AM Best Removes From Review With Emerging Implications, Affirms Credit Ratings Of Certain Members Of Curi Insurance Group

OLDWICK, NJ, March 28, 2024–(BUSINESS WIRE)–AM the best has removed from review with evolving implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term ICRs of “a” (Excellent) of certain members of Curi Insurance Group (Curi). Simultaneously, AM Best has removed from review with implications and downgraded the Long-Term ICRs to “a” (Excellent) from “a+” (Excellent) and affirmed Mutual Insurance Company’s FSRs of A (Excellent) Medical of North Carolina and its wholly owned subsidiary, Medical Insurance Company. Both companies are headquartered in Raleigh, NC and also members of Curi. The outlook assigned to all these Credit Ratings (ratings) is Stable. (Please see below for list of Curi members and ratings.)

The ratings reflect the strength of Curi’s balance sheet, which AM Best rates as the strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

These ratings were previously placed on review with implications for development in February 2023, following the announcement that Curi Holdings, Inc. and Constellation, Inc. (Constellation) had entered into a definitive merger agreement. Effective October 1, 2023, the merger closed, with Curi Holdings, Inc. as a surviving subject. Following the merger, the subsidiary members comprising Constellation Insurance Group and Curi Holdings Group are now viewed as one AM Best rating unit, Curi Insurance Group.

The group’s balance sheet strength rating is supported by its risk-adjusted capitalization being at its strongest, as measured by Best’s Capital Adequacy Ratio (BCAR), which reflects the group’s moderate underwriting leverage, quality high capital, conservative investment portfolio and appropriate loss. reserve position. The balance sheet strength rating is further supported by adequate liquidity and a reinsurance program supported by highly rated participants to help protect the group’s surplus and earnings. Additionally, there is some financial flexibility as group members are also members of the Federal Home Loan Bank of Des Moines and Atlanta. The ultimate parent, Curi Holdings, Inc., has a neutral impact on the consolidated insurance company ratings with more than $2 billion in consolidated assets and generating nearly $400 million in revenue, serving more than 50,000 physicians, healthcare providers and organizations across the United States by the end of 2023.

The group’s operational performance remains in line with the composition of its peer group. Despite some deterioration in underwriting results in recent years, results remain profitable, supported by investment income, which is a significant contributor to earnings. Consolidated underwriting results have lagged in the composite industry in recent years due to several large problem accounts and unfavorable reserve development, which has been partially impacted by the delay in settling claims from the COVID-19 period. Non-renewal of problem accounts and rewriting of higher risks, as well as pricing adjustments and synergies expected during 2024, are expected to lead to improved underwriting results. AM Best expects the group’s future operating performance to benefit from enhanced scale and geographic diversification following the merger. The assessments are also supported by adequate group ERM as governance and oversight are merged across all assurance operations for the combined organization.

The stable outlook reflects AM Best’s expectation that the ongoing strategic initiatives implemented by management will drive sustainable operating performance over the medium term, while the group maintains its strongest balance sheet strength rating and risk-adjusted capitalization.

The FSR of A (Excellent) and Long-Term ICRs of “a” (Excellent) have been withdrawn from review with developing implications and affirmed with a stable outlook assigned to the following Curi Insurance Group members:

  • UMIA Insurance, Inc.

  • MMIC Insurance, Inc.

  • Arkansas Mutual Insurance Company

  • MMIC Risk Retention Group, Inc.

Long-term ICRs downgraded to “a” (Excellent) from “a+” (Excellent) and FSRs of A (Excellent) affirmed and removed from review with evolving implications with a stable outlook assigned to the following members of Curi Insurance Group:

This press release relates to the Credit Ratings that are published on AM Best’s website. For all rating information relating to the release and related disclosures, including details of the office responsible for issuing each of the individual ratings referred to in this release, please see AM Best’s Last assessment activity Web page. For additional information regarding the use and limitations of Credit Score opinions, please see Guide to Best Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings and AM Best’s press releases, please see Guide to the proper use of Best ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 locations with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2024 by AM Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

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