A.M. Best Upgrades Rating of Advantage and Affirms Rating of WCF

rlewis's picture

Contact:
Peggy Larsen
WCF Senior Vice President of Marketing
pjlarsen@wcf.com
Office: 385.351.8328
Cell: 801.541.8755
 
SEPTEMBER 01, 2016
 
A.M. Best has upgraded Advantage Workers Compensation Insurance Company’s (Advantage) financial strength rating to A (Excellent) from A- (Excellent). A.M. Best also affirmed the financial strength rating of A (Excellent) of Workers Compensation Fund (WCF). The ratings are the result of the two companies becoming members in a newly formed pool, WCF Insurance Group (WCF Group), effective Jan. 1, 2016.
 
"Advantage allows us to provide coverage to our customers who have business outside of Utah." said WCF Insurance CEO Ray Pickup. “We are excited about the newly established A rating for Advantage that reflects the financial strength of both WCF and Advantage."
 
According to A.M. Best, “The ratings reflect WCF Group’s superior level of risk-adjusted capitalization, historically solid consolidated operating performance, conservative operating philosophy and dominant position in the Utah workers’ compensation market, with approximately 52% market share based on direct premiums written. The ratings also acknowledge the group’s experienced shared management team and board of directors and unparalleled local presence, as well as the opportunities available to WCF Group for geographic and product diversification as a result of the recent changes in WCF’s enabling legislation under Utah SB63, which became law in 2015. WCF Group is now operating in Utah and other U.S. states as a taxable business enterprise with few restrictions. "
 
A.M. Best also noted, "The group’s positive attributes are largely driven by its adherence to sound underwriting principles, aggressive claims management, effective preferred provider network and loss control services and prudent investment guidelines. Although WCF serves as the guaranteed market for workers’ compensation in Utah, its overall operating performance historically has compared favorably with the workers’ compensation industry composite. Lastly, WCF benefits from its ability to utilize multiple pricing tiers.”
 
Advantage President, Glen Kuball, said of the announcement, “Advantage is pleased to be a member of the WCF Group, a financially strong company that provides excellent customer service to its policyholders. Advantage policyholders benefit from the strong financials, resources and commitment to workplace safety WCF Utah policyholders have enjoyed for 99 years.”

This company was issued a secure rating by the A.M. Best Company, click for additional details

Insurance coverage in all states other than Utah is provided by Advantage Workers Compensation Insurance Company, a wholly-owned subsidiary of WCF Mutual Insurance Company, doing business as WCF Insurance. Advantage is domiciled in Indiana; NAIC number: 40517. Administrative office: P.O. Box 571918, Salt Lake City, UT 84157-1918.
Due to scheduled maintenance, the website may be unavailable daily from 9:00 p.m. - 1:00 a.m. MST Privacy Statement | 800.446.2667
Copyright 2018 WCF Insurance. All Rights Reserved