Encova Mutual Insurance Group has been upgraded to an A (excellent) rating with a stable outlook by AM Best, a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.
“We view this upgrade as affirmation of the plan we put in place five years ago to centralize all affiliate operations in Columbus, commit to a disciplined and coordinated underwriting strategy, materially reduce expenses, invest in new workers’ compensation capabilities through the affiliation with the BrickStreet family of companies, and reorganize as a mutual holding company under the Encova Insurance brand,” Encova President and CEO TJ Obrokta Jr. said. “We are equally convinced that our commitment to the independent agency distribution channel with our shared commitment to ‘profitable growth’ led to this upgrade.”
According to AM Best’s release, the rating reflects the strength of Encova’s finances as a key contributor to this upgrade. Over the last four years, the company has seen significant improvement in underwriting and operating performance. AM Best also stated that “favorable net earnings and returns on policyholder surplus with disciplined underwriting practices and a conservative investment strategy” were factors in the decision.
“What started with an affiliation more than five years ago has really grown into something exceptional,” Encova Board of Directors Chairman John J. Bishop said. “I’m proud of TJ, the entire leadership team, and all associates and agents who have been part of Encova’s success.”
“We have an incredible story to share, and I’m honored to lead this company on this journey,” Obrokta said. “We continue to strive to be the carrier of choice for our agents and policyholders.”