A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issued a credit rating of "A-" for Massy United Insurance. The outlook for both ratings is stable.
What our A.M. Best Rating means and why it's important to you
If you're buying a car, you look for information about the car, whether online or from your friends. Insurance is no different. You should conduct a little research before you trust your prized possessions to just any insurance company. A.M. Best rates the financial strength of insurance companies. So you may ask, why is the balance sheet of your insurance provider so important?
Well, when you pay your insurance premium, you do so with the intention of having money paid to you in the event of a loss for which you are covered. By doing this, you are placing your trust in the insurance company that they run their business so efficiently, that they always have sufficient funds available to pay your claim in the event of a loss.
So how can you know for sure that this is the case? That's the job of the A.M. Best Rating. A.M. Best reviews an insurance company's financials and analyses those statements - past performance, current market conditions and other factors - and they come up with a grade. A is excellent, B is good, but not as good as A etc. These grades, make it easier for you to have a good idea of how financially strong your insurance company is and that it will be around for many years to come.