Madison, Wis. — Feb. 6, 2025 — Rural Mutual and Badger Mutual Insurance today announced that AM Best has provided a group rating for the two companies following the successful completion of an affiliation agreement. AM Best has evaluated the financials of Rural Mutual and Badger Mutual Insurance and determined the rating to be A+ with a negative outlook. The two companies announced the intent to affiliate in October 2024 and the agreement was made official in January 2025.
AM Best, a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry, removed Rural Mutual Insurance from under review with negative implications and affirmed the Financial Strength Rating (FSR) of A+ and the Long-Term Issuer Credit Rating (ICR) of “aa-.” Additionally, AM Best has removed Badger Mutual Insurance from under review with positive implications and upgraded the FSR from C++ to A+ and the Long-Term ICR from “b+” to “aa-.”
“We’re delighted to see that AM Best has affirmed our rating of A+ after a combined review following our affiliation,” said Dan Merk, Rural Mutual Executive Vice President and CEO. “We truly believe we’re stronger together, and we’re thrilled that a trusted global agency like AM Best has recognized this.”
The ratings reflect the two companies’ combined balance sheet strength, which AM Best assessed as strongest, as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management.
“Although we fully anticipated this would be the outcome, the rating represents a big step forward for our organization,” said Dan Nigro, CEO of Badger Mutual. “It reaffirms our commitment to serving our clients now, and well into the future.”
About Rural Mutual Insurance Company
Rural Mutual Insurance Company has been protecting Wisconsin for over 90 years and is the state’s No. 1 writer of farm insurance and No. 4 writer of commercial insurance. As an AM Best A+ Superior company, Rural Mutual provides a full line of insurance products exclusively to farms, families, and businesses in Wisconsin. The company is headquartered in Madison, Wisconsin with over 150 local agents across the state.
About Badger Mutual Insurance Company
Badger Mutual Insurance Company has been providing a range of property and casualty insurance products since 1887. The company is headquartered in Milwaukee, Wisconsin, and is represented by over 320 local agencies across seven states: Wisconsin, Illinois, Minnesota, Iowa, Michigan, Arizona, and Nevada.
About AM Best
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 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City.
