Jul 07, 2022, 16:51 ET
Lead rating authority once again affirms Sentry’s highest rating for ability to meet ongoing insurance obligations
STEVENS POINT, Wis., July 7, 2022 /PRNewswire/ — After concluding its annual review, AM Best, the insurance industry’s leading rating authority, affirmed Sentry’s A+ (superior) rating for a 31st consecutive year*. The rating confirms the mutual insurance group’s financial strength and superior ability to pay its customers’ claims now and in the future.
“Receiving this rating each year since 1992 is a reminder of our company’s transformation during the 1990s and 2000s,” said Pete McPartland, Sentry Chairman of the Board, President, and CEO. “I’m grateful to our associates—and retirees—for putting us in the strong position we’re currently benefitting from. It was their loyalty, caring, and strong work ethic that got us here and created the Sentry we are today—one of the best capitalized companies in the insurance industry.”
While the ever-changing landscape of COVID-19 presented new challenges for Sentry, the company’s proactive approach, including significant investments in technology, helped meld its traditional business model with the best data and analytics currently available. This created a better overall experience for customers and associates. As a result, 2021 was the strongest financial year in the company’s modern history.
Fewer than 10 percent of U.S.-based property and casualty insurance companies earn the A+ rating—even less have achieved it for three straight decades. The designation speaks to the financial strength and soundness of Sentry as a company.
“Financially, we’re an even stronger company than we were before the pandemic,” said Todd Schroeder, Sentry Chief Administrative Officer and Chief Financial Officer. “We’re outpacing the industry in growth and are well-positioned to withstand industry and economic headwinds. Our financial strength is a testament to how we operate and means our customers can continue to rely on us when they need us most.”
In support of its A+ (superior) rating, AM Best points to Sentry’s balance sheet strength, which achieves the rating authority’s highest ranking of “strongest” for risk-adjusted capitalization. AM Best also recognizes Sentry’s strong market position as one of the leading commercial casualty writers in the United States, its well-diversified business mix, and strong management team with a successful track record of executing strategy.
Sentry Insurance is a part of one of the largest and most financially secure mutual insurance groups in the United States, holding a Financial Strength Rating of A+ (superior) from AM Best, current as of June 2022. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries sell property and casualty insurance, life insurance, annuities, and retirement programs for business and individuals throughout the country. Headquartered in Stevens Point, Wisconsin, Sentry employs more than 4,300 associates across the country. See a complete list of underwriting companies at sentry.com.
SOURCE Sentry Insurance