PEARL RIVER, N.Y., September 27, 2022 (Newswire.com) - Fire Districts of New York Mutual Insurance Company, Inc. (FDMNY), has maintained its AM Best "A-" rating in the Financial Strength Rating and Issuer Credit Rating categories for a second consecutive year.
"AM Best has assigned a Financial Strength Rating of 'A-' (Excellent) to FDMNY. The outlook assigned to these Credit Ratings (ratings) is stable," according to 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 most preeminent rating organizations in the insurance industry, and its ratings are given per annual review. The "A-" rating indicates that FDMNY has an excellent ability to meet its ongoing insurance financial obligations and has a stable outlook for the future.
"Our AM Best 'A-' rating is something we take pride in achieving, while also continuing to work toward," shared FDMNY EVP/COO Roy Denny. "This rating signifies that we are strong and stable, despite our smaller size."
FDMNY is a mutual insurance company specializing in New York State Volunteer Firefighter Benefit Law/New York State Workers' Compensation Laws that provides maximum benefits claims services to Volunteer Fire Service across New York State. FDMNY is founded and owned by volunteers for the purpose of serving volunteers.
ABOUT FDMNY: Fire Districts of New York Mutual Insurance Company, founded in 1978, specializes in Volunteer Firefighter Benefit Law and Workers' Comp 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.
Source: Fire Districts Mutual of New York