Brotherhood Mutual Insurance Company Surveillance Report
Rating Summary
The rating reflects BMIC’s focused market strategy, geographic diversification with limited exposure concentrations, high customer retention rates, a sound ERM framework and recent improvement in operating results and organic surplus growth. Since 2023, BMIC has generated improved underwriting results, driven by exposure management and implementation of various underwriting initiatives. When combining the improved underwriting results with consistent investment income, BMIC has generated material surplus growth and improved leverage metrics. Surplus notes accounted for approximately 21% of year-end 2025 surplus but was improved from year-end 2023’s 31%. In recent years, underwriting leverage has been driven by premium increases related to rising TIV and rate increases, while policy count remains flat. KBRA believes BMIC has fundamentally sound underwriting and financial analytics with advanced technology for risk selection that the organization continues to evolve,…
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