PEARL RIVER, N.Y., October 17, 2023 (Newswire.com) - Fire Districts of New York Mutual Insurance Co. Inc. (FDMNY), has maintained its AM Best “A-” rating in the Financial Strength and Long-Term Issuer Credit Rating categories for the third consecutive year.
“AM Best has assigned a Financial Strength Rating of ‘A-’ (Excellent) and a Long-Term Issuer Credit Rating of ‘A-’ (Excellent) to FDMNY. The outlook assigned to these Credit Ratings (ratings) is stable,” reported AM Best. “The ratings reflect FDMNY’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile, and marginal enterprise risk management (ERM).”
AM Best is one of the world’s oldest and most authoritative insurance rating organizations. The “A-” ratings indicate that FDMNY is fiscally sound and able to fulfill its financial obligations, and it has a stable outlook for the future. FDMNY has a longstanding history of maintaining stability and excellence; its initial Financial Strength Rating was issued in 1990, and its initial Issuer Credit Rating was issued in 2007.
“Maintaining our AM Best ‘A-’ rating is something we strive to achieve each year, while still prioritizing our purpose to best serve our insureds,” shared FDMNY EVP/COO Roy Denny. “Despite being smaller than other mutual insurance companies, this rating signifies that we are strong and stable, and ready to take on more business.”
FDMNY is a mutual insurance company specializing in Volunteer Firefighters’ Benefits Law (VFBL)/New York State Workers' Compensation Law that provides maximum benefits claims services to Volunteer Fire Services across New York State.
ABOUT FDMNY: Fire Districts of New York Mutual Insurance Company, founded in 1978, specializes in Volunteer Firefighters’ Benefits Law and Workers’ Compensation Law in New York State. FDMNY prides itself in providing superior claims service to Volunteer Fire Services across New York State by providing coverage based upon 100% earning capacity for all its member policyholders. It is a company formed and owned by volunteers for the service of volunteers.Contact Information:
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Fire Districts of New York Mutual Insurance Co. Maintains AM Best Rating for Third Consecutive Year.pdf
Original Source: Fire Districts of New York Mutual Insurance Co. Maintains AM Best Rating for Third Consecutive Year