Alfa Ranked Among Best In Insurance Industry
Alfa Mutual Insurance Co. has been named to an elite group of companies that maintained a ranking of A+ or higher by A.M. Best Co. for the past 50 years.
Alfa is one of only 15 companies in the United States to earn that distinction from A.M. Best, the leading independent rating service for the insurance industry.
Alfa President Jerry Newby said a consistent high rating by A.M. Best Co. proves that Alfa is a good company to do business with--both from an investment standpoint and as an insurance provider.
"We are pleased to be among this group of outstanding companies rated by A.M. Best Co.," Newby said. "While Alfa has grown tremendously since it began in 1946, we haven't lost sight of service to our customers."
Lee Ellis, Alfa's executive vice president of operations, said Alfa's ratings are partly due to its strategy that focuses on a preferred book of customers. "We don't write insurance for everybody, and within that focus, we consistently review our rates," Ellis said. "Our agents, adjusters and all our staff also have been instrumental in providing fast, efficient claims service to our customers when they need it. That helps with customer retention which is key to any successful business."
Ellis points to Alfa's investment performance over the past 20 years as another key to the company's success. When compared to the rest of the industry, Alfa has consistently kept a higher percentage of its assets in equity markets, he said.
According to a press release by A.M. Best, the A++ rating of Alfa reflects the company's outstanding capitalization and consistently strong operating returns. The rating service stated that these positive factors come from Alfa's firmly entrenched market position in Alabama, efficient claims service center network and cost-effective exclusive agency distribution system. Furthermore, the rating acknowledges Alfa's well-established brand name in Alabama, exceptional business persistency and high customer loyalty, which is driven by outstanding customer service practices.
"It's easy to say we're the best, but when you have an independent source naming your company as one of only 15 to hold such strong ratings for such a long period of time, it is very convincing for customers who are seeking a stable insurance company," said Wayne Hawkins, executive vice president of marketing.
While a large part of Alfa's business is written in Alabama, the company also writes insurance in Georgia, Mississippi, North Carolina and Virginia. Alfa has 387 service centers, including at least one in every county in Alabama. The company has 1,001 home office employees at its Montgomery headquarters and a total of 2,541 employees company wide. Alfa provides home, life and automobile insurance.
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