For 38th consecutive year, A.M. Best reaffirms top A++ rating for Knights of Columbus

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7/11/2013

No North American insurer more highly rated

A.M. Best

For the 38th consecutive year, the Knights of Columbus has earned A.M. Best’s highest financial strength rating, A++ (Superior).

Established in 1882 as a fraternal benefit society, the Knights of Columbus has worked since its inception to help members protect their families’ financial futures. What began as a “pass-the-hat” benefit program has grown into one of the nation’s premier insurers. The K of C now offers a diverse portfolio of permanent and term life insurance, disability income insurance, annuities, and long-term care programs to members and their immediate families.

In addition to the Knights of Columbus’ strong market presence in Catholic communities in the United States and Canada, A.M. Best, a global leader in the rating and analysis of insurance companies, also cited the Order’s large network of local councils and “consistently positive statutory ratings, excellent persistency and a solid level of risk-adjusted capitalizations” as positive ratings factors.

The report also observed that the Knights of Columbus’ continued growth in membership reflects its wide geographic coverage, expanding network of local councils, and variety of fraternal benefits.

“Earning A.M. Best’s top rating again this year underscores the strength of our sustainable business model, despite the slow recovery and continued economic uncertainty,” said Supreme Knight Carl Anderson. “We have continued to outpace the industry, reflecting a growing flight to quality.”

He added: “A.M. Best’s top rating for almost four decades is a testament to our commitment to our mission of protecting Catholic families, our excellent sales force made up exclusively of members of the Knights of Columbus, and the fact that we view our members as part of our family.”

In just over a decade, under Supreme Knight Anderson’s leadership, the Knights of Columbus insurance in force has doubled to more than $90 billion, with more than $19.8 billion in assets under management.