This year, Alfa celebrates a 50-year standing on AM Best’s list of insurance companies with an A (Excellent) rating. AM Best has been providing credit ratings of companies in the insurance industry for over a century. Its purpose is to promote the financial solvency and sustainability of the insurance industry. Simply put, AM Best does research to provide a rating that helps all stakeholders determine how likely an insurance company will be able to pay claims and stay in business.
Here’s what they had to say about us in a July 2022 article:
"Longstanding Alabama Mutual Company Joins List
Alfa Mutual joined the list of companies that have maintained an A rating or better for at least 50 straight years on May 6, when AM Best affirmed its rating of A (Excellent). It is the No. 1 insurer in some rural areas and No. 3 in total market share for Alabama, according to Alfa Mutual and Alabama Farmers Federation President Jimmy Parnell. Alfa primarily underwrites a mix of personal automobile, personal property, business insurance and specialty insurance in its three core states of Alabama, Georgia and Mississippi, according to its AM Best profile. The company also underwrites nonstandard automobile coverage.
Alfa Mutual started as an outgrowth of the Alabama Farmers Federation in 1946, initially offering fire insurance primarily to farmers, according to its website. The federation, which was founded in 1921, represents more than 340,000 member families through county organizations in all 67 Alabama counties, the company told Best's Review in an email.
Alfa employs more than 2,000 people across its core states, including about 700 at its Montgomery, Alabama, headquarters. Parnell said the organization's investment in technology, new products, expanded service options and leadership development has positioned Alfa well for the future.
Alfa Mutual reported $1.58 billion in admitted assets for 2021, according to Best's Rankings of the U.S. Property/Casualty — 2021 Financial Results. It wrote $555.3 million in net premiums and $842.2 million in direct premiums. It had $751.3 million in policyholder surplus. "
©A.M.Best – used with permission
Like AM Best, we place a high value on integrity and are grateful for the continued recognition as a top-rated company in the insurance industry. We look forward to carrying on that standard for many years to come. Discover more about our company, and contact your local Alfa agent to experience the friendly service our customers have come to expect. Learn about AM Best’s Rating History Project here, including a detailed look at the 66 P&C carriers who have maintained a Best’s Financial Strength Rating of A or higher.