Louisville, KY – ClearPath Mutual Insurance Company recently announced that AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-”. The outlook for both ratings is stable.
“We were told by AM Best that the A- rating is based on our consistency of positive results. This consistency comes from the efforts of everyone at ClearPath Mutual, and our valued agency partners.” said ClearPath Mutual Chief Executive Officer, Jeff Borkowski. “I’m very thankful and appreciative of what employees and agents have done in the past, and will do for us in the future. ClearPath Mutual’s strategic plan includes growth and expansion, and I look forward to our continued efforts of being the best WC partner for our agents, insureds, and claimants.”
The ratings reflect ClearPath Mutual’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. According to AM Best, ClearPath Mutual has generated an adequate level of operating performance, supported by favorable underwriting income and moderate investment returns in recent years. Underwriting results have benefited from favorable reserve development trends on prior accident years. Risk-management capabilities are considered appropriate for the risk profile of the company.
ClearPath Mutual Insurance Company began operations on January 1, 2018, and is domiciled in Louisville, KY. ClearPath Mutual is a monoline workers’ compensation insurance carrier with approximately 7,100 policyholders and nearly $50 million in premiums, making it one of the largest and most financially stable carriers in Kentucky. ClearPath Mutual is also licensed in Tennessee and Indiana. The company recently started writing workers’ compensation coverage in Tennesse, and plans to write workers’ compensation coverage in Indiana soon.
Source: ClearPath Mutual