Credit Ratings of Pennsylvania Lumbermens Mutual Insurance Company Reaffirmed by AM Best

AM Best Affirms Financial Strength of Pennsylvania Lumbermens

Global credit rating agency, AM Best, has reaffirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) for the Pennsylvania Lumbermens Mutual Insurance Company (PLM) based in Philadelphia, PA, according to a BUSINESS WIRE press release on February 15, 2024. These credit ratings have a stable outlook.

PLM’s Balance Sheet Strength and Performance

AM Best’s ratings of PLM commend its very strong balance sheet strength and adequate operating performance. The insurance company’s deep expertise in the wood products and building materials niche has demonstrated an improved underwriting performance in recent years, despite challenging economic conditions.

Withdrawal of Ratings for Indiana Lumbermens

In the same report, AM Best announced the withdrawal of the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) for the Indiana Lumbermens Mutual Insurance Company (ILIC) based in Indianapolis, IN, following the sale of ILIC as a shell to another party in December 2023.

Additional Rating Information

More information on these Credit Ratings can be found on AM Best’s Recent Rating Activity web page. Detailed instructions on how to use and limitations of Credit Rating opinions can be accessed in the Guide to Best’s Credit Ratings and the Guide to Proper Use of Best’s Ratings & Assessments.

Visit www.ambest.com for more information about AM Best.

Contacts

Raymond Thomson, Associate Director at AM Best can be contacted at raymond.thomson@ambest.com. Other contact persons are Christopher Sharkey, Associate Director, Public Relations, at christopher.sharkey@ambest.com, Alan Murray, Director, at alan.murray@ambest.com, and Al Slavin, Senior Public Relations Specialist, at al.slavin@ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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