Vermont Mutual Once Again Rated A+ Superior by A.M. Best Company
MONTPELIER, Vermont (January 29, 2020)—A.M. Best, the global rating agency for the insurance industry, has affirmed the rating of A+ (Superior) for Vermont Mutual and its two fully reinsured subsidiaries, Northern Security Insurance Company, Inc. and Granite Mutual Insurance Company.
A.M. Best’s Financial Strength Rating is an independent appraisal of an insurer’s financial strength and their ability to meet policy and contract obligations. The internationally recognized rating is the result of a comprehensive examination of a company’s finances and operations. A.M. Best acknowledged Vermont Mutual’s very strong Balance Sheet, their strong Operating Performance, favorable Business Profile and appropriate Enterprise Risk Management in its assessment of the company’s operations and results.
Vermont Mutual’s President and CEO, Dan Bridge, stated “As an A+ rated insurer, Vermont Mutual finds itself in a select group of high performing companies in the insurance industry. To remain at this level requires a dedicated team of talented people, working together to be the very best. I am both proud and appreciative of the efforts of our employees, directors, agents and business partners that have resulted in this A.M. Best A+ rating and the improved financial stability for our policyholders.”
Executive Vice President & COO, Mark McDonnell, added “We are grateful, not only for this recognition by A.M. Best, but also for the financial results that support the A+ rating and allow us to continue to invest in our organization and everyone who has a hand in our success. Our ability to focus on continuous improvement positions us well for a bright future.”
Vermont Mutual Donates $11,200 to Make-A-Wish Vermont
In 2019, Make-A-Wish Vermont received a donation from Vermont Mutual Insurance Group of $11,200 as part of the “Cats Win, Community Wins” initiative.
The “Cats Win, Community Wins” program was formed by Vermont Mutual and the University of Vermont as a way to give back to local charitable organizations. As part of the multi-year agreement, Vermont Mutual donates $100 for every Catamount win to a local charity. For 2019, Catamount teams enjoyed 112 wins which resulted in the $11,200 donation to Make-A-Wish Vermont. This brings the 2019 total donations awarded through Vermont Mutual’s Charitable Giving Fund to $370,000 presented to over 170 worthy organizations.
The check was presented at UVM’s Patrick Gymnasium during the January 8th Men’s Basketball game against Stony Brook. Dan Bridge, Vermont Mutual CEO, and Mark McDonnell, COO, presented the check to Jamie Hathaway, the President & CEO of Make-A-Wish Vermont.
“Make-A-Wish Vermont and all the families in our program could not be more grateful to Vermont Mutual and UVM for making this gift possible,” said Hathaway. “Because of the Cats Win, Community Wins program, a boy with cancer got to have his wish come true to meet with sneaker designers at Nike in Oregon. Vermont Mutual gave that boy something to look forward to and gave his family memories they will cherish forever.”
The 2020 beneficiary of the “Cats Win, Community Wins” program will be Spectrum Youth and Family Services. Spectrum empowers teenagers, young adults, and their families to make and sustain positive changes through prevention, intervention, and life skills services. Each year, they serve 1,500 teenagers and young adults in Vermont.
Vermont Mutual Again Named a Best Place to Work in Vermont for 2019
Vermont Mutual Insurance Group®, has again been named one of the Best Places to Work in Vermont for 2019. This is the fourth year in a row that the 191 year old company has participated in the comprehensive evaluation that was created by Vermont Business Magazine, the Vermont Chamber of Commerce, the Vermont Department of Economic Development, the Society for Human Resource Management (SHRM) – Vermont State Council and Best Companies Group.
“To be recognized as a ‘Best Places to Work in Vermont’ is as much a tribute to our employees as it is to Vermont Mutual as a company.” stated Dan Bridge, Vermont Mutual’s President and CEO. Bridge added “Our recognition as a Top 50 Insurer in the U.S. and our Financial Strength Rating of A+ speaks to the competence in which we execute in the insurance space; but it is the ‘Best Places to Work’ recognition that speaks to Vermont Mutual as a company where employees are appreciated and allowed to excel.”
“Creating a healthy work/life balance, including opportunities for professional growth as well as a comprehensive compensation and benefits package is essential for a company to provide a positive work space, but it is our employees that make all the difference.” Said Susan Chicoine, Vice President of Human Resources. Chicoine continued “It is they who can truly be proud of the healthy and respectful work environment we enjoy every day.”
Companies from across the state enter a two-part survey process to determine the Best Places to Work in Vermont. The first part of the survey consists of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. This part of the process is worth approximately 25% of the total evaluation. The second part consists of an employee survey to measure employee satisfaction. This part of the process is worth approximately 75% of the total evaluation.
The final rankings for each category will be announced at a special awards presentation in early spring 2019.
Vermont Mutual Named a Top 50 Insurance Company for Eleventh Year in a Row
Ward Group, an Aon Hewitt company, has again recognized Vermont Mutual Insurance Group® as one of the top 50 property and casualty insurers in the United States. This is the eleventh consecutive year Ward Group has affirmed Vermont Mutual’s place as a “Ward’s 50®” insurer. Every year, Ward Group conducts a comprehensive financial analysis of approximately 3,000 U.S. property and casualty insurers. The “Ward’s 50” identifies the top 50 P&C carriers in the U.S. for their consistency, safety and superior financial performance.
Dan Bridge, Chairman, President & CEO of Vermont Mutual, stated “We are in an industry that continues to evolve and increase in complexity. To excel at the level that places us in the top 2% of insurance companies nationally, and to do so for more than a decade, is an accomplishment we’re very proud of and one that aligns well with what our agency partners and policyholders should expect from an insurance carrier. But we’re not ready to rest on our accomplishments. We remain committed to investing in our business and leveraging opportunities that will allow us to continue to produce best in class results for years to come.”
Vermont Mutual Executive Vice President and COO, Mark McDonnell, added “This recognition by Ward Group could not have been achieved without the hard work and dedication of the entire Vermont Mutual team and the expert service and support provided by our Independent Agency Partners. It’s thanks to them that we continue to produce the exceptional results that garner recognition like this from Ward Group.”
Every company recognized by Ward Group as a Top 50 Insurer has demonstrated superior performance based on a comprehensive examination of the past five years of operation and passed all safety and consistency screens. This is the 29th year Ward Group has conducted the analysis. As a recipient of the Ward’s 50 designation for eleven consecutive years, Vermont Mutual has again affirmed its position as a leading provider of automobile, homeowner and business insurance in the Northeast, and ranks their performance in the top tier of all companies nationwide since 2009.
Vermont Mutual Designated A+ Superior by A.M. Best Company
MONTPELIER, Vermont (January 16, 2019)—A.M. Best Company, the global rating agency for the insurance industry, has once again affirmed the Financial Strength Rating of A+ (Superior) for Vermont Mutual Insurance Group.
A.M. Best’s Financial Strength Rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. A.M. Best noted that Vermont Mutual’s Enterprise Risk Management capabilities are appropriate for their size, their Business Profile is favorable and Operating Performance is strong. Vermont Mutual’s Balance Sheet and Capitalization were noted to be very strong. Given these results, which have consistently outperformed the industry composite, Vermont Mutual’s outlook is categorized as stable.
Vermont Mutual’s President and CEO, Dan Bridge, stated “The A+ (Superior) rating represents a comprehensive evaluation of our company and reflects Vermont Mutual’s favorable underwriting and operating results. This year’s evaluation was particularly rewarding as A.M. Best’s rating methodology had recently changed, requiring additional analysis and presentation to most effectively communicate our strategy, results and financial strength.” Bridge continued “The recognition is further testament to the positive collaboration we enjoy with our Independent Agency Partners.”
Executive Vice President & COO, Mark McDonnell added “We could not be more thankful to our employees and the Independent Agents who represent us for their contributions in making Vermont Mutual a financially stable company worthy of this A+ rating.”