Two top rating firms have reaffirmed giving their highest ratings for the Knights of Columbus insurance program. Both A.M. Best and Standard & Poor’s concluded this week that the 127-year-old Catholic fraternal order’s financial strength and stability remains strong despite a slumping economy.
This marks the 34th consecutive year in which the Knights of Columbus has earned A.M. Best’s A++ (Superior) rating, and the 17th successive year the Order has earned the AAA (Extremely Strong) rating from S&P.
Supreme Knight Carl A. Anderson declared that renewal of the Order’s top ratings is especially significant in the current economic environment. “Our history of careful management and our conservative investment practices made all the difference when last year’s severe downturn punished virtually every financial services company. The wisdom of that approach is now affirmed by the decision by A.M Best and Standard & Poor’s to reaffirm their highest ratings for us. Our mission, to provide financial security for our members and their families with top-quality insurance products, remains our number one priority.”
Over the past decade, the amount of Knights of Columbus insurance in force has more than doubled, to $71 billion. The Knights of Columbus is also certified by the Insurance Marketplace Standards Association (IMSA) for ethical and honest business practices. It is one of only four U.S. insurers with both IMSA certification and top ratings from S&P and A.M. Best, and the only insurance company in Canada to do so.