Order’s Insurance Program Gets Highest Rating for 31st Consecutive Year
For the 31st consecutive year, A. M. Best has given the Knights of Columbus its highest rating, A++ (Superior). A.M. Best Company is a worldwide insurance rating and information agency that issues in-depth reports and financial-strength ratings about insurance organizations.
In its 2006 affirmation of the superior rating of the Knights of Columbus, A.M. Best said that it “reflects its long-established presence as a fraternal benefit society, a very strong market presence in the Catholic community enhanced by an extensive distribution network, membership growth, consistently positive aggregate statutory earnings, excellent persistency, a superior level of risk-adjusted capitalization, and a well-defined asset/liability management program.”
The A.M. Best report notes that “The Knights of Columbus continues to grow its membership, reflecting its wide geographic coverage, expanding network of local councils, and a variety of fraternal benefits.”
It added that “The Order’s level of risk-adjusted capitalization is superior, based on A.M. Best’s Capital Adequacy Ratio, for its current business profile and investment risks, enhanced by its profitable operating results, high credit quality fixed-income portfolio, reduced levels of unaffiliated common stock, and strong asset/liability management that has allowed the Knights of Columbus to maintain its competitive dividend scale over the long term.”
Supreme Knight Carl A. Anderson welcomed the A.M. Best report, and said that “it reflects our extraordinary success at fulfilling a central part of our mission, established at our founding in 1882, of protecting Catholic families with life insurance.” Over the past decade, Knights of Columbus insurance in force has doubled to nearly $60 billion, and last year the Order issued $6.4 billion. in new life insurance.