This action is the IL-based life/annuity company’s second upgrade from a rating agency in six weeks.
ELCO Mutual Life & Annuity (ELCO) has been upgraded to BBB by Kroll Bond Rating Agency (KBRA). This rating, in KBRA’s opinion, is assigned to an insurance operating company whose financial condition is good and reflects the company’s ability to meet its policyholder obligations. KBRA highlighted ELCO’s formalization, continuous refinement, and maturation of its corporate governance, enterprise risk management, and strategic
and financial planning processes in support of its decision. In addition, they noted the favorable risk-adjusted capital trends and consistent earnings as key credit considerations.
We are pleased to receive a BBB rating from KBRA. This upgrade recognizes management’s successful execution of the company’s key strategic initiatives, the value of ELCO’s agent partnerships, and the exceptional customer service provided by our experienced staff. The attainment of this rating is a testament to the dedicated, talented team at ELCO.
- David Bruce, President & CEO
This is the second positive rating action ELCO has received in 2023, having been upgraded to B++ by A.M. Best on June 28th.
ELCO is an industry leader in sales of Medicaid Compliant Annuities as well as providing life and annuity products for retirement and estate planning. A mutual company serving customers for over 77 years, ELCO will continue to cultivate, nurture, and enhance long-standing relationships with insurance professionals and policyholders by being a trusted partner providing tailored solutions to achieve financial goals.