Standard & Poor’s and A.M. Best Renew Top Ratings for Knights of Columbus

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6/25/2010

Two of the world’s largest rating agencies, Standard & Poor’s and A.M. Best, have affirmed their top financial strength ratings for the Knights of Columbus. 

Standard & Poor’s reaffirmed its top rating of AAA (Extremely Strong) for the 18th consecutive year, and A.M. Best reaffirmed its top rating of A++ (Superior) for the 35th consecutive year.

Standard & Poor’s said that its rating of the financial strength of the Knights of Columbus is “based on its extremely strong capital, very strong competitive position because of its unique strategic advantage in the Catholic market, historically strong profitability, and extremely strong liquidity.”  S&P called Knights of Columbus operating performance “very strong,” reflecting “an asset portfolio that consists primarily of high-quality, investment-grade bonds.”  S&P also said that the Knights of Columbus “is achieving its primary objective of providing members and their families with high-quality, low-cost insurance products.”

A.M. Best said that “The ratings of the Order reflect its strong fraternal and insurance presence within the Catholic communities in the United States and Canada, its superior risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio and the Order’s consistently positive operating results.”  A.M. Best also declared that the Knights of Columbus “has a strong affinity with its large membership base through its charitable programs and competitive portfolio of life insurance and annuity products.”

Supreme Knight Carl A. Anderson welcomed the announcements, saying that they represent “a clear vote of confidence in our combination of a very strong sales and marketing team with exceptionally skillful management of our investments.  The fact that we’ve earned these ratings for 18 consecutive years and 35 consecutive years, respectively, through good times and bad, demonstrates a clear recognition of our success in managing our assets for the benefit of all the Knights and their families who rely on Knights of Columbus life insurance to help secure their financial futures.”

Knights of Columbus products include term and whole life insurance, annuities and long-term care insurance.

The Knights of Columbus is the world’s largest lay Catholic organization, with more than 1.8 million members on three continents.  Its insurance products are available in the U.S., Canada and Mexico, while a separate program serves members in the Philippines.  Last year, Knights of Columbus donated more than $151 million and 69 million hours of volunteer time to charity.