AM Best Upgrades Credit Ratings of Minnesota Lawyers Mutual Insurance Company and MLM Risk Retention Group, Inc.

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Minnesota Lawyers Mutual Insurance Company (Minneapolis, MN) and MLM Risk Retention Group, Inc. (Washington DC). These companies are collectively referred to as MLM Group. The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect MLM Group’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The upgrade of the Long-Term ICR reflects MLM Group’s improved operating performance, which resulted from implementing a number of initiatives designed to reduce underwriting volatility and improve rate adequacy. Underwriting performance has benefited from favorable reserve development and compares well with the composite and peer averages. MLM Group has maintained high policyholder retention levels despite strong competition due to its commitment to members of the legal profession, knowledge of the legal environment and the payment of policyholder dividends.

Balance sheet strength remains at the strongest level mostly due to conservative underwriting leverage measures and loss reserving practices, although policyholder surplus growth has been tempered by the payment of policyholder dividends. MLM Group’s business profile is neutral due to its good geographic spread of risk, as business is written in over 15 states; however, there is concentration of underwriting risk in the legal professional liability line of business. The group’s ERM is appropriate, as capabilities are in line with the moderate risk profile.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

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Janet Hernandez
Senior Financial Analyst

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Richard Attanasio
Senior Director
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Christopher Sharkey
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Jim Peavy
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