevada & Utah Insurance Exchange. “They also noted that our Mid-Atlantic Insurance Group acquisition in 2011 expanded and diversified our footprint.”
According to A.M. Best, their rating process involves a “comprehensive quantitative and qualitative analysis of a company's balance sheet strength, operating performance and business profile. This includes comparisons to peers and industry standards as well as assessments of operating plans, philosophy and management.”
A.M. Best’s rating reflects the company’s “strong risk-adjusted capitalization, favorable operating earnings and significant personal lines market presence in its selected operating territories, specifically in California, where it ranks among the top carrier in market share for private passenger auto and homeowners combined.”
AAA Northern California, Nevada & Utah Insurance Exchange is one of the top 20 property and casualty insurers in the United States. Through partnerships with AAA clubs, the company offers AAA-branded insurance in 23 states and the District of Columbia.
A.M. Best Company provides credit ratings for the insurance industry. Consumers shopping for insurance use Best's rating and analysis to assess an insurer's financial strength and creditworthiness. The A.M. Best rating scale ranges from "Secure" (ratings B+ through A++) to "Vulnerable" (ratings B through F).
The AAA Northern California, Nevada & Utah Insurance Exchange (also known by its group name, the California State Auto Group), offers automobile, homeowners and other personal lines of insurance to AAA members through partnerships with AAA clubs. It is one of the largest personal lines insurance companies in the United States and is rated A+ by A.M. Best.