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A.M. Best Upgrades Issuer Credit Rating of Haulers Insurance Company, Inc.

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A.M. Best has upgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to "a+" from "a" and affirmed the Financial Strength
Rating (FSR) of A (Excellent) of Haulers Insurance Company, Inc.
(Haulers). A.M. Best also has affirmed the FSR of A (Excellent) and the
Long-Term ICRs of "a+" of the other members of Shelter Insurance
Companies
(the group): Shelter Mutual Insurance Company
(Shelter Mutual), Shelter General Insurance Company, Shelter
Reinsurance Company
and AmShield Insurance Company.
Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and the
Long-Term ICR of "a+" of Shelter Life Insurance Company (Shelter
Life), which is a wholly owned subsidiary of Shelter Mutual. The outlook
of these Credit Ratings (rating) is stable. All companies are domiciled
in Columbia, MO other than Haulers, which is domiciled in Columbia, TN.

The upgrade of Hauler's Long-Term ICR is based on the company's growing
integration and strategic role within the group, which warrants full
rating enhancement. Haulers has strategically utilized the independent
distribution channel to allow the group to gain valuable experience
beyond exclusive agents. Furthermore, the company recently entered into
a stop-loss agreement with its parent, Shelter Mutual, which provides
explicit support to guard against volatile operating results. Finally,
management plans to further integrate and align Haulers' operations to
strengthen the book's position.

The group's ratings reflect its balance sheet strength, which A.M. Best
categorizes as strongest, as well as its adequate operating performance,
neutral business profile and appropriate enterprise risk management
(ERM).

The group's balance sheet strength assessment is supported by the
strongest level of risk-adjusted capitalization, as measured by Best's
Capital Adequacy Ratio (BCAR), low underwriting leverage compared with
the private passenger standard auto and homeowners composite, as well as
consistently favorable loss reserve development. Operating performance
has been marked by underwriting volatility over the past five years,
which has been offset largely by material net investment income. The
group's business profile continues to develop with the addition of a new
distribution channel and state expansion. Geographically, the group
operates in a number of states, with considerable concentrations in
three states.

The ratings of Shelter Life reflect its balance sheet strength, which
A.M. Best categorizes as very strong, as well as its adequate operating
performance, neutral business profile and appropriate ERM. The ratings
of Shelter Life also reflect its strategic role as a subsidiary of
Shelter Mutual. The entity focuses on traditional life insurance
products distributed through an exclusive agency force. Shelter Life
benefits from its degree of integration within the group, as well as
brand recognition and crossing-selling opportunities afforded thereon.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
Guide
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is the world's oldest and most authoritative insurance
rating and information source. For more information, visit
www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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