Ratings agency AM Best Companies Inc. said on Thursday it downgraded Brotherhood Mutual Insurance Co.’s financial strength rating to a strong B++ from A-.
The Fort Wayne, Indiana-based insurer, which specializes in providing coverage to churches and related ministries, was downgraded primarily due to a decline in its underwriting income, Best said.
Brotherhood’s surplus position, volatility in reserves growth for its commercial multi-risk, liability and commercial auto business, and weather-related losses – including several low-level catastrophic events – contributed to the downgrade, Best said.
